Given the current situation of the cryptocurrency market, the fact that the total supply of Bitcoin is only about 21 million, is easily forgotten. The recently mined 17 millionth bitcoin has served as a reminder of one of the core concepts behind the currency and the reason behind its high cost, it is in quite a limited supply.
Groups of people running computer nodes, which consist of computers, keep Bitcoin up and running. These computers store all relevant Bitcoin data, updating them as needed whenever a new transaction is added. Verifying these transactions come with a reward of about 12.5 Bitcoins. This means that, on an average, about 1800 Bitcoins are created daily. In previous years, miners were rewarded with more Bitcoins, however, a concept known as halving has reduced the initial 50 BTC reward down to the current 12.5 BTC. This is to account for the future rise in prices of BTC, thereby allowing a fairer market.
It has been estimated that, in about 120 years, the last Bitcoin will be mined. However, apart from the price, the power of Bitcoin in the market and demand for it will not dwindle even when there is no supply of it.
Great article, thanks for sharing. I've smashed the upvote button for you!
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Mining BTC is getting out of normal people hands. They are becoming too costly to do so.
In near future, less people will be interested.
And demand for bitcoin.. will be increasing day by day...as it is becoming harder to mine.
120 years...Good to know, i will be not in the earth in that time.
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I wonder what will take its place in 120 yrs? Very interesting though
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To date, the popularity of this cryptocurrency is largely due to economic benefits. Its price is the highest in the digital currency market. Bitcoin does not have any material support, so its price is regulated solely by the interests of users. Therefore, if it ceases to be profitable, then everyone will be forced to switch to other cryptocurrencies.
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dear @slaizu99,Thank you very much at the beginning of Sir @slaizu99 , so to post a nice bitcoin. In fact, we have always seen many types of post with bitcoin but we do not get the right news,
It's not always the case, but it's great to see your post giving you the right news that many good thanks for everyone, thank you for sharing such a beautiful post. Present this kind of beautiful post to us in the future. Have a nice day
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posting is very important and very useful for us all I always support you.
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Great lets get the last 4 million.
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Halving is a concept that was introduced when blockchain and Bitcoin came into being. Although as a contributor to the cryptocurrency craze Blockbasis agrees that 120 years is a long time, but why not reap the benefits of all our research and hard work now? We say stay on and make the best for as long as you can ;)
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