Replying to Avatar Ingwie Phoenix (aka. birb)

#asknostr Related to #bitcoin

There are two things I heared of: "Halving" and "fixed supply".

What exactly is the halving? Does that mean that if you own, lets say 0.0001 BTC, you would own 0.00001 (one more 0) BTC after the halving?

And, how exactly is BTC "fixed supply"?

You can also just link me something, I am just curious. :)
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Keith 2y ago

For every block a miner adds to the blockchain, he or she is rewarded with a certain amount of newly-created Bitcoin. Yet there is also a finite number of Bitcoins that can ever be created. In order to extend the life of Bitcoin and ensure that it remains a deflationary asset, Satoshi Nakamoto wrote into Bitcoin’s code that the supply of new BTC awarded to miners is halved every 210,000 blocks, or roughly every 4 years. For this reason, Bitcoin halvings serve as major milestones in Bitcoin’s timeline, dividing it into distinct periods.

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Ingwie Phoenix (aka. birb) 2y ago

I see!

So what will happen when there can no longer be any halving? If the amount is finite, that should also mean that there is a finite number of halvings, yes?

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Keith 2y ago

Yes, the projected last halving is in 2140. However, since the amount of bitcoin issued per halving gets cut in half each time, 98% of all bitcoin would’ve been mined within the next three halving.