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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 Does Bitcoin Work?
The blockchain, a distributed digital ledger, is what Bitcoin is based on. As the name suggests, blockchain is a linked database made up of blocks that store information about each transaction, such as the date and time, total amount, buyer and seller, and a unique identifier for each exchange. Entries are linked in chronological order to form a digital blockchain. Entries are linked in chronological order to form a digital blockchain. Blockchain is decentralized, which means any central authority does not control it.
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.
How Can I Get Bitcoin?
To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process. Following that, you'll be sent to the Funds & Transfers section, where you can begin depositing Bitcoins into your wallet. You may also use INR to fund your WazirX Bitcoin wallet and then use it to purchase Bitcoin.
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.
Can Bitcoin Be Converted To Real Money?
Crypto exchanges, Bitcoin ATMs, Bitcoin Debit Cards, and Peer Peer Transactions are all options for converting Bitcoin to cash. This can be accomplished by using Bitcoin exchanges such as WazirX. A Bitcoin ATM is a real place where you may purchase and sell Bitcoins with cash, unlike standard ATMs that allow you to withdraw money from your bank account. Many websites provide the option of purchasing Bitcoin in return for a prepaid debit card that works similarly to a standard debit card. Through a peer-to-peer marketplace, you may sell Bitcoin for cash faster and more privately.
How Many Bitcoins Will Ever Be Created?
The source code of Bitcoin stipulates that it must have a restricted and finite quantity. As a result, only 21 million Bitcoins will ever be generated. These Bitcoins are added to the Bitcoin supply at a predetermined rate of one block every ten minutes on average. The supply of Bitcoins will be depleted once miners have unlocked this number of Bitcoins. It's possible, however, that the protocol for Bitcoin will be altered to allow for a higher supply.
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.
Who Created Bitcoin?
Bitcoin is the first application of the concept of "cryptocurrency," first articulated in 1998 on the cypherpunks mailing list by Wei Dai, who proposed a new form of money that relies on cryptography rather than a central authority to manage its creation and transactions. Satoshi Nakamoto published the initial Bitcoin specification and proof of concept on the cryptography mailing list in 2009. Satoshi exited the project in late 2010, with little information about himself available. Since then, the community has evolved, with numerous people working on Bitcoin. Satoshi's anonymity has sparked unfounded fears, many of which may be traced back to a misunderstanding of Bitcoin's open-source nature.
What Is Bitcoin?
Bitcoin is a decentralized digital currency that may be purchased, traded, and traded without intermediary like a bank. Bitcoin is built on the blockchain, which is a distributed digital ledger. Wei Dai suggested a new kind of money that relies on cryptography rather than a central authority to oversee its production and transactions on the cypherpunks mailing list in 1998. Bitcoin was the first application of that notion. In 2009, Satoshi Nakamoto sent out the first Bitcoin specification and proof of concept to a cryptography mailing group.
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.
