Cryptocurrency Q&A
Can a 21 million supply of bitcoin be changed?
Can a 21 million supply of bitcoin be changed?
CryptoEmpireGuard
Sun Sep 08 2024
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6 answers
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Could you elaborate on the possibility of altering the 21 million supply limit for Bitcoin? Is there any mechanism or scenario where this hard-capped supply could potentially be adjusted? Given the significance of this limit in maintaining the scarcity and value of Bitcoin, it's crucial to understand if and how it could be modified. Additionally, how does this fixed supply compare to other cryptocurrencies that might have a more flexible approach to their total supply?
6 answers
TaegeukChampion
Tue Sep 10 2024
The total supply of Bitcoin, which stands at 21 million, is a fixed and unalterable aspect of the cryptocurrency's design. This hard cap on the total number of Bitcoins ensures scarcity and serves as a key driver of the asset's value.
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DondaejiDelight
Tue Sep 10 2024
Despite these inherent characteristics, critics of Bitcoin have argued that the rules governing the cryptocurrency can be altered by modifying its source code. However, this argument fails to fully comprehend the intricate workings of the Bitcoin network.
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DongdaemunTrendsetterStyle
Mon Sep 09 2024
Bitcoin's rules and functionality are primarily governed by the software that runs on nodes within the network, rather than by the source code alone. These nodes collectively maintain the integrity and security of the Bitcoin blockchain.
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Raffaele
Mon Sep 09 2024
Any attempt to change the rules of Bitcoin through the source code would require a consensus among a significant portion of the network's nodes. Given the decentralized nature of Bitcoin, achieving such a consensus is extremely difficult and unlikely.
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KDramaLegend
Mon Sep 09 2024
Moreover, even if a change to the source code were to be made, it would not automatically alter the rules of Bitcoin unless it was widely adopted by the nodes on the network. This process, known as a "hard fork," has occurred only a handful of times in Bitcoin's history.
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