Bitcoin, the world’s first cryptocurrency, was created in 2009 by an anonymous person or group going by the name of Satoshi Nakamoto. Since then, it has grown in popularity, with more and more people investing in it every day. One of the most frequently asked questions about Bitcoin is how many are in circulation in 2021? In this article, we will explore the answer to this question.
Bitcoin is a decentralized digital currency that operates without a central bank or single administrator. It is based on a public ledger called the blockchain, which records all transactions made on the network. The supply of Bitcoin is limited to 21 million, with more than 18.7 million currently in circulation.
The process of creating new Bitcoins is called mining. It involves solving complex mathematical equations using specialized computer hardware. The miners who successfully solve these equations are rewarded with newly created Bitcoins. The reward for mining was initially 50 Bitcoins per block, but it halves every 210,000 blocks. The current reward for mining is 6.25 Bitcoins per block.
The total number of Bitcoins that will ever exist is fixed at 21 million. This means that once all the Bitcoins have been mined, no more will be created. The process of mining new Bitcoins is expected to continue until around the year 2140 when the last Bitcoin will be mined. At this point, the supply of Bitcoin will be fixed forever.
As of May 2021, there are more than 18.7 million Bitcoins in circulation. This means that around 89% of the total supply of Bitcoin has been mined. The exact number of Bitcoins in circulation is constantly changing as new Bitcoins are mined and old ones are spent.
Bitcoin’s limited supply and the fact that it is not controlled by any central authority is a significant part of its appeal. It is seen by many as a hedge against inflation and a store of value that cannot be manipulated by governments or financial institutions.
The fact that Bitcoin is decentralized also means that it is not subject to the same regulations as traditional currencies. This has led to some concerns around its use in illicit activities such as money laundering and drug trafficking. However, the vast majority of Bitcoin transactions are legitimate, and the cryptocurrency is increasingly being accepted as a legitimate form of payment by businesses around the world.
In conclusion, there are currently more than 18.7 million Bitcoins in circulation, with the total supply fixed at 21 million. The process of mining new Bitcoins is expected to continue until around the year 2140 when the last Bitcoin will be mined. Bitcoin’s limited supply and decentralized nature are two of the key factors driving its appeal and adoption as a legitimate form of currency.