Tuesday, 21 May 2019

Comment on BREAKING: Citibank To Limit Slickgun Sales by noob

Citibank


Indeed it is currently unregulated. In time regulation and stability will come, and then you will have what is called the “stablecoin” which will have a corresponding value to everyday items year in year out.

That can only happen after the cryrpto market has grown to full size, and right now we are in that first phase of explosive growth.

Of course bitcoin was never designed to be a stablecoin. Other coins can grow indefinitely but the math behind Bitcoin is set up so that the amount of new bitcoins mined each block will decrease as the number of blocks in the blockchain increases ensuring that there will never be more than 21 million bitcoin, and that the bitcoin mined will be distributed among the people who care enough to set up mining operations that make up the network.

After the 21 million or so coins are mined the miners will be paid in transaction fees. Currently there are less than 17 million bitcoins mined so we have a long ways to go yet.

This is why bitcoin can be divisible to 8 decimal places – that ensures that the satoshis that make up each bitcoin can be still useful after the bitcoin supply becomes completely fixed and the size of the economy continues to grow.

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