What happens when BTC hits max supply?

When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency’s network for revenue. Bitcoin’s network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.

How many Bitcoins does a miner get?

Bitcoin Block Reward Miners are rewarded with 6.25 bitcoins. This number will reduce to 3.125 bitcoins after the halving in 2024. The reward (plus transaction fees) are paid to the miner who solved the puzzle first. This process repeats approximately every 10 minutes for every mining machine on the network.

What is the maximum potential of Bitcoin?

Limited supply: Bitcoin’s maximum supply is 21 million. There will never be any more than 21 million Bitcoin. To many experts, this limited supply, or scarcