A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
Rya is a crypto designed to function as a stable, scalable and decentralized medium of exchange. By using a smart money supply solution based on p2p loans, the price of money will always be appropriate for the state of the economy.
According to recent FDIC data, the average deposits per FDIC insured commercial bank branch in the US was $103 million. So the Bitcoin money supply, at $20 x 10.7 million coins, is equal to slightly more than the deposits in two bank branches. There are slightly over 90,000 bank branch offices in the US. Data source: http://www.fdic.gov/bank/statistical/
I am just wondering how will Bitcoin deal with the lost of bitcoin as time goes on. Given that there is a cap on the number of bitcoin possible to be in existence, it will become incredibly deflationary I assume. With cash, they can be replaced. But a lot bitcoin that gets lost either through forgetting addresses, passwords or hardware failure; there will reach a point where they were be less and less bitcoins in circulation every day. Is this a problem?
Random Thought: Won't the entire bitcoin money supply eventually all be lost?
Here me out. I had this thought a while ago when I lost a wallet file. I downloaded an android bitcoin wallet and stored 1 bitcoin in it. I eventually had to re-flash the entire phone due to non-bitcoin related issues and realized that I lost that 1 bitcoin. That wallet file is gone. That bitcoin is gone forever. I can check the address balance, which still says 1BTC, so it exists, but no one on Earth can access that bitcoin. I'm sure other people have lost their wallet files too. We know for a fact that at some point in time, the bitcoin money supply will stop growing. There will only be 21,000,000 bitcoin in existence. People do lose bitcoin from time to time. It happens. With enough time, people consistently losing bitcoin, wouldn't the money supply all be lost (inaccessible) at some point? I understand this would take decades to happen, but in theory, won't it eventually happen?
Bitcoin Money Supply Growing At Faster Rate Than USD
So let me break down the math. Tell me if I get anything wrong. M2 USD April 23, 2013 ... 9812 billionUSD April 23, 2013 ... 10501 billionUSD Difference in one year = 689 billionUSD Divide. 689/9812 = 7% data source Bitcoin May 8, 2012 ... 9814 thousandBTC May 8, 2013 ... 11129 thousandBTC Difference in one year = 1315 thousandBTC Divide. 1315/9814 = 13% I understand that the rate will change in the coming decades, but right now it seems like the US dollar is more deflationary than bitcoin.
Stop thinking bitcoins money supply inflation rate (1.8%) is the same thing as US CPI (2%). The US money supply just went from like $3 trillion to $5 trillion in the last 3 months. That is 70% money supply inflation! Stop being stupid and comparing bitcoins money supply inflation rate with the US CPI. They are not the same thing. Bitcoins money supply inflation rate is 1.8% US dollar money supply inflation rate is 70%
We should probably not think of the Bitcoin money supply (Price x bitcoin in circulation) as market cap. Better to compare like with like. We can compare with other currencies. We can do this in terms of the M1 money supply (which equates to cash, checking accounts and other "near money" vehicles). One lightly used currency, the Icelandic Kroner, has M1 of about $3.3 bn at the moment. The population of Iceland is 327,000. Right now (June 12th) we could say that Bitcoin has an M1 of roughly $10 bn - three times as much, implying (very roughly) a Bitcoin population of about 1 million citizens. Bitcoin M1 is also a little less than one three hundredth of the MI money supply of the US with its 300+ millions of citizens - which also indicates a Bitcoin population of about 1 million citizens. Bitcoin is (clearly) also a vehicle for speculation, so this is only a rough equation and does not properly indicate how much Bitcoin usage reflects payments. However the Bitcoin transaction graph has a clear upward trend indicating a growing population of bitcoin users. This should lead us to expect that if the Bitcoin user population increase by a factor of 10 then so will the price - although it may do more than that because the speculators would probably go wild and create a temporary bubble in the currency's value. The Bitcoin population will definitely increase by such a factor because it is a viral currency. It is impossible (for me at least) to know how fast that population will grow and what its practical upper limit is.
Bitcoin is not a (good) means of exchange. (At best its way worse than ‘fiat’ money.) Reality: Bitcoin is an excellent means of exchange. You can’t reverse a bitcoin payment like a payment The Bitcoin money supply is updated hourly from CoinGecko as this should capture most of its volatile movements. The data is currently incomplete and contains some incorrect values, so we are looking into some more sources to ensure we have the most accurate data possible. Money Supply. While the number of bitcoins in existence will never exceed slightly less than 21 million, the money supply of bitcoins can exceed 21 million due to Fractional-reserve banking. Deflation. Because the monetary base of bitcoins cannot be expanded, the currency would be subject to severe deflation if it becomes widely used. Unlike fiat currency, where the Money Supply is perpetually increasing and not exactly known, Bitcoin Cash (BCH)'s money supply is transparent and on a fixed schedule. Bitcoin Cash (BCH)'s inflation rate changes with block height. The Bitcoin Cash (BCH) network is designed so that Blocks are created every 10 minutes on average. When bitcoin At the time of Bitcoin's creation, the entire world's money supply stood at approximately $21 trillion. This figure, known as the M1 money supply, is made up of the total value of all the physical money in the world, including cash, coins, travelers' checks, and more.
Bitcoin Live Btc Price Liquidation Watch 24/7 : July 19 2020
What makes Bitcoin so special is that prior to Bitcoin there was no other form of money with its absolute limited supply. Bitcoin’s characteristics make it a direct competitor to the central ... Bitcoin miners curtailed their supply to exchanges to the lowest level in 12 months during the second quarter, revealing their long-term bias on the cryptocurrency. Bitcoin’s ( BTC ) active supply has hit a 19-month low of just over one million Bitcoin. This could signal a potential strong price increase if it plays out in line with the findings of a report ... Swan Bitcoin is the best way to accumulate Bitcoin with automatic recurring buy at https://swanbitcoin.com Loading... Autoplay When autoplay is enabled, a suggested video will automatically play next. Unlike regular money, Bitcoin also introduces a dimension of programmability. It means that in the future, Bitcoin can receive updates and have even more handy features like smart contracts ...