How Many Bitcoins Are There in Existence?364

As of September 2023, there are approximately 19.2 million bitcoins in existence, which represents around 90% of the total supply of 21 million bitcoins that will ever be created.

The total supply of bitcoins is finite, and it is determined by the Bitcoin protocol, which is the set of rules that govern the Bitcoin network. The protocol was created by Satoshi Nakamoto, the pseudonymous inventor of Bitcoin, and it specifies that there will only ever be 21 million bitcoins.

The total supply of bitcoins is divided into two parts: the circulating supply and the lost supply.

Circulating Supply

The circulating supply of bitcoins is the number of bitcoins that are currently in circulation, which means that they are not stored in lost or inaccessible wallets. The circulating supply of bitcoins is approximately 19.2 million bitcoins, which represents around 90% of the total supply.

Lost Supply

The lost supply of bitcoins is the number of bitcoins that have been lost or destroyed. This can happen for a variety of reasons, such as if a private key is lost or if a wallet is destroyed. The lost supply of bitcoins is estimated to be around 3.8 million bitcoins, which represents around 10% of the total supply.

Issuance of New Bitcoins

New bitcoins are created through a process called mining. Mining is the process of verifying and adding new blocks to the Bitcoin blockchain. Miners are rewarded with bitcoins for their work, and this is how new bitcoins are released into circulation.

The issuance of new bitcoins is controlled by the Bitcoin protocol, which specifies that the block reward will be halved every 210,000 blocks. The block reward started at 50 bitcoins, and it is currently 6.25 bitcoins. The next halving will occur in 2024, when the block reward will be reduced to 3.125 bitcoins.

Implications of the Finite Supply

The finite supply of bitcoins has several implications. First, it means that bitcoins are scarce, which gives them value. Second, it means that the price of bitcoins is likely to increase over time, as the demand for bitcoins increases and the supply remains constant.

The finite supply of bitcoins also has implications for the use of bitcoins as a currency. Because the supply of bitcoins is limited, it is not possible to inflate the currency by printing more bitcoins. This makes bitcoins an attractive option for people who are concerned about inflation.

Overall, the finite supply of bitcoins is a key feature of the Bitcoin protocol. It gives bitcoins value, and it makes them an attractive option for people who are looking for a scarce and inflation-resistant currency.

2024-10-29

Previous：Binance Coin (BNB): Launch Price and Historical Performance

Next：Withdraw NEAR Tokens: A Comprehensive Guide to Cashing Out