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Can we all know the whole variety of bitcoins held by residents of a rustic?

Good day reddit,

After I was studying about bitcoin & the expertise behind its growth. I believed the nation which has essentially the most highly effective processors, gears to mine bitcoin will mine extra bitcoins in comparison with different international locations.

That led me into pondering that if that is so then many international locations will simply be the “bitcoin consumers” if costs maintain growing.

To make clear my ideas: For eg. USA has higher tech than India. The miners of the USA can mine bitcoins sooner than India’s. And Bitcoins have fastened provide so worth will increase as demand will increase. Now somebody from India needs to purchase bitcoin then he/she is going to get it from one other nation’s miners. Right here USA. And as an instance in some unspecified time in the future all of the USA’s bitcoin flows to India and the USA stops accepting bitcoin as a foreign money. That will likely be an enormous loss for Indians. Right here I’ve simply taken two international locations. However I’m speaking basically about sluggish mining international locations vs quick mining international locations.

Then I believed, “title of this publish”.

My ideas may be dumb. If I’m incorrect wherever assist me, right me.

Thanks.

4 thoughts on “Can we all know the whole variety of bitcoins held by residents of a rustic?”

  1. I think you don’t have your own ideas very clear, as some of what you say is confusing to me, but I will try to clarify a few things:

    The scenario in which “all bitcoins end up going to India” assumes that there is a strongly producing country (USA) and a strongly consuming country (India), which is not true nor would it probably ever happen. Precisely because it is on the internet, bitcoin knows no borders and it is just as likely that the miner of the bitcoins I buy is my neighbor as it is a miner in Pakistan. Well, not exactly the same probabilities, but nothing prevents it.

    Assuming that all bitcoins end up in India is already a lot to assume. It’s like if a person buys all the bitcoins. If that were to happen, bitcoin would actually lose its value in a very important way.

    On the other hand: If all bitcoins end up in India (in other words, Americans do NOT want bitcoin), and the US stops accepting bitcoin as a currency (do they?), why is it a problem for Indians if nobody in the US wants bitcoin?

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  2. Bitcoin is mined in places where the margin makes sense. It’s a perfect example of comparative advantage. So even if a place like the USA has better ASICs, India might have cheaper land/energy/labor and lower costs of living make smaller margins more feasible. So even though (in this example) USA has the better tech, Indian miner can keep mining when the Americans need to turn off the machines.

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  3. The country where it’s best to mine is not the country that has the best technology, as this technology can be bought in any country. It’s the place where electricity is the cheapest that’s the best place to mine.

    Note that this “place” doesn’t have to be a country. The price of electricity differs within a country. Companies negotiate their contacts on an individual basis with the electricity providers, so usually it are big companies that can get the best rates.

    Another option is not to go for a place with cheap electricity, but to provide for your own electricity. This only makes sense if you can provide for your own electricity at a better price.

    Reply

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