In the simplest way possible, describe how the 21 Million limitation is enforced to a non techie


The simple answer is that there is a constraint on the total number of coins that will be generated.

In economy the fact that the supply of newly minted coins is either constraint by a constant rate at which they enter the market or, like in Bitcoin's case, even that the total number that will ever be in circulation be limited.

Due to how the amount of newly issued coins in the Bitcoin network is reduced over time the total number of coins ever issued will converge to 21million. Every 210'000 blocks (or 3.993 Years in expectation) the number of new bitcoins that are issued in the network is halved. The result is that we have a sum of a geometric series, with each step being multiplied by 1/2.

Hence in the first step 50 * 210'000 = 10'500'000 coins were issued, in the current step half of that will be issued: 25 * 210'000 = 5'250'000 coins and so on. The sum of a geometric series that halves at each step is exactly twice the first step, hence 2* 50 * 210'000 =...

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There are probably many misconceptions you have that aren't articulated here.

The thing that enforces the limitation of 21 million is that everyone uses the same software that enforces the same rules.

If that software were to be modified to accommodate new rules, everyone would have to upgrade to alter those rules.

Since a majority of people on the network own bitcoins will see this action as lessening the value of their coins, they will not upgrade to the version you imagine.

If you go ahead and implement your idea in some software, then only those clients that use that software will see those coins and will allow them to be spent.

The rest of the network will just reject your money as forgery...

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I don't know if this was thought up ahead of time, but it sure makes sense in hindsight.

The reason 21 million is the right number is because people don't know how to value currencies.

For instance, right now a Euro is worth $1.30 USD and a Japanese yen is worth about a U.S. penny. Ask someone which currency they would rather hold right now and most will answer Euro, because $1.30 is worth more than $0.01.

Of course, that relative unit value means nothing. Ask most currency traders which currency is better to hold and most (today) would probably say Japanese yen, because what matters is whether the value will go up or down, relative to the other being compared.

When bitcoin hit parity with the U.S. dollar in Feb 2011, it gained a sense of legitimacy that helped propel it on a tremendous pace, rising over 30X that level just four months later.

If there had been more than 6 million coins issued by then, the total dollar value of all bitoins would...

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Geneva (ILO News) – Nearly 21 million people are victims of forced labour across the world, trapped in jobs which they were coerced or deceived into and which they cannot leave, according to the

ILO’s new global estimate


The Asia-Pacific region accounts for the largest number of forced labourers in the world – 11.7 million (56 per cent) of the global total, followed by Africa at 3.7 million (18 per cent) and Latin America with 1.8 million victims (9 per cent).

Victims of forced labour by region

The head of the ILO’s Special Action Programme to Combat Forced Labour, Beate Andrees, says that the methodology has been revised and improved since the ILO’s initial estimate in 2005 and the numbers are more robust now. “We have come a long way over the last seven years since we first put an estimate on how many people were forced into labour or services across the world. We have also made good progress ensuring most countries now have legislation which...

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I received emails from two people last week asking about the word million. Both people asked the same question:

”What is the plural of million?

Is it millions, or is it million (without ‘s’)?”

The answer is that million, like the words hundred, thousand and billion, has two possible plural endings. Sometimes we say million, sometimes millions.

Without the plural ending -s

1. We don’t add ‘s’ when we give an exact number:

two million pounds two thousand years three hundred four billion.

2. We don’t add ‘s’ when we use a quantifier like several or a few:

several million years a few thousand dollars a few hundred.

With the plural ending -s

Add ‘s’ if you don’t give an exact number:

hundreds of people thousands of years millions of dollars.

That’s the rule. It’s nice and simple!

On the subject of dollars and amounts of money, there is another common question worth answering: which of the following is...

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GDP is an acronym standing for gross domestic product. While it always refers to the market value of total production over the course of a given period of time (typically, a year or a quarter), there are several ways to measure it. You can add up all revenues over the course of a year or you can add up all spending over the course of that same year and, in theory, both are supposed to yield identical amounts -- though their are small statistical errors due to measurement problems. The reason they must be the same is rather obvious and you can see this if you take a simple example like a transaction involving a cookie. For the consumer, the transaction gave rise to expenditures: he spent so many dollars to acquire a cookie. For the store owner, this actually constitutes revenues: he received so many dollars in exchange for his cookies. So, really, the market value always takes these two faces at once -- which is why, if you take total spending and total...

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