The 21 Millionth Bitcoin will happen in 120 Years from NowOctober 19, 2019
About 18 million in Bitcoin has already been mined, and it is not hard to touch the 21 million limit. The hard-coded cap for mining Bitcoin is the 21 million coins, and all the scarcity has been attributed to this number.
Alex Adelman, CEO of Lolli, stated, “It’s good for people to see the progress of Bitcoin, to look back on everything that has been done and will be done for the next 3 million. … You should pay attention to the next 3 million.”
The completion of the remaining 3 million Bitcoins will get slower to mine, and eventually, it will take 120 years to get the process completed considering the existing scenario and flow of events. The last Bitcoin will be extracted during the year 2140.
Some analysts propose that the 21 million cap for mining Bitcoin will be due for debate. When miners are done with all the mining, the sole source of income for the miners would be the transaction fees paid by those who are using the Bitcoin services to transfer the coins.
The block subsidies are significant to the incentive system used in the Bitcoin network. There will be a point in time when there will be only a pure transaction fees based system on the network as opposed to a subsidy from the block.
Currently, miners get subsidy worth 12.5, with newly created BTC working roughly at $99,370 and additional transaction fees. The additional fees do not cross 1 BTC.
The limited supply of Bitcoin will limit the utility of the cryptocurrency as a global reserve currency.
The 21 million cap is not unalterable. If people decide to change the market cap beyond 21 million, the system is going to move into it.
Using due governance mechanisms, the Bitcoin can be worked out to stay beyond 21 million. The only requisite is for the community to agree to it.
The income from mining was only marginally profitable. It was never meant to be harmful. At present, Bitcoin is not able to gather any upward momentum. The bulls were losing strength. There was a lot of discussion going on about digital cash before the idea of Bitcoin. Now that it is there in the market and has survived for over a decade far, a lot has happened, revealing how people would take to it. It just appears that the Bitcoin is here to stay with a few governance changes. The token is not set to go back anyways.