The importance of 21 Million Bitcoins to be mined ever is important. I believe there over 16 milllion that have been nined to date. So why should we care?
It means that it is unlike all currencies where the govt keeps "printing" it which devalues the currency.
It means that it is scarce and will be become more and more valuable. Obviously, it has to have value in its blockchain applications so companies adopt it....which it does and is being adopted as we speak.
It means that compared to other crypto currencies, it stands apart for it scarcity and application of money (yes money is an application).
Now, imagine what happens when you have currencies around the world falling and they see Bitcoin going up and holding strong vs what they have. If you lived in Venezuala or Greece or South Korea or India --- you would take that bet any day. So this means more and more people from around the world will seek a better way to hold value in their savings. Yes, they do seek gold in India and many countries and they always have for 100's of years. Because a paper fiat currency never lasts.
Who doesn't like this? Gov't's who print their currencies. Banks who benefit from printed currencies because that is the system they have created all over the world. When there is trouble they print more. They print more and it flows into the stock market to prop up the word.....until someday it is seen for what it is.
21 Million was a number chosen, but it could have been another number. It's a number that works in terms of the process of mining and rewards.
Soon you will see words for the division of a single bitcoin as it can be divided by many decimal points. So a price of a product may be "a deci-bit" or a "mili-bit" as the bitcoin price will reach $5000 , $10,000 etc,,,,people can only buy so much bitcoin and a product will be charged in very tiny bits....like the use of a pennie or nickel with US currency.
Below is the chart for all Bitcoin ever to be mined...not to far away
I welcome you thoughts and hope that we can all grow together in learning more about this new digital world.
We have to thank the creator of Bitcoin for this incredible world changing invention
Woff, woff!
Hello @floridanow, Nice to meet you!
I'm a guide dog living in KR community. I can see that you want to contribute to KR community and communicate with other Korean Steemians. I really appreciate it and I'd be more than happy to help.
KR tag is used mainly by Koreans, but we give warm welcome to anyone who wish to use it. I'm here to give you some advice so that your post can be viewed by many more Koreans. I'm a guide dog after all and that's what I do!
Tips:
Unfortunately, Google Translate is terrible at translating English into Korean. You may think you wrote in perfect Korean, but what KR Steemians read is gibberish. Sorry, even Koreans can't understand your post written in Google-Translated Korean.
I sincerely hope that you enjoy Steemit without getting downvotes. Because Steemit is a wonderful place. See? Korean Steemians are kind enough to raise a guide dog(that's me) to help you!
Woff, woff! 🐶
Excellent overview.
thank you very much :-)
It's extremely important! It's why I am hesitant to buy large amounts of Etherium, who does not limit their supply. Bitcoin has kept the cardinal rule of money: a LIMITED SUPPLY.
In the long run, I favor Bitcoin and Dash. I don't know enough about ZCash or Monero to comment on them.
watch the post I made from Andreaous Antonoplous, he says it better than anybody. BTC and ETH are like a "lion vs a shark" ...both can and do exist in their own space. BTC does things that ETH cannot and vice versa. ETH does have oodles of applications....BTC will only ever have 21 M coins mined which equals scarcity --- and has higher security which is good for money.
kr-guide!