๐๐ฏ ๐ฆ๐น๐ค๐ฆ๐ณ๐ฑ๐ต ๐ง๐ณ๐ฐ๐ฎ ๐ต๐ฉ๐ฆ ๐ง๐ฐ๐ถ๐ณ๐ต๐ฉ ๐ค๐ฉ๐ข๐ฑ๐ต๐ฆ๐ณ ๐ฐ๐ง โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ, ๐ต๐ฉ๐ฆ ๐ธ๐ฐ๐ณ๐ญ๐ฅโ๐ด ๐ง๐ช๐ณ๐ด๐ต #Ai-๐ฆ๐ฏ๐ฉ๐ข๐ฏ๐ค๐ฆ๐ฅ #Bitcoin ๐ฃ๐ฐ๐ฐ๐ฌ.
I was first asked this question at Lugano Plan โฟโs conference, but it is often asked by those who are new to Bitcoin, as well. Parman - Activate OP_GFY now!! (npub1lttโฆk97y) and Svetski (npub1dtgโฆup6m) answer this question thoroughly.
Below is Arman the Parmanโs answer, as written in โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ:
๐๐ฟ๐บ๐ฎ๐ป ๐๐ต๐ฒ ๐ฃ๐ฎ๐ฟ๐บ๐ฎ๐ปโ๐ ๐ฎ๐ป๐๐๐ฒ๐ฟ:
The math is such that if we start with 50 bitcoin for every block, and halve that at every 210,000th block, the upper limit of the total number of coins approaches a number of just under 21 million.
Satoshi could have used a different combination of 50 and 210,000 and the upper limit would be different. Was it planned, or arbitrary?
I have always hoped, purely because itโs elegant, that Satoshi looked at the total world store of value in USD, which I estimated to be 2.1 quadrillion dollars. If Satoshi had that number too, then with 21 million bitcoin, thereโd be 2.1 quadrillion of the smallest units (now called satoshis, 0.00000001 bitcoin is a satoshi). If Bitcoin took all that store of value, and many expect it will, then 1 satoshi would be worth 1 dollar. Poetic.
Arman The Parman is a Bitcoiner passionate about Bitcoin privacy and private key safety. He runs an online mentoring program to help people reach "insane security", and developed and teaches a non-custodial inheritance strategy which is both trustless and loss resistant. He contributes to Bitcoin by writing economic and technical articles posted on his website.
Preorder your copy of โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ, and ๐๐ฎ๐๐ฒ ๐๐ฝ ๐๐ผ ๐ฒ๐ฌ%, by contributing to our geyser (npub1kmwโฆxqk9) initiative:
https://geyser.fund/project/spiritofsatoshi