Bitcoin has a lot in common with Gold. Both can’t be created randomly. Also, they both involve mining. While gold is mined from the ground, Bitcoin is mined through digital means. Also, both Gold and Bitcoin have limited supply. When it comes to Bitcoin supply, there are only 21 million coins that can be mined. And up until now, only 16 million has been mined. Once the rest has been mined, there will be no more Bitcoin left to mine. However, Bitcoin protocol can be adjusted to increase the supply. The question that lingers in most people’s minds is: What will happen when all the 21 million Bitcoins are mined? Well, let’s see the effects:
How Bitcoin miners will be affected by the unavailability of supply
Apparently, the people who will be most affected by the end of the supply of Bitcoin are the miners. Bitcoin experts say that miners will leave the Bitcoin network when the Bitcoin supply runs out. So they will largely depend on transaction fees to continue operations. However, they will realize that the whole process is unaffordable, resulting in most of them abandoning the network. The Bitcoin network will also be centralized, and a flurry of negative impacts on the Bitcoin network will follow.
This argument is corroborated by the fact that the transaction fees alone will not be enough to satisfy Bitcoin miners once Bitcoin supply comes to an end. On the flip side, Bitcoin experts believe that mining fees and transaction fees will subside in the future and mining chips will become relatively smaller and highly efficient. This is likely to minimize the burden placed on miners, and so, the initial cost of mining could reduce substantially. Also, we may see an increase in transaction fees, which may help keep miners afloat.
Effects on Bitcoin price
Bitcoin is no stranger to price increases. In fact, a few months ago, Bitcoin price reached a record $20,000. Although nobody can predict how Bitcoin value will be in the future, experts predict that when the supply runs out, Bitcoin price will skyrocket. There is also a large amount of Bitcoin that lies inactive on the network and is thought to belong to the group that founded Bitcoin. Maybe, this dormant stockpile is a deliberate act by Bitcoin owners only to unleash it when the 21 million Bitcoins are all mined.
Because mining Bitcoin requires sophisticated equipment and a lot of electricity, the supply is not expected to end soon. So if you are thinking of mining Bitcoins, you can jump on to the bandwagon right now when the supply is still bountiful.
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— ВиталийБуйнов (@vitalii542) 24 de febrero de 2018