Today serves as a moment for contemplation amidst the upheaval in the cryptocurrency market, marking an intriguing milestone. Sixteen years ago, the mysterious inventor of Bitcoin, Satoshi Nakamoto, introduced what is widely considered its most significant characteristic – the limitation of 21 million Bitcoins that can ever be mined.
2009 marked the debut of a groundbreaking monetary system that has since revolutionized our understanding of currency. In this design, Nakamoto outlined a systematic and limited release mechanism, guaranteeing that no more than 21 million Bitcoins will ever be minted.
The network’s participants will receive coins as a reward for confirming transactions, with the number of coins issued being reduced by half every four years. This gradual reduction in coin issuance, starting from 10.5 million coins in the first four years and halving to 5.25 million in the next, is planned to continue until approximately 2140 when the last Bitcoin will be mined.
🔔 Exactly sixteen years back, Satoshi Nakamoto declared a limit of 21 million units for Bitcoin’s circulation, creating an intriguing dynamic where the demand is boundless while the available supply remains finite 💡
— The Bitcoin Historian (@pete_rizzo_) January 8, 2025
In the past, Bitcoin was merely a concept or a theoretical construct rather than having a monetary value. It was primarily a digital experiment that attracted interest from a tight-knit community of passionate supporters.
Today, we find ourselves with the evolution of this idea into a worldwide asset worth almost $2 trillion. One of Bitcoin’s standout features is its fixed supply – a constant that cannot be altered – which sets it apart from the boundless money creation seen in traditional currencies.
From my perspective as an analyst, there’s a notable discrepancy between the theoretically supplied Bitcoin and the currently circulating ones. It’s widely speculated that Satoshi Nakamoto, who vanished years ago, mined approximately one million Bitcoins in its early stages. Remarkably, these coins have yet to be moved and are now often referred to as ‘lost’ or ‘unspent’.
Just as many ancient coins are hidden away in long-forgotten pockets or lost purses because of misplaced keys, it’s safe to say that the usable supply of Bitcoin (currently about 19.8 million in circulation) is likely much smaller due to lost or forgotten private keys.
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2025-01-08 18:25