Bitcoin is unlike any other currency and knowing how many can be made is quite important if you want to be able to join the ranks to get investing or trading.
They are becoming a very well known type of digital currency (called cryptocurrency). For this reason, you may wonder why Satoshi - the creator bitcoin - created a limit of 21 million coins.
The cap on Bitcoin extraction
Here is something that could be the reason for the invention of the cap. When the first bitcoin mechanics were designed, there was a huge risk that the currency wouldn't actually end up being adopted.
So, by creating a fixed term to mining and a set supply of bitcoins, Satoshi increased the chances that people would want to invest and trade in the currency. In a nutshell, the idea that they may be scarce in the future would increase both their popularity and their value.
How much does 21 million bitcoins equate to in USD?
Another question which is often associated with this currency is the total value. Well, the answer is around $97313580000, for those currently in circulation - but once 21 million are all mined, the value is expected to increase to fit demand.
How to get bitcoins
Do you want to get your hands on some before the price escalates too high? Well, it's simple - all you need to do is get a bitcoin Wallet, which you can do on pretty much any device. Then you just need to fill it.
Getting bitcoins is just like obtaining money from any other currency. You can sell something you already have in exchange for some, or you could even ask your employer to pay you in bitcoins!
Selling your newly earned coins is pretty easy, too. Many businesses accept bitcoins as payment, it's just a matter of finding a company which does - and then you're ready to go.
Latest site launch for buying Bitcoins in Canada.
When will the cap be reached?
You may be wondering when the limit of 21 million will be reached. Well, this is almost impossible to tell. It may never actually happen!
The year 2140 has been predicted by the software's current position. However, it may be inaccurate. It may be worth it to consider that the reward for finding a block of bitcoins reduces by half every x number of years. This could mean that, by the time the last bitcoins are close to being mined, it may not even be worth the amount of effort required to obtain them.
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