Beth User

Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus. As you have noticed, Bitcoin has placed a cap of 21 million on its total supply. So, the scarcity of Bitcoin easily surpasses that of gold as you have an infinite supply of gold mines. However, the total Bitcoin supply does not provide any answer for how many Bitcoins are lost. In the present times, the major question points out the existing Bitcoin supply in circulation.

Member since: Thursday, August 24, 2023

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