Boom! Another smoking hot crypto article published, to end the year with a bang. I want this topic to be my niche and the magic is taking hold. I just need to publish a hundred more throughout 2020 and my reputation will be solidified. So, you know, hire me.
This time I tackled a familiar subject that all of the experts have analyzed, and summarized and explained in the simplest way. It’s supported by the most credible sources and it lights up all the green lights in the Yoast SEO plugin. So, you know, victory!
But anyway, what will happen when all Bitcoins are mined? Find out in the real article, or get a taste after the jump:
It starts very slowly, some would even say that by stating the obvious:
A controlled, limited supply is one of the characteristics that make Bitcoin the idea of the century. There are more than 17 million bitcoins already in circulation. There will only be 21 million total, that’s what the protocol says from the very first day. What happens when all bitcoins are mined? This famous 21 million supply number is one of the reasons we compare Bitcoin to gold. Among other things, it boasts scarcity and augments the asset’s value.
Then it quotes Satoshi Nakamoto’s Bitcoin whitepaper, establishes a possible date for the mining of the last Bitcoin, speculates on why that specific number of coins and about what will happen to miners once there’s nothing to mine:
Satoshi already answered this: “transaction fees”. The question that remains is: will it be profitable? We can only speculate, but some people think Bitcoin price will increase dramatically because that’s what the laws of supply and demand dictate. Other people disagree. In any case, if those coins continue gaining value over time, miners will have direct access to a rare metal in digital form.
It ends up in a happy note, with a statement I can honestly say I believe in:
Bitcoin will survive and maybe even thrive, once all of the coins are out there. The reason may be Satoshi Nakamoto’s genius or the hand of providence, but it looks like the original plan encompasses events that will happen more than a hundred years in the future. It seems like miners have nothing to worry about. And even if there is something, they’ll have plenty of time and space to deal with it.
Of course, you should read the whole thing to get the full effect. These bits and pieces are just an appetizer.