Greetings friends!
When Satoshi Nakamoto in 2009 published the Bitcoin whitepaper, no one had the idea that it is going to be a great step which will change the outlook of the virtual currencies for once and all. Definitely is was a great start. Once bitcoin was so cheap that in one USD once could have get hundreds of Bitcoins. Now, one BTC is equal to almost $100 thousand in 15 years. This is an unprecedented gain over time.
In the beginning miners could have mined 100 Bitcoin for generating a single block. This amount is reducing with time. At present one block generate roughly 3 BTC I think. Satoshi Nakamoto had ensured that Bitcoin's total supply would be finite. So, total 21 million bitcoins will be minded. So far 19.79 million bitcoins have been mined. It means only 1.21 million bitcoins can be mined in future. Bitcoin mining is halved every four years. So, according to this rate all the bitcoins will be mined about year 2140.
For bitcoin mining miners have equipped heavy machinery which consist thousands of graphic cards and also consume lot of energy. Till 2140 demand for energy for bitcoin mining will increased too much. But, my concern is what will happed when all the bitcoins are mined in future.
At present miners get reward from bitcoin mining. Network fee will be the main source of their income in future. But, with limited number of Bitcoins how will people be able to pay network fee? It will be too much for useful transactions. In this case how much will miners get and how much people will transfer for their transactions. This is going to be a big matter. Also, human beings do not think in fractions. So, when even a few Satoshi would have a value equivalent to a USD, how would people be able to comprehend it, is also a question. Therefore, I think bitcoin price is only increasing because of speculation. There is no solid base behind it. Instead of it people should adopt other cryptocurrencies whose network is faster, reliable, free of transaction fee and without limited supply. This is better I think.
What do you think?