Post
Topic
Board Economics
Re: Fixed amount vs. infinite coins
by
Upgrade00
on 15/08/2020, 19:56:10 UTC
You are talking shit about gold - it is used as wealth storage against inflation because there is limited amount of gold available.

Same is with bitcoin or any other limited supply coins - they will be used only for speculation or storage.
Technically there is a finite supply of gold, but all we have is estimates on when it would be exhausted, gold mining has been on for centuries. It's quite different from Bitcoin which is barely over a decade. They are also very different in functionality and usage. You're right about Bitcoin being used for speculation or storage, but that's not its only use case. It's already being used a means of making payments. Try using gold to wager on a gambling site.


Bitcoin will never be used for payments so it could not be used for real economy.

Economy needs working fiat / assets / currency used for payment and you need to control it by emitting new coins or burning useless one.

As soon as there not enough bitcoins and last one would be mined, there will no possibility to make transactions using bitcoins.
• Bitcoin is already accepted by a couple of merchants and can be used to pay for services.
• The economy does not need massive printing out of thin air which devalues the money in circulation.
• I would assume you are referring to miners' reward for each confirmed block... the last mined bitcoins is still a long way away and it would be difficult to predict now how the network would adjust to that. There are transaction fees which are paid on every transaction and which goes to the Miner, so there would always be a financial reward for transaction confirmation.