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What Happens to Bitcoin After All 21 Million Are Mined?
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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
What happens to Bitcoin when countries switch to their own gold-backed cryptos?
Every country will have their own gold-backed crypto soon (in order to maintain their sovereignty and purchasing power), so where does that leave the current cryptos? I am not familiar with the reasons people invest in cryptos, but it looks like it's often a hedge against the financial system. I don't think people will see a need to hedge against the system if we have a system that is trustworthy and is better due to crypto technology. So my prediction is that interest in Bitcoin will slowly dwindle once this change to the financial system is made. I'm investing in silver due to the increasing demand over the next years for industrial purposes. A lot of mines have been put on hold around the world this year, so it's a great opportunity to get in now. Once the price is no longer suppressed by banks (think draining the swamp), silver's going to skyrocket.
Question regarding the viability of bitcoin in the long term. From my understanding, the security of bitcoin comes from miners who verify the blockchain. What happens when there is so much halving that the reward for mining bitcoin is extremely low and the cost of verifying the blockchain for the miners exceeds the reward of their bitcoin?
I recently started trading on Purse.io because I got some earning on mturk via a transcription work I did. But because I don't live in the US, I could only get earnings credited to my gift card balance on Amazon. Now after my first transaction on Purse, I moved my bitcoin to Paxful to get another card and go through the process again of earning on Purse again. But after reading the hefty risks associated with trading on Purse, including potentially getting your Amazon account blocked and potentially getting scammed out of your cash on Paxful, I decided it wasn't worth it so let me just convert my btc to fiat. Amount $100 From Purse to Paxful $2.20 From Paxful to Bitcoin.com wallet $5.30 From wallet to Skrill via bitpay: Bitcoin.com fee $3.8 Bitpay fee: $2.30 Skrill fee: 1% of incoming balance. So in total, I paid $13+ to transfer less than $70. ( I took a mandatory 37% discount hit on Purse.io per my earner level). So that makes it 18.5% transaction fees!!! Another thing I realized is that though I knew Bitcoin is volatile, I now experienced it firsthand where you could literally see the value of your money going up and down with every refresh of the webpage. With this, the only purpose Bitcoin will have for now is speculation and people like me who has no other choice. Though i believe my transaction wouldn't have been possible without Bitcoin (crypto), i don't believe in Bitcoin as a currency any longer for the level of fees and volatility associated with it. Alas, that $100 had been sitting in my gift card balance since 2017 so I guess it's better than nothing.
Hedera Hashgraph appeared in 2019, and took the crypto world by a storm. Despite being a bit late to the game, Hedera Hashgraph quickly called itself a “Bitcoin Killer”, despite the failure of multiple projects to achieve that feat before it. The Bitcoin halving, one of the most anticipated events in the crypto world, finally happened today at 19:23 UTC by AntPool. Miners who support the most valuable and revered blockchain network in the cryptocurrency ecosystem will now earn half as much as they used to, 6.25 BTC per block, just as Satoshi Nakamoto designed. Bitcoin successfully went through its third halving yesterday, seeing the daily supply of new bitcoin cut by half. The bitcoin community has now turned to what's next for the world's number one ... Considering how much has happened to bitcoin in just a decade, hard forks, new protocols, new methods of recording and processing transactions, and any number of other factors, may impact the ... Bitcoin hasn’t done too well over the past few days. Despite the fact that the block reward halving came to pass just hours ago, the cryptocurrency is actually down since last week’s highs of $10,100, now trading at $8,500.
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