Bitcoin and The Law of Supply and Demand

[admin]

The law of supply and demand is an economic model used to determine the price of an asset in a market.

This law explains that the unit price of an asset will vary until an equilibrium point is found where the quantity demanded will be equal to the quantity supplied.

This law of supply and demand will therefore lead to an economic equilibrium for the price of an asset as well as the volume of trade.

An existing asset in limited quantity for which demand would be strong would necessarily see its price increase if we stick to this law.

Indeed, strong demand from buyers would allow sellers to sell at a higher price.

Bitcoin Block Reward Halving Countdown

Reward-Drop ETA date: 12 May 2020 08:51:29

The Bitcoin block mining reward halves every 210,000 blocks, the coin reward will decrease from 12.5 to 6.25 coins. 
 

Total Bitcoins in circulation:	18,219,288
Total Bitcoins to ever be produced:	21,000,000
Percentage of total Bitcoins mined:	86.76%
Total Bitcoins left to mine:	2,780,713
Total Bitcoins left to mine until next blockhalf:	155,713
Bitcoin price (USD):	$9,894.90
Market capitalization (USD):	$180,278,027,883.75
Bitcoins generated per day:	1,800
Bitcoin inflation rate per annum:	3.67%
Bitcoin inflation rate per annum at next block halving event:	1.80%
Bitcoin inflation per day (USD):	$17,810,820
Bitcoin inflation until next blockhalf event based on current price (USD):	$1,540,759,616
Total blocks:	617,543
Blocks until mining reward is halved:	12,457
Total number of block reward halvings:	2
Approximate block generation time:	10.00 minutes
Approximate blocks generated per day:	144
Difficulty:	15,546,745,765,529
Hash rate:	112.90 Exahashes/s

 

[James Thomas Rook Jr.]

There is a LOT I do not understand about Bitcoin.

.... like how wealth can be created without producing anything.

 

[admin]

Think of it like "digital gold"

Does gold "Produce" anything?

 

Or imagine buying up many of the top level domains of the "Internet" back in the day...... and how much they are worth nowadays.

Digital "real estate"

[admin]

If you think about it.... why is Manhattan island so valuable compared to other islands?

Location, location, location.....

And in the cryptocurrency world most have decided that Bitcoin is that location.