Why will Bitcoin be mined out in 2140 (Why Bitcoin is enduring)
Why will Bitcoin be mined out in 2140. Editor\’s note: This article is from Coint
Why will Bitcoin be mined out in 2140. Editor’s note: This article is from Cointelegraph China (ID: CointelegraphChina), written by MICHAELKAPILKOV, authorized for reprint by Odaily Planet Daily.
Bitcoin has been around for about three years, and it has been proven valuable again in the recent hard fork upgrade. However, this process did not happen in November 2018 or early December, when Bitcoin price just crossed $10,000 and some issues affecting mining rewards and hashing power growth began to arise. Now, as the impact of halving gradually fades away, many people expect that a large amount of Bitcoin will be mined by 2140. Why will Bitcoin be mined out in 2140? It is because historical data shows that a new Bitcoin block is born every four years. When we roll back time to 2014, this may mean that there will be a new Proof of Work consensus mechanism in the “next” round, so this algorithm will produce a new blockchain network within the next five years, which is the so-called “Beacon Chain”, it can be Proof of Work or Proof of Stake, or even Non-linear verification. If the 51% attack in 2016 was meant to make the system better, then the large-scale PoW events in 2020 might become the norm. Since there is no centralized institution involved to ensure the security of the system, a lot of calculations are needed to determine which cryptocurrencies will run more efficiently than the current ones. The “difficulty bomb” refers to new digital assets generated by constantly updating transaction hash values, and this algorithm does not work together with other algorithms, but adjusts its random number dynamically according to different situations. In addition, the “difficulty bomb” does not implement separate network measures for each specific Bitcoin address. Just like most predictions that the price of Bitcoin is $20,000, assuming everyone is willing to spend 10 basis points to mine a BTC, how much profit will they eventually make? To know this, let’s take a look at the two charts below:
First, we need to understand what Bitcoin is, what Bitcoin Cash and Bitcoin payments are. The first chart is Bitcoin Cash. This is a new type of Bitcoin wallet solution created by BitGo, a Bitcoin wallet provider. The second one is provided by Bitfinex, a decentralized exchange that allows users to send and receive cryptocurrencies on multiple platforms, while also providing security features for storing funds. The third technology is Bitcoin ATM, which is a machine dedicated to automatic withdrawal. The fourth benefit of this technology is the ability to prevent hacking, making Bitcoin transactions more affordable and secure. The fifth aspect is the Lightning Network, a technology designed to improve efficiency, but there are also some unusual issues that need to be addressed.
Why Bitcoin Endures
According to cryptovest news, the reason why Bitcoin endures is mainly because it has anti-inflation properties. Historically, the price of Bitcoin has been on an upward trend from January 2008 to early 2019, but between the end of December 2017 and the end of 2018, the price has dropped by 80% or even more. Since 2013, when the price of Bitcoin has been rising to new highs, there have been setbacks: a decline of more than 70% in July of this year, a gain of more than 100% in nine months, and a series of factors that have caused market panic. However, these problems have not been solved, but they have made investors confident in cryptocurrencies, believing that they will bring huge returns.
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