72% of bitcoins have been mined. Projected timeline for all bitcoins to be mined is somewhere between the year 2100 and 2150.
When the last bitcoin is mined, will the volatility of bitcoin slow down? Or perhaps the volatility depends solely on the existing fiat currencies flooding the bitcoin market? If volatility exists indefinitely, will bitcoin ever be used as a store of value. This poses a couple of problems for bitcoin down the road.
This poses an interesting phenomena, if bitcoin eventually replaces major fiat currencies then the volatility should swing down. Will prices of goods ever be priced in bitcoin... Will a store really price soda for .0000001 bitcoin (or whatever). Shouldn't the decimal point be changed for ease of understanding. A satoshi is 0.00000001. If bitcoin becomes so popular is it conceivable that 0.00000001 of bitcoin or a Satoshi will actually be too large to exchange. Think about it; would if the current U.S. penny was actually worth a dollar. How would anybody "make change". So, what if a satoshi buys you something like a sandwich (let's say $5.00). I know this is kind of a silly problem to think about, but just wondering if bitcoin has the ability to be used globally forever and always. People lose bitcoin all the time. Wallets are forgotten about, and passwords are not remembered. If Bitcoin is lost, doesn't that drive up the value over time. Circulating bitcoin may always drop due to lost bitcoin. Doesn't this require additional "printing" of bitcoin. But bitcoin is capped at 21 million. Would if over time half of those are lost, doesn't it need to be replaced in the circulating availability. So many questions about bitcoin, only the market will determine the true value and usability.
Perhaps it can transition if it becomes massive or use a different crypto to solve these types of problems. The market is an amazing thing, let's see if bitcoin and cryptos are the real deal.
Loved your post, upvoted! Never worry, but be wise!
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Just listened to Trace Mayer. You owe it to yourself to listen to Trace, he is very brilliant when explaining bitcoin. And basically the answer is that bitcoin could "create" more bitcoin by updating the protocol. It wouldn't necessarily create more bitcoin, but it would allow bitcoin to be divided. As in more decimal points than there are right now in a satoshi. So if need be, it can be broken down if the price of 1 satoshi gets too big. Which makes me thing that Bitcoin really is starting to look like an almost perfect money. To the moon it goes!
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