The Bitcoin is very similar to gold in many ways. And, just like gold, it has a limited and finite supply. So, you must be wondering what happens after that crypto is finished? Will the crypto world just fall apart once the last Bitcoin has been mined? Is that it?
It turns out that bitcoin only 21 million bitcoins can be mined and there are speculations to what might happen once the last Bitcoin has been mined. For now, 80% of bitcoins have already been mined, which are roughly 17 million and there are only 4 million left to mine. Once the miners unlock this many bitcoins, the planet’s supply will essentially be tapped out and there won’t be anymore unless they come with a game plan.
Bitcoin: its impending doom
It is speculated that the bitcoin sources will run out by the year 2140. Right now, almost 80% of the bitcoins have already been mined. Contrary to the pessimists, this doesn’t mean that the entire bitcoin world will come to a halt and cryptocurrency will be wiped out from the face of the Earth. That’s because blockchain provides miners with transaction fees and these could be replaced with the mining rewards.
Bitcoin must rise
So why is it important for bitcoin to keep rising in order for crypto to work? Well, if bitcoin keeps rising then the transaction fee will be large enough for it to rise significantly and fortunately enough, bitcoin was developed in such a way that the features encourage for this to happen. Contrary to the fiat currencies, it will not undergo an inflationary effect.
What does the future hodl
The question now remains that will bitcoin be able to keep the interest of miners. Once every bitcoin has been mined; the only source of income for miners will be the transaction fees and to keep that regulated, the value of bitcoin must rise so it is beneficial for miners to be part of the system.
The time given is roughly 120 years from now; which is a lot. We might have the technology that might be created to combat with this later or how even mining might change in these years. It might not be so power exhausting in the coming years. The mining chips might be so small and powerful that it hardly feels like a burden for anyone to mine a coin. It’ll be a breeze!
The point of it all is that we can only assume for what’s to come. At first, we weren’t prepared for bitcoin and now we aren’t prepared for its fall either. BUT we do believe that this technology won’t go out so easily. It has, with a blink of an eye, revolutionized so many things and its rather stupid to assume that with the last bitcoin, it will all come to an end.
We’re pretty positive about the future and much of the technological world is already in play to deal with it. I guess it will all come as a surprise. Most importantly, we don’t have to worry because we won’t be alive to see it. So, keep investing!