Many people believe that Bitcoin is essentially digital gold, and they really aren’t wrong. Throughout the last few years, Bitcoin has become one of the most recognized forms of cryptocurrency on the internet right now. People are all over it and not many people in the world don’t know about Bitcoin now because it is simply everywhere.
However, one very important thing to remember about Bitcoin is something people don’t often know about, and it is the fact that Bitcoin is actually a finite form of cryptocurrency. This means there is only a certain number of Bitcoins able to be mined until it all ends. This leaves people wondering what will actually happen to Bitcoin once all of the coins have been mined, and the reality of it is, nobody really knows.
In fact, much like many cryptocurrencies, people don’t really ever know what will happen to them in the future. You can click here for plenty more information and to join the world of Bitcoin, this makes it simple. There will only ever be 21 million Bitcoins mined and though it hasn’t been confirmed, there are many people saying that there is a chance for expansion in the future.
A limited supply
The Bitcoin supply has a limit, and that limit ceases at 21 million. Most of those have already been mined, so soon enough, we will likely experience the end of mining for Bitcoin and we will likely see a whole lot of change. This essentially means that once miners finish unlocking the coins, the supply will become completely exhausted.
However, there is some talk that Bitcoin may be able to slightly extend its supply and there has been quite a bit of evidence that suggests this. At this point, around 18.5 million Bitcoins have already been mined, so there really isn’t many left, and it won’t take long until it is an exhausted supply. One thing to also keep in mind is that many, many people have either forgotten their Bitcoin wallet, lost interest, or passed away which means that their cryptocurrency has become a victim of the crypto abyss.
What this also means is that the general supply of Bitcoin is actually far smaller than we actually realise because of all those missing and unaccounted for Bitcoins. The actual amount could even be in the low millions.
Things to consider
There are some important things to consider under these circumstances. It is definitely worth noting that the roughly projected time limit for the miners to process the last coin is around 100 years. This means that it will likely be around the year 2140 which in reality, is a very long time.
Between now and then, the Bitcoin network will also change significantly, so it is worth noting that it may not even be the same as it is now. It has changed a lot since only 2009, so there is no telling how much change would have happened by the year 2140.