Bitcoin is one of the most popular cryptocurrencies in the world, and it has undergone several changes since its inception in 2009. One of the most significant changes is the decision to limit the number of Bitcoins that can be created. So what is the Bitcoin quantity limit, and why was it necessary?

To begin with, Bitcoin was initially designed to have a finite supply of 21 million coins. This means that once all the coins have been mined, no more Bitcoins will be created. The idea behind this was to ensure that Bitcoin remains a scarce asset, similar to gold, and thereby preserve its value over the long term.

This finite supply mechanism is achieved through a process called halving. Every four years, the rewards that miners receive for solving a block (which adds newly minted Bitcoins to the network) are cut in half. This effectively slows down the rate at which new coins are introduced into the system. So far, there have been three halvings, with the latest one occurring in May 2020.

Currently, there are around 18.7 million Bitcoins in circulation, and it is estimated that the final Bitcoin will be mined in the year 2140. This means that we have a little over a century left until the final Bitcoin is mined, after which no more new coins will be added to the network.

But why was it necessary to limit the number of Bitcoins in the first place? The answer lies in the nature of money. Traditional fiat currencies (such as the US dollar) have an unlimited supply; governments can print as many dollars as they want. This can lead to inflation, as the value of a dollar can decrease if there are too many of them in circulation. Bitcoin's limited supply mechanism ensures that there will never be more than 21 million coins, making it a deflationary asset.

In conclusion, the Bitcoin quantity limit is set at 21 million coins. This is achieved through a process called halving, which slows down the rate at which new coins are introduced into the system. The decision to limit the number of coins was made to preserve the asset's value over the long term and ensure that it remains a deflationary asset. The final Bitcoin is estimated to be mined in 2140, after which no more new coins will be created.