The Future of Bitcoin

Bitcoin

Bitcoin, cryptocurrency and block-chain technology were objects that some years ago nobody knows. There were a few small circles where this topic was discussed. Nowadays, these terms are so popular, and some large and most influent companies in the world develop programmes and applications and prepare for a world where cryptocurrencies are usual things.

But, despite all of the possibilities and perspective, cryptocurrency is still in its infancy, and there are many unknown factors fly in the air. Current estimates make a timeline on all Bitcoins being mined by 2140. One of the most important problem in the future of cryptocurrencies is known what happens after every single Bitcoin is mined.

The end of Bitcoin rewards for mining does not mean the end of the actual mining process that keeps Bitcoin functioning as a means of transaction and a store of value. Without this process, the entire Bitcoin system would break down.

But the general mind is thinking that Bitcoin will continue to increase as more transactions are performed through the same 21 million Bitcoins.

The more that people want a form of currency to enact transactions, the more that the currency is worth.

The issue that is worrying about everybody is what happens to Bitcoin mining in future. Bitcoin mining is currently a major business. Most of the Bitcoin mining is performed by massive specialized farms in China where the necessary power input is cheap. If people are no longer rewarded with Bitcoins for performing the mining that keeps the Bitcoin system works, then why would they continue to support that system?

While there is a lot of discussion in the Bitcoin community about changing the current rules for Bitcoin, if nothing changes, then the reward for mining will necessarily need to come solely from the transaction fees. Every miner will be paid according to the number of transactions that they support.

Nobody knows really what kind of future is waiting for Bitcoin. There are very serious debates about how Bitcoin will adapt after reaching the 21 million maximum and is there the necessity to change the original rules.

If you are thinking to invest in Bitcoin or other cryptocurrencies, be sure that you follow all these debates, and you are informed completely according to this features. Another way the risk to fall down is looking more real.

1 thought on “The Future of Bitcoin”

  1. Ty Windon

    20/01/2018

    I’m amazed, I must say. Rarely do I encounter a blog that’s both educative and entertaining, andlet me tell you, you’ve hit the nail on the head. Theissue is something which not enough folks are speakingintelligently about. Now i’m very happy I stumbled across this during my search forsomething regarding this.

    Reply

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