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Yes bitcoins have a limited supply of 21 million.
The last bitcoin will be mined in the year 2140. After that, no new BTC will be produced. Satoshi Nakamoto designed the Bitcoin blockchain to operate with a controlled BTC supply.
This means that only a fixed number of bitcoins can be mined every year.
But What Will Happen After Bitcoin Supply Tops 21 Million?
Bitcoin miners will be eligible to earn block rewards until the pre-programmed 21 million BTC supply runs out. But that will take another 120 years. Currently, 18.5 million bitcoins are in circulation.
But the journey to 21 million is not going to be an easy one. Increasing mining difficulty will make it difficult for miners to stay in business.
After all 21 million Bitcoins are mined, miners won’t be required to compete with each other to receive block rewards.
Transaction fees for verifying and processing transactions will be the primary source of income and lifeblood for bitcoin miners once there is no more BTC to be unlocked.
As of date, 10 percent of all transaction fees come from holders transferring to BTC to exchanges. This could increase considerably after 2140.
Currently, miners mint around 900 BTC (~$9.5 million) a day, but only earn between 30 to 50 BTC ($320,000 to $530,000) in transaction fees each day. The higher the transaction fees, the higher the miners earn.
This is also how they prioritize a transaction in the Bitcoin network. If a person pays more, his/her transaction is processed faster.
But whether or not these transaction fees will sustain miners, that is doubtful. Because the Bitcoin network may become much more costly to maintain.
Miners will have to sell off a large portion of their BTC holdings to cover maintenance and operations costs.
At present, the sell-off activity is not that high but when block rewards start coming in, transactions fees will not cut the deal for bitcoin miners.
And The Effect On Bitcoin’s Market Price?
With only about 2.5 million BTC left to be mined bitcoin’s supply will become scarce. When all the coins will be mined, it would lead to an exponential increment in price. Because there would be no more supply and demand will be at its peak.
This makes bitcoin a never to miss investment opportunity for investors. Now is a great time for new investors to enter the market, or for existing ones to buy more BTC.
How to Buy Bitcoins (BTC) With INR?
With WazirX you can avail the best BTC to INR exchange rates in India. Also what you get is unmatched crypto transacting experience.
To buy bitcoin through WazirX, you need to register on the platform first, then finish a super quick KYC process and finally deposit funds for the purchase. Here’s how it goes:
Step 1: Account Creation
- Download the WazirX app or visit the website. Then hit the Sign Up button
- Fill in your email address (one that you use frequently), and your desired password
- Click on the Terms of Service checkbox, but go through it once before checking
- Then press the Sign Up button
- You will be sent a verification email after hitting the sign-up button. If you have received it, click on Verify Email to complete the process.. If you haven’t, check your spam folder. Or hit Resend Here. On successful verification, you should see this message:
Securing Your Account
For security purposes, we highly recommend enabling 2-factor authentication (2FA). You can do so by downloading the Google Authenticator app and connecting it to your account.
KYC Verification
The last stage in the account set up process is KYC verification. Select your country from the list:
Then verify your KYC and finish the process. After that, you are all set to buy BTC with INR from WazirX!
Step 2: Depositing Funds
Depositing INR
You can deposit INR funds from your bank account to your WazirX account via UPI/IMPS/NEFT/RTGS.
Just submit details like bank name, account number, IFSC code, etc of the bank account with which you wish to transact, and then you are good to go.
In case the INR deposit is rejected, check out the WazirX support page for such issues.
Depositing Cryptocurrency
Depositing cryptocurrencies into your WazirX account, either from your wallet or another exchange is an effortless process. It’s also free – with no fees charged on any deposit!
Start by obtaining your deposit address from your WazirX wallet. Then, share this address on the ‘Send Address’ section of your other wallet for transferring your cryptocurrencies.
For more details, check out the WazirX Support page on depositing cryptocurrencies.
Step 3: Buy Bitcoin with Indian Rupees
With all the necessary steps covered, you are now ready to buy bitcoin with your deposited funds. Here’s the process:
Log on to the WazirX app or website to view the latest BTC/INR prices.
