This blog post is all about how many bitcoin there are. It’s a round-up post that will give you the answer to one of life’s most pressing questions: how many bitcoins are there? We’ll start by talking about how Bitcoin came into existence and how it works before we move on to the question at hand – how many bitcoins are there?
How Many Bitcoins Are There Now?
There are currently 18,845,181.25 bitcoins in existence. This number changes about every 10 minutes when new blocks are mined. Right now, each new block adds 6.25 bitcoins into circulation.
As of this writing, each block takes about 9.09 minutes to mine. There are 144 blocks per day on average.
144 x 6.25 = 86400 or 864 blocks per day total
864 x 9.09 = 79928 or 7991.8 rounded up full minutes to mine a block
7991.8 / 60 = 12.61 Full hours to mine a block
12.61 x 24 = 288.84 Full days of mining per block
Since there are 144 blocks per day, divide 289 by 144 and you get 2.18 or rounded up to the nearest whole number: 2 days total to mine every new block as of this writing.
Using the above as a guide, here is how many days it would take to mine all 18 million bitcoins from now until next block halving:
18,845,181.25 / 86400 = 21.8 or rounded up to 22 years of mining per new block
22 / 2 = 11 years and 6 months to mine all bitcoins
Keep in mind that this is just an estimate to how long it would take the network to mine all bitcoin. The time may vary depending on how many miners there are in the network/how fast their hashing power is. Also, if the halving keeps occurring every 4 years, by the time the block reward reaches 0, ASICs/better mining equipment may have already increased hashing power to mine blocks faster.
What is Bitcoin’s price based on?
The price of one bitcoin is based on its value in dollars and cents, and in relation to other currencies. An exchange rate exists where people buy and sell them for real money (and it is constantly fluctuating). For example, when the article was written in september 2021 one bitcoin is worth about $5000 US dollars.
How Many Bitcoins are There to be Mined?
It is a question that has been asked for years. According to blockchain.info, there will only ever be 21 million bitcoin in existence. How does this affect you and your business?
Why is there a cap on the number of Bitcoins that should be in circulation? The reasons behind the founder’s decision to cap the number of cryptocurrencies at 21 million are not known, but there are other reasons that are considered valid.
The limitation of supply is based on the principle of finite supply. The finite or scarcity principle works in such a way that there is a limited supply of goods and a high demand for them. This theory suggests an imbalance between supply and demand that affects the price of the good.
Limiting the supply of Bitcoins causes the cryptocurrency to increase in value over time. Limiting the supply of cryptocurrencies slows the rate at which Bitcoin is brought to market.Source: interactivecrypto.com
Bitcoins can only continue being generated until 2040 when they will reach their maximum number of 21 million coins. The time taken for these last coins may vary depending on how difficult mining becomes over time due to the increase.
What Happens to Bitcoin After All 21 Million Are Mined?
A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency’s network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin’s network may function as a closed economy, in which transaction fees are assessed much like taxes are.
Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency’s protocol to take effect.Source: investopedia.com
It is difficult to predict the effects of Bitcoin almost reaching its promised overall supply. This could be a good thing for bitcoin’s ecosystem, which originally served as an exchange medium but has also been recognized more recently in store-of-value terms—someone might want their money preserved from inflation rather than spent on goods or services immediately when they receive it instead (a similar transformation happened with this cryptocurrency between now and 2140).
How Many Bitcoins are Left?
There are currently close to 2.174 million Bitcoins left that aren’t in circulation yet. With only 21 million Bitcoins that will ever exist, this means that there are about 18.85 million Bitcoins currently available. Out of those 18.35 million, it’s estimated that 30% of those may be lost forever as a result of things like hard drive crashes and misplaced private keys.Source: coincentral.com
The Bitcoin block mining reward halves every 210,000 blocks, the coin reward will decrease from 12 to 6 coins. (block #630,000). The last Bitcoin is expected to be mined around year 2140.
How to Buy Bitcoins
Purchasing bitcoins isn’t exactly simple for those new to cryptocurrencies, but it’s getting easier everyday. There are a variety of exchanges available to trade USD, EUR or other fiat for Bitcoins.
Usually these websites will require some form of verification before purchasing your first coin. Depending on the company you choose it can take anywhere from 10 minutes to 48 hours, this is because they have to manually approve you before you can trade.
If you’re looking to purchase Bitcoins in an effort to invest for the future, then there are websites that allow Bitcoin CFD trading . These platforms allow you to buy into a contract with their company. You aren’t actually buying Bitcoins, but instead purchasing the right to sell your coins at a set price within a certain time frame.
After your contract expires, you’ll receive the amount of money (in Bitcoin) it would cost to buy the same amount of coins outright. Keep in mind this is a risky proposition and I do not recommend using these services for anything other than experimenting with trading cryptocurrencies.
While buying from an exchange seems like the safest route there are also sites, called marketplaces , that cut out the middle man. These are websites where you can directly trade your local currency for Bitcoins.
Bitcoin ATMs are popping up around the country and they allow users to exchange cash for Bitcoin quickly and easily. You feed in fiat, scan a QR code, receive Bitcoins and scan to confirm your transaction on the machine. These are becoming increasingly common, however they charge a pretty hefty fee for their service (5-10%).
There are also websites that allow you to trade Bitcoins for gift cards . Yes, you read that correctly – gift cards! You can buy everything from Amazon gift cards to Starbucks and Whole Foods by trading your Bitcoin here. Although I feel like this is a bit of a cop out and kind of defeats the purpose, it’s still an option if you really want to purchase something from one of these retailers.
For all of you Mac users we have good news: Gliph has released its own native app for OS X! Just like the iOS version, this handy application will allow you to send and receive Bitcoin via the Tor network.
Is it too late to get into Bitcoin?
If you’re reading this, it’s likely you’ve already purchased some or are at least aware of what they are. If that’s the case, then yes it is still possible to get in on the action. It’s true the Bitcoin price has seen a steady increase over time, but it also experiences fluctuations. A variety of reasons can cause these fluctuations like government regulations, security breaches or just plain ol’ fashioned speculation.
What may have cost you $50 last year now might be closer to $150 today; however, that doesn’t mean it’ll still cost $150 next week. In all actuality, it’s very possible it will be more. Just remember this: cryptocurrencies are not a get-rich-quick scheme. It is definitely possible to make a lot of money, but it takes time.
The Bitcoin system is changing fast, which means you need to stay up-to date or risk being left in the dark. While there are many things that affect how this currency operates on its network–such as increasing circulation and value stability–one of them has always been attention from investors looking for their next big score!