Bitcoin price is volatile. Same is true for all currencies - crypto and traditional. I will not go into the reasons for that.
So far approximately, 17.2 million Bitcoins have been mined. And there is a hard limit of 21 million.
There will only ever be 21 million Bitcoins.
How consensus for Bitcoin transactions - A pays X Bitcoin to B - is achieved is by mining. Without consensus, A would be able to pay the same X Bitcoin to B, C, D and Z.
Once there are no more Bitcoin to be mined, I see the mining activity becoming futile. And with that, I can see Bitcoin's world crashing down.
Why 2041? Because it is predicted that the last Bitcoin will be mined in 2040. It will probably use the same electricity needed to power the US for a month. But that is predicted.
So unless, Bitcoin evolves and starts using alternate consensus mechanism(s), I feel it will be dead in 2041.
Does anyone else think differently?
Best regards,
Ashish.
So far approximately, 17.2 million Bitcoins have been mined. And there is a hard limit of 21 million.
There will only ever be 21 million Bitcoins.
How consensus for Bitcoin transactions - A pays X Bitcoin to B - is achieved is by mining. Without consensus, A would be able to pay the same X Bitcoin to B, C, D and Z.
Once there are no more Bitcoin to be mined, I see the mining activity becoming futile. And with that, I can see Bitcoin's world crashing down.
Why 2041? Because it is predicted that the last Bitcoin will be mined in 2040. It will probably use the same electricity needed to power the US for a month. But that is predicted.
So unless, Bitcoin evolves and starts using alternate consensus mechanism(s), I feel it will be dead in 2041.
Does anyone else think differently?
Best regards,
Ashish.
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.