On the app, press the BTC/INR price ticker. After that, scroll down a bit, and you will find the BUY/SELL button amongst the ‘Charts’, ‘Orders’, ‘Trades’, and ‘My Orders’ options at the bottom.
Enter the INR amount with which you want to buy bitcoin. Note that this amount should be less than or equal to the INR funds deposited in your WazirX account.
Hit BUY, and wait for the order to execute.
Once the transaction is executed, you should find the bitcoin bought added to your WazirX wallet.
Also you can download the app and Start Trading Now!
Android App – Bitcoin Exchange
iOS App – WazirX
Frequently Asked Questions
How Bitcoin Works?
Bitcoin is based on the blockchain, a distributed digital ledger. As the name implies, blockchain is a connected database made up of blocks that hold information about each transaction, such as the date and time, total value, buyer and seller, and a unique identifier for each exchange. Entries are linked in chronological sequence, forming a digital chain of blocks. Blockchain is decentralized, meaning a centralized institution does not own it
What Type Of Currency Is Bitcoin?
Bitcoin is a type of digital currency or cryptocurrency. In January 2009, Bitcoin was established. It's based on Satoshi Nakamoto's ideas, which he laid out in a whitepaper. The name of the individual or people who invented the technology remains unknown.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
What Is Bitcoin Used For?
Bitcoin was created as a means of sending money over the internet. The digital currency was designed to be a non-centralized alternative payment system that could be used in the same way as traditional currencies. Bitcoin is being used by an increasing number of businesses and individuals. This includes establishments such as restaurants, apartments, and law firms.
How To Invest In Bitcoin?
Bitcoin may be invested in two ways: through mining or exchanges. Bitcoin mining is carried out by high-powered computers that solve challenging computational arithmetic problems that are too difficult to complete by hand and complex enough to tax even the most powerful computers. WazirX, a Bitcoin exchange, is another alternative.
Is Bitcoin Safe And Legal In India?
In 2020, the Supreme Court of India lifted the RBI’s restrictions on cryptocurrencies. According to the Supreme Court, the existence of Bitcoin or another cryptocurrency is unregulated but not unlawful. The verdict has greatly aided the world of digital money in the country. To put it another way, investing in Bitcoin is perfectly legal, and you may do so through various apps and traders.
Is Bitcoin Mining Free?
Bitcoin mining isn't free, but it can be tried on a budget. Bitcoin mining is an essential part of the blockchain ledger's upkeep and development and the act of issuing new Bitcoins. It is accomplished by the use of cutting-edge computers that tackle complicated computational arithmetic problems. The effort of auditor miners is rewarded. They're in charge of ensuring that Bitcoin transactions go off without a fuss and that they're legal.
How Much Is 1 Bitcoin Worth Today?
Check out the current price of Bitcoin on the WazirX exchange. Bitcoin's value is primarily determined by its supply and demand in the market. Other elements have an impact on its worth. Its intrinsic value can also be calculated by calculating the average marginal cost of producing a Bitcoin at any given time, based on the block reward, electricity price, mining hardware energy efficiency, and mining difficulty.
How Many Bitcoins Are There?
There are 18,730,931.25 Bitcoins in circulation as of June 2021. The total number of Bitcoins that would ever be there is just 21 million. On average, 144 blocks are mined every day, with 6.25 Bitcoins per block. The average number of new Bitcoins mined every day is 900, calculated by multiplying 144 by 6.25.
How To Create Bitcoin Account?
Firstly, Go to the WazirX website and sign up. Then, a verification mail will be sent to you. The link sent via verification mail would be available only for a few seconds so make sure you click on the link sent to you as soon as possible, and it will verify your email address successfully. The next step is to set up security, so select the most suitable option for you. After you have set up the security, you will get a choice to either proceed further with or without completing the KYC procedure. After that, you will be directed to the Funds and Transfer page, where you could start depositing Bitcoins to your wallet. You can also deposit INR and then use it to buy Bitcoin for your WazirX Bitcoin wallet.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
