Lets go straight to Satoshi Nakamoto´s answer on why there are only 21 million Bitcoin:
„because I don’t know a way for software to know the real world value of things. If there was some clever way, or if we wanted to trust someone to actively manage the money supply to peg it to something, the rules could have been programmed for that.
In this sense, it’s more typical of a precious metal. Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes. As the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value.” (Nakamoto on P2P-Foundation)
Today he would probably do it different
In 2008 smart-contracts and decentralized interactive oracles were simply not invented, there was no multi- or general purpose Distributed Ledger Tchnology before Bitcoin… Nakamoto implicitly said, that IF there was a way, he would have made Bitcoin a variable-supply-coin and that he at least hopes for a bootstrapping-effect.
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” (Satoshi Nakamoto on P2P-foundation.org (11.02.2009))
That´s it 💁🏻 💁🏻♂️
Facing the lack of a decentralized oracles and smart-contracts, there was simply no other solution. That´s it.
Also read:
- ✅ Bitcoin invented by the NSA? Here is their Whitepaper from 1996!
- ✅ This is why the Bitcoin Whitepaper is called “white”
- ✅ The Pre-history of Bitcoin – Who is Satoshi Nakamoto?
- ✅ Start your own crypto-blog and share your investigation – start to earn crypto!
