Where does Bitcoin come from and are you sure that the market will not be flooded with it? Bitcoin deliveries are defined by algorithms based on geometric decreasing this means: At the beginning, fifty Bitcoins were created every ten minutes With each block of heartbeat every ten minutes, fifty new Bitcoins
Bitcoin is used as a reward in a game-based security model that ensures that every transaction is independently approved by completely anonymous actors who have to pay electricity for a guarantee the security they have made If they manage to properly perform the security works related to the correct validation of transactions, they earn – based on the prize based on a probabilistic calculation Fifty bitcoins every ten minutes In this way, the currency is introduced into the economy
Every four years it is cut in half From fifty to twenty-five in November 2012 In July, the second event was held in half, which was celebrated at birthday parties around the world The Bitcoin block went down from 25 to 125 Bitcoins
The system is to have a monetary policy deliberately deflating and simulating emission of precious metals It is getting harder to mine gold at ever higher costs
Bitcoin is the same, and the idea is that less and less is spent over time If you follow this geometric curve, at some point you will reach the end In 2141 bitcoin is no longer released Twenty one million coins is asymptotic hat It will never reach 21 million coins It's part of the protocol It is an unchangeable part
protocol and is a rule enforced by any system that participates in the Bitcoin network They are supposed to be healthy money, but it is not the only monetary policy that exists There are several more currencies that implement various monetary policies The idea is that Bitcoin can serve as a very solid
reserve currency for many other things [QUESTIONER] I have a question about the economics of bitcoins [ANDREAS] Bitcoin economy, great! [QUESTIONER] Regarding your first conversation
[ANDREAS] Yes [QUESTIONER] So, is it 70% of all bitcoins in the world have been learned? [ANDREAS] Excavated, yes [QUESTIONER] OK You seem to be a bitcoin fan [ANDREAS] I'm [QUESTIONER] If there is a general reception, do you think that the supply of new bitcoins will be sufficient for this widespread use? Or maybe it will be on the way to adoption? [ANDREAS] No In my opinion, if there is demand for bitcoin, bitcoin, which has already been mined will circulate and create growth in the economy
You must think about this economy not as a static thing, but but as a dynamic thing where people who have bitcoins are better – if you have an adoption environment – investing in Bitcoin [QUESTIONER] Okay, I understand But I keep bitcoin, how many of us here do Would that make us a new 1%? [ANDREAS] It can make us a new 1% (1% of the richest people)
I certainly would not promise you that It can also make that you will be the new 0%
We will see how it goes In which case [QUESTIONER] But in your world? [Andreas] Yes, there is To go to the source of this problem, the current Bitcoin monetary distribution has quite
unpleasant Gini coefficient, which means that it is unevenly distributed The main difference is of course, the reason you'll be a new 1% has caused you to take a huge risk on unproven technology,
based on the vision you had, not because your grandfather killed more people than my grandfather In this way, 1% have their money today [QUESTIONER] But do not you think it will be on the road to adoption? Because it is my concern
[ANDREAS] I do not think it's on the road to adoption Also because we will see other monetary policies and other cryptocurrencies; they will serve other needs
We can see those that are more focused on a higher-speed currency, and Bitcoin can become a more long-term asset of value I do not know, we do not know that, but the market will have to decide on these things
But I'm not particularly worried that people who have taken a huge risk early will get a big reward if it works Because if you do not, no one will earn you (?)
