Amount of Bitcoins

[wilis]

Hi.

I have a question about Bitcoin.
I studied and learned that bitcoin network doesn't create new coins. The coins that miners earn are paid by users. As 1+1=2, there is no new money on the system after that. Am I correct ?
So, that is my question: when had the first Bitcoin amount been created ? Is that in Ground Zero Block ?
Today the system have the same amount of Bitcoin of two years ago ?

Thanks

[farhan236]

There was not fixed amount to have to keep in Bitcoin to start

[chris.collins]

I think btc will be refounded because it gets too popular and it needs to serve more and more clients

[Possum577]

I studied and learned that bitcoin network doesn't create new coins. The coins that miners earn are paid by users. As 1+1=2, there is no new money on the system after that. Am I correct ?

So, that is my question: when had the first Bitcoin amount been created ? Is that in Ground Zero Block ?
Today the system have the same amount of Bitcoin of two years ago ?

This is not true, I believe you're confusing some characteristics of the finite money supply Bitcoin will have.

Bitcoin has a maximum amount of coins that can be created, however not all of those coins have been created or unlocked yet, it requires transactions (and therefore mining) to unlock more coins each day, week, month. The bitcoin protocol has determined that no more than 21 million bitcoins will be available to be mined. It's possible that not all coins will be mined.

The coins miners earn are a combination of newly minted/mined coins and fees paid by the person initiating the transaction. The first block would have been created in 2009 by Satoshi. I don't know exactly how but I would presume Satoshi started off with some coins to use for transactions and get this whole blockchain-based system operational.

Today there are more coins in existence than there were two years ago, due to the mining that has occurred and will continue to occur. A great site to see the growth of bitcoin money supply is from the charts at Blockchain.info, find it here: https://blockchain.info/charts/total-bi ... pan=2years

[wilis]

You said: "The coins miners earn are a combination of newly minted/mined coins and fees paid by the person initiating the transaction."
So, you answered my question. Initially, I tought that the miners earn only the fees paid by the person initiating the transaction.
Thanks !!!

I studied and learned that bitcoin network doesn't create new coins. The coins that miners earn are paid by users. As 1+1=2, there is no new money on the system after that. Am I correct ?

So, that is my question: when had the first Bitcoin amount been created ? Is that in Ground Zero Block ?
Today the system have the same amount of Bitcoin of two years ago ?

This is not true, I believe you're confusing some characteristics of the finite money supply Bitcoin will have.

Bitcoin has a maximum amount of coins that can be created, however not all of those coins have been created or unlocked yet, it requires transactions (and therefore mining) to unlock more coins each day, week, month. The bitcoin protocol has determined that no more than 21 million bitcoins will be available to be mined. It's possible that not all coins will be mined.

The coins miners earn are a combination of newly minted/mined coins and fees paid by the person initiating the transaction. The first block would have been created in 2009 by Satoshi. I don't know exactly how but I would presume Satoshi started off with some coins to use for transactions and get this whole blockchain-based system operational.

Today there are more coins in existence than there were two years ago, due to the mining that has occurred and will continue to occur. A great site to see the growth of bitcoin money supply is from the charts at Blockchain.info, find it here: https://blockchain.info/charts/total-bi ... pan=2years

[Possum577]

You said: "The coins miners earn are a combination of newly minted/mined coins and fees paid by the person initiating the transaction."
So, you answered my question. Initially, I tought that the miners earn only the fees paid by the person initiating the transaction.
Thanks !!!

One more comment that might be helpful. As the size of each bitcoin block gets reduced (this happens at automatic intervals and is referred to as "halving", you'll hear people speculate when the next halving will occur) a greater proportion of the bitcoin miners earn will come from fees. This has a specific consequence, it's expected that fees will rise for the transactions. Obviously this challenges one of the main original benefits of bitcoin - extremely low fees. And there's a lot of discussion and debate on how bad it could get and what should be done.

One other assumption is that while fees may increase, so will the value of each bitcoin so the proportion of fees to bitcoin value (in fiat) could be more sensible. This just speculation on my part.

I'm glad I could help, enjoy your time here on the Forum.

[bitkilo]

You said: "The coins miners earn are a combination of newly minted/mined coins and fees paid by the person initiating the transaction."
So, you answered my question. Initially, I tought that the miners earn only the fees paid by the person initiating the transaction.
Thanks !!!

One more comment that might be helpful. As the size of each bitcoin block gets reduced (this happens at automatic intervals and is referred to as "halving", you'll here people speculate when the next halving will occur) a greater proportion of the bitcoin miners earn will come from fees. This has a specific consequence, it's expected that fees will rise for the transactions. Obviously this challenges one of the main original benefits of bitcoin - extremely low fees. And there's a lot of discussion and debate on how bad it could get and what should be done.

One other assumption is that while fees may increase, so will the value of each bitcoin so the proportion of fees to bitcoin value (in fiat) could be more sensible. This just speculation on my part.

I'm glad I could help, enjoy your time here on the Forum.

I am sure that is just a small misprint but just to point it out, the blocks don't get smaller just the block reward that is paid to the miner who finds the next block. The current block reward is 12.5btc per block and new block are created about every 10min.

[Possum577]

One more comment that might be helpful. As the size of each bitcoin block gets reduced

I am sure that is just a small misprint but just to point it out, the blocks don't get smaller just the block reward that is paid to the miner who finds the next block. The current block reward is 12.5btc per block and new block are created about every 10min.

Yes, thanks bitkilo. That's me getting sloppy in my word choice. Thanks for correcting me!

[patrickcoin]

bitcoin been mined by miners and its price is unpredictable