Accounting for the total amount of Bitcoins
Have you ever heard that there are only 21 million Bitcoins? Well this statement is both true and false depending on the perspective you are coming from.
There are only 21 million coins
Actually, the number is less than that; the exact number of Bitcoins that could ever be created is only 20,999,999.9769 Bitcoins.
The founder took; 1 million coins
Even before Bitcoin became a thing, Satoshi Nakamoto the founder had already stashed up close to 1 million coins for himself. That leaves the world with only 20 million coins, while Satoshi Nakamoto can boast of being a billionaire.
Several Bitcoins got "lost"
In the early days of Bitcoins when it was worth nothing, several people misplaced the keys to their Bitcoins due to carelessness and negligence resulting in the permanent lost of thousands of Bitcoins. Since coins whose private keys have been lost cannot be ever used, they are lost forever.
This should serve as a good reason to keep the keys of your Steemit and other crypto-coins secure.
Each coin is divisible into a 100 million units
Well, part of the reason why it is possible for Bitcoin to reach over $1 million per coin is due to the fact that each single coin is divisible into over 100,000,000 units!
This means only 10 Bitcoins are equal to 1 trillion units of Bitcoins; 10 BTC x 100,000,000 units = 1 trillion units
Perhaps there would always be more than enough Bitcoins for everyone.
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@BlockRush is an informational site about Bitcoins/Blockchain technologies and industries. We features news analysis of major development in the Bitcoin and Blockchain and outline their potential impact on the economy and society. Follow @BlockRush and we will follow you back!
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Good post👍
thank you!
I wonder how many bitcoins are actually in circulation. Taking into account all the bitcoins will are presumably lost in satoshis wallets, all the lost bitcoins and bitcoins in wallets of people that have passed, I do not think its unsafe to speculate that roughly 15% of all current bitcoins are lost forever
yep
Good to know, thank you!
we are glad you enjoyed this post, you might want to read our concise overview of the EOS project at https://steemit.com/eos/@blockrush/a-brief-overview-of-the-eos-project
OK will do Thank you.