BTC - Happy 18 Millionth Bitcoin Day Eve!

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Tomorrow the 18 millionth Bitcoin will be mined

That's right, tomorrow an important milestone will be reached on the bitcoin blockchain.

Tomorrow afternoon, the 18th millionth bitcoin will be mined.

We are at 17,997,538 currently.

(Source: https://www.bitcoinblockhalf.com/)

Why is that significant you may be wondering?

Well, that means there are only 3 million left to be mined, ever, as the supply is capped at 21 million units.

Cool, the rate of production seems to be slowing down though, no?

It is!

It took us just over 10 years to reach 18 million bitcoins, but it will take roughly another 120 years for the last 3 million coins to be mined.

This is due to the halving process, which cuts the number of bitcoin produced each block in half.

The next halving event is slated to take place in May of next year.

At that point the number of bitcoin produced/rewarded each block will fall from 12.5 to 6.25.

That will put the overall yearly inflation rate below 2% for the first time ever.

That is significant in that the target inflation rate of the USD is 2% per year. That means for the first time ever, bitcoin's yearly inflation rate will likely be below that of the USD.

But wait, ol digital gold gets even more interesting...

Also interesting to note, bitcoin's inflation rate will likely will be below gold's average supply inflation rate as well after the next halving:

(Source: http://openmarkets.cmegroup.com/14922/how-much-does-supply-and-demand-influence-gold)

Though, that one is interesting because the supply rate changes in gold are very much tied to prices.

Meaning that when prices are higher, new production comes online and more gold is produced, and conversely, when prices fall less supply comes online.

There are not really 18 million coins in circulation

Even though we will have mined a total of 18 million coins, significantly less are actually in circulation.

Depending on which estimates you subscribe to, there could be as much as 30% of the total supply "lost" or inaccessible at this time.

That would equate to roughly 5 million coins total that are likely to never enter circulation, and due to the way bitcoin works, more coins are lost or become inaccessible just about every week.

Will you be celebrating Happy 18 Millionth Bitcoin Day tomorrow?

Stay informed my friends.

Image Source:

https://busy.org/@jrcornel/crypto-is-the-party-about-to-begin-again

-Doc



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14 comments
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It's just a number with no special meaning whatsoever, so I see no reason to celebrate.

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Dang, so I will be celebrating by myself?

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There is reason for celebration for almost all the days of the calendar year. For some days, there is multiple, because some events have fixed day, and some have fixed day of week counting from either start of month or from another event...

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I lose passwords every week, it is very likely the number of 32 digit BTC passwords will continue to get lost.

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Yep. Though some of those coins may be recovered at some point, so it's tough to know for certain how many will be removed from the supply total forever.

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(Edited)

are you all aware of btc rate falling from 20k $ to <10k $

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Yep, I am very aware. That has allowed me to pick up a few more.

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On steem?

Self proclaimed community watchdogs are actually hacking and stalking people.

This group https://steemit.com/@steemspeak is ran by https://steemit.com/@fyrstikken, They are hacking people that enter this discord server https://discordapp.com/invite/sqxV63P . Once you are hacked they profile you long enough to know all of your activities. They introduce workplace gangstalking visits and bring it to your attention cleverly and discretly so only you get it. They are very covert and tricky with everthing they say and do in this server. Some claim to have worked for or are working with the FBI and the NSA. Mixed with decomisioned traders and coding criminals, Its a scary mix of creepy people and thier intent is to drive you crazy and deplete everything you have ever aquired in life, even your freedom.

My hacking started with them introducing ransomeware that has options, dump my coin or delete my system drive. They acnowledged this to me in the server as it happened.

This hacking and stalking is done so they can manipulate the target to pump and dump for them. Threating and Making victims wear head phones, so nobody in your household can hear thier dramitization towards you. In 2017 this server was sidemarked as a drama show for entertainment purposes only as en excuse to say whatever they want all the way down to killing a politician. They have a server side command called "hey asshole" making a promt come up instructing everyone to wear headphones. They want everyone wearing headphones so nobody in your vicinity can hear them mess with you. Fystikken says its because of "mic feedback" but once your a target you get exactly why they make eveyone wear headphones.

With headphones on they subliminally direct victims with very low suggestive whispers mixed into their radio shows music. Combine this with them being able to manipulate their own individual outputs sound volume, which they control on the server side, they can pick what individual people hear and what at any given time. They decide who you hear on the server and change the volume controls for them. They can make some really low or off for those trying to investigate. They control who hears what and know who is who.

This team will find absolutely everything they can about you prior to using thier sugjestive and threatning program. They Introduce pictures that mean something only to the target, inducing paranoia while they watch and listen thru all of your circumvented devices. They are very aware of what makes you tick. They know your work schedule and use it for work stalking along side of this. I received multiple threating letters to my work and home addressed to my screen name from this group.

Fyrstikken tells people to sell their houses to buy crypto then dumps it on them. He has done many pump and dump scams. Quatloo being one of the first I witnessed and was done multiple times thru 2016 and 2017 them. It should be investigated for fraud. https://bitcointalk.org/index.php?topic=655793.0

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Interesting! If you dont mind I would like to translate it to my native language to my blog :) of course I will write there you as a source :)

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