sykoworld96 on Nostr: Did you guys know? After all 21 million Bitcoins are mined, there will be no new ...
Did you guys know? After all 21 million Bitcoins are mined, there will be no new Bitcoins created or added to the supply. This is designed to happen around the year 2140, based on the current rate of mining.
Here's what will happen after all 21 million Bitcoins are mined:
1. Mining will continue: Miners will still verify transactions and create new blocks, but instead of receiving newly minted Bitcoins, they'll receive transaction fees.
2. Transaction fees will increase: As the incentive of new Bitcoins goes away, miners will rely on transaction fees to incentivize them to secure the network.
3. Network security: The security of the Bitcoin network will rely on the economic incentive of transaction fees, rather than the reward of new Bitcoins.
4. Bitcoin's supply will be fixed: The total supply of Bitcoins will be fixed at 21 million, and there will be no further inflation.
5. Bitcoin's value: The value of Bitcoin could potentially increase as the supply is fixed, and demand continues to grow.
Here's what will happen after all 21 million Bitcoins are mined:
1. Mining will continue: Miners will still verify transactions and create new blocks, but instead of receiving newly minted Bitcoins, they'll receive transaction fees.
2. Transaction fees will increase: As the incentive of new Bitcoins goes away, miners will rely on transaction fees to incentivize them to secure the network.
3. Network security: The security of the Bitcoin network will rely on the economic incentive of transaction fees, rather than the reward of new Bitcoins.
4. Bitcoin's supply will be fixed: The total supply of Bitcoins will be fixed at 21 million, and there will be no further inflation.
5. Bitcoin's value: The value of Bitcoin could potentially increase as the supply is fixed, and demand continues to grow.