As of May 2020, there are just over 18.5 million bitcoins in circulation, with a little over 2.
5 million left to be mined. Once all 21 million have been mined, that will be the total supply of bitcoins that will ever exist.
But what happens after all 21 million are mined?
The answer is not as simple as you might think.
NOTE: WARNING:
Once all 21 million Bitcoins have been mined, it will be impossible to mine any more. This can have serious consequences for the Bitcoin network, such as an increase in transaction fees and a decrease in transaction speeds as the system struggles to process increasing amounts of transactions. Additionally, the value of Bitcoin may become more volatile as demand outpaces supply. It is important to plan ahead and consider the potential implications of this situation before investing in Bitcoin.
First, it’s important to understand that bitcoins are not like traditional fiat currencies (like dollars or euros). Unlike traditional currencies, which are issued by central banks, bitcoins are created through a process known as “mining.”
When someone “mines” a bitcoin, they are essentially verifying bitcoin transactions and adding them to the blockchain, the public ledger of all bitcoin transactions. In return for their work, miners are rewarded with newly created bitcoins.
So, what happens when there are no more bitcoins to mine?
The short answer is that no one really knows. The long answer is a bit more complicated.
To understand what might happen after all 21 million bitcoins have been mined, it’s important to first understand a few key concepts about how the bitcoin network operates.
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