What Happens When All Bitcoin Are Mined?
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Bitcoin, the world's first and most famous
cryptocurrency, has a unique feature: a capped supply. Unlike traditional currencies that can be printed infinitely by governments, there will only ever be 21 million Bitcoins in existence. But what happens when all that Bitcoin is mined?
Mining Rewards Disappear, Transaction Fees Take Over
Currently, miners who secure the Bitcoin network are rewarded with new Bitcoin for every block of transactions they verify. This process, called mining, is what keeps the network running. However, once all 21 million Bitcoins are mined, estimated to occur around 2140, these block rewards will disappear.
Miners won't be left empty-handed though. They will still earn income from transaction fees, which are paid by users to have their transactions processed faster on the network. As the number of Bitcoin users grows, the demand for transaction space is expected to increase, potentially driving up transaction fees. This would incentivize miners to continue securing the network.
A Potential Shift to a Deflationary Currency
With no new Bitcoins being created, Bitcoin could transition into a deflationary currency. This means the overall supply of Bitcoin would decrease over time, potentially leading to a rise in its value. Similar to rare precious metals like gold, Bitcoin's scarcity could become a major driver of its price.
The Future of Bitcoin
