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📺 Essential Videos 📺
Fiat Currency Is A Ponzi 👉 https://youtu.be/L_f6R0DHNH0
Cryptocurrency Wrapping Explained 👉 https://youtu.be/1Wqs278hN6M
Polkadot Explained 👉 https://youtu.be/wb0czKguqAY
Calculating When The Last Bitcoin Will Be Mined 👉 https://youtu.be/sP0ZGCjNUhA
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– TIMESTAMPS –
0:00 Intro
2:26 Bitcoin Mining Recap
5:07 When Will The Last Bitcoin Be Mined?
6:00 What Happens When The Last is Mined?
7:40 Solution: Layer 2s?
9:05 Solution: Electricity And Tech?
10:30 Solution: Skin In The Game?
12:09 Solution: Smart Contract Chains?
14:06 Maximum Supply Be Changed?
15:55 Conclusion
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⛓️ 🔗 Useful Links 🔗 ⛓️
► Why Bitcoin’s Maximum Supply Is 21 Million: https://decrypt.co/34876/why-is-bitcoins-supply-limit-set-to-21-million
► Bitcoin Halving History And Schedule: https://www.cmcmarkets.com/en/learn-cryptocurrencies/bitcoin-halving
► Bitcoin Lightning Network Explained: https://www.coinbureau.com/blockchain/lightning-network-change-everything-bitcoin/
► Green Energy Cryptocurrency Mining: https://www.easycryptohunter.co.uk/most-profitable-solution-for-renewable-energy/
► Miami Mayor Considers Bitcoin Reserves: https://news.bitcoin.com/mayor-miami-treasury-reserves-bitcoin/
► Bitcoin On Polkadot: https://polkadot.network/bitcoin-is-coming-to-polkadot/
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⛏Bitcoin Mining Recap⛏
New BTC are issued every time a new Bitcoin block is mined. The Bitcoin code ensures this happens roughly every 10 minutes by adjusting the mining difficulty depending on how many miners there are
The maximum amount of BTC that can ever be mined is 21 million, and this limit is built into Bitcoin’s code
⏲When Will The Last Bitcoin Be Mined?⏲
While each Bitcoin halving is supposed to occur 4 years apart, the last three halvings have occurred just 3 years and 9 months apart. Assuming this trend continues, the last Bitcoin will be mined near the end of 2078, much sooner than the 2140 figure that is often cited
👀What Happens When The Last Bitcoin Is Mined?👀
Besides the BTC miners get from each new Bitcoin block, they also earn fees as compensation for processing transactions. Many people believe that by the time the BTC mining rewards run out, these transaction fees will be enough to sustain the Bitcoin network
💱Solution: Layer 2s?💱
The problem with layer 2 solutions like the Lightning Network is that they reduce the number of transactions that actually occur on the Bitcoin blockchain
Fewer transactions mean that the fees for opening and closing these payment channels would have to be incredibly high for Bitcoin miners to remain profitable and operational
These high fees would then put pressure on layer 2s like the Lightning Network to minimize the opening and closing of their payment channels, resulting in a vicious cycle that threatens the network
⚡Solution: Electricity And Tech? ⚡
Cheap energy and efficient hardware would make it easy for Bitcoin miners to stay profitable using transaction fees alone, and it would even further decentralize Bitcoin as new miners join the network to get a share of those fees
💰Solution: Skin In The Game? 💰
If and when cities, states, and even governments begin holding BTC as part of their reserves, they will have all the incentive in the world to make sure the Bitcoin network remains secure and operational
If enough private companies start to hold large amounts of BTC, they too would have a reason to rush in and make sure the Bitcoin network remains operational
⛓Solution: Smart Contract Chains? ⛓
Given the rise in wrapped Bitcoin on Ethereum, it is possible if not likely that smart contract blockchains could become the future home for all the Bitcoin in circulation. Cardano and Polkadot will soon be introducing tokenized versions of Bitcoin to their blockchains as well
👩💻Can Bitcoin’s Maximum Supply Be Changed?👩💻
Changing Bitcoin’s maximum supply is possible so long as there is consensus from the QUOTE ‘economic majority’
This includes not just Bitcoin miners, but Bitcoin developers, BTC holders, and even BTC merchants like PayPal.
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#bitcoin #mining #blockchain #crypto #supply #tech
Hope this answered many of the questions you guys may have had regarding Bitcoin network's future.
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All these Russia bots up here if anyone is monitoring them from Russia I have a new piece of tech for you it’s an ai driven hacking tool that doesn’t need an internet connection to install remotely it’s cutting edge but I’ve been blackballed in the USA so I need a business partner I’ll give you this tool in good faith as an example of my skills
You made a comment regarding bitcoin not being so dominant, leading the direction of the crypto market in 2078 if I've got the yr right when btc will all have been mined. Can we draw from that that it's price will also not be so dominant?
If it loses popularity..attention which had to happen for its domination to change ??
I like your hoodie, but do you have a creationist version? 🤔
Anyone who wraps their bitty on a centralised network like ETH, ADA etc is an absolute fool.
Would you be happy to wrap all of your BTC, and all of everybody else's?
It kinda sounds like the answer is yes..
This didnt age well
Why do you need to use other chains to earn yield? You will be able to earn yield ok with Cefi
Even if just the west used bitcoin payment rails there’d be enough transaction fees to secure the network.
Wow. Absolutely excellent video. It is so refreshing to see deep, honest research
Fascinating…
Thank you I've been thinking about this
Interesting video I saw a few weeks ago, I thought of it when you mentioned that once we see govs / states with btc in their treasury. This is some guy from the UK treasury, read his comments too.
https://youtu.be/pyWhjfRMwyI
I AND MY ENTIRE FAMILY LIVING A PERFECT AND COMFORTABLE LIVES EVER SINCE WE MET MORE KUDOS TO YOU SIR YOUR SOFTWARE ARE SO LEGIT.
I AND MY ENTIRE FAMILY LIVING A PERFECT AND COMFORTABLE LIVES EVER SINCE WE MET MORE KUDOS TO YOU SIR YOUR SOFTWARE ARE SO LEGIT.
I AND MY ENTIRE FAMILY LIVING A PERFECT AND COMFORTABLE LIVES EVER SINCE WE MET MORE KUDOS TO YOU SIR YOUR SOFTWARE ARE SO LEGIT.
In 2078, you will be able to process your own Bitcoin transactions with your solar powered super computer smart phone.
Bitcoin will go PoS very soon ! There is no way it will be mineable on old obsolete SHA256 forever…lol
Unlimited decimals can be created in the code!!!
Anything that gets cut in half can't go to 0 so there will always be mining reward after 21m btc mined the price of btc would have to be in millions to reward miners at .25 btc reward or lower. It's almost like .5^infinti. You'll get to 0 but you never will.
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"said no one ever" is a terrible argument
As with all technology Bitcoin will die a slow death, as it is replaced with better alternatives.
Saying gold has utility in electronics and medicine is kinda burying the lead. If gold was cheap, it would be used in everything. I'm getting really tired of the "store of value" narrative for bitcoin. Cash and gold are proving to be massively safer than bitcoin in a bear market. Yes you can get rich trading bitcoin but stop the store of value bullshit.
This is nice but I hope it's your filter that makes your hands look like they don't get circulation……