When was the quantity of Bitcoin limited? (The quantity of Bitcoin is constantly 21 million, when will they all be mined?)

08/17/2023 20:44 • Metaverse Matters • 54 views

When was the quantity of Bitcoin limited? When was the quantity of Bitcoin limited?

In December 31, 2010, according to Bitcoin Core, there were 1 million Bitcoins. Out of these 1 million, less than 10% of people owned a private key, and there were no other keys. Therefore, the network was limited to 21 million addresses, and each Bitcoin holder could only control a portion of these digital assets with $1. When users transfer money to a designated wallet, this number decreases until they obtain the remaining funds, leading to further decrease in Bitcoin price, which is expected to continue until the end of 2020.

However, since December 28, 2017, the total amount of Bitcoin has been continuously increasing. As of early February 2018, the total supply of Bitcoin exceeded $1 billion, with the majority coming from exchanges. Despite this, its market value is rapidly growing as more investors, including institutions and individuals, enter the field and as adoption increases in certain countries.

Nevertheless, in order to become a “millionaire,” one must first acquire Bitcoin, and then engage in activities such as value storage, trading, or hedging against currency devaluation. Although most people do not understand what true scarcity resources are, we can clearly see that in certain situations, scarcity can mean more wealth, as it can offset inflation to some extent and make cryptocurrencies more liquid. Bitcoin currently holds a limited market share, so I believe this is worth considering. (Cointelegraph)

Reportedly, in the last three months of 2013, the price of Bitcoin rose to over $65,000 and has since remained around $10,000. Now, due to increased market uncertainty and volatility, many Bitcoin buyers are seeking risk capital to enter this field. After several recent sell-offs, the price of Bitcoin has plummeted. In a short period of time, the price of Bitcoin almost returned to levels below $20,000.

In May 2012, an anonymous figure named Gemini revealed that they owned $10 million worth of BTC, with a significant amount of ETH and LTC tokens in their wallet for profit through portfolio management. “If you purchased 5,000 Bitcoins, you actually gained around 20 times your investment.”

In early 2013, a user named JoséLedger stated, “I stored my money in Bitcoin in cold storage, and when I sold all my crypto assets at the end of 2011, the revenue exceeded $3 billion. I put my Bitcoin under a fan. I believe people wouldn’t do that.”

But the question arises, why distribute Bitcoin in this way?

The quantity of Bitcoin is constantly 21 million, when will they all be mined

July 22nd news, the quantity of Bitcoin is constantly 21 million. According to data from bitinfocharts.com, there are currently 2.1 billion Bitcoins that have been mined. In the past 10 years, mining rewards have remained fixed and sustainable during this bull market cycle. However, as more investors turn to PoS consensus mechanisms, this growth rate may slow down.

It is estimated that by the end of the first quarter of 2019, the price of Bitcoin was around $16,500 per coin, with an average price of $19,400 per coin in 2017; it gradually declined to $17,700 per coin. The supply of Bitcoin has been increasing and has never stopped issuing since the end of 2017.

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