What happens when 21,000,000 bitcoins is reached?

1 answers
1 votes
What happens when 21,000,000 bitcoins is reached?
What happens when 21,000,000 bitcoins is reached?

Best answer


newest most voted

There are a few possibilities which only time will tell:
1. Miners will need increased transactions fees to carry on mining. If the transactions fees are not considered profitable, there could be a reduction of miners. Only purists will be left. However, this is correlated to Bitcoins mass adoption. Schools of thoughts could advocate for the glory days of physical cash and a call to bring them back.
2. Since supply will outstrip demand, the price may skyrocket. Bitcoin may transition almost to a fungible token with investors actively watching for peaks and troughs in the price.
3. The core developers could advocate for a change in protocol dependent on their business model and vision. This could lead to a strong hardfork. The proponent of Bitcoin will then decide to carry on with halving and other core outlines of the protocol. The new coin can decide to go in any direction they wish.
4. Hardware for Bitcoin mining will need to adopt a new market. This could be great for operations that need powerful computation.
5. If the visionary mass adoption isn’t achieved, Bitcoin will be overshadowed by newer altcoins with more effective consensus algorithms and greater scalability. The Cypher phunks will battle it out to the very last instead of watching their global coin die. Bitcoin will go the way of netscape, a great pioneer but overtaken by better products and services

You can expect gas prices to rise or a massive sellout deflating the price of BTC significantly. Or maybe a hardfork where the cap on BTC will be revoked. That’s so far ahead in the future though, I hope to have cryptos are a norm by then that BTC becomes gold standard. If it does really survives over a hundred years with the current rate of progress, I doubt it will go down in flames.

Hungry for knowledge?
New guides and courses each week
Looking to invest?
Market data, analysis, and reports
Just curious?
A community of blockchain experts to help

Get started today and earn 4 bonus blocks

Already have an account? Sign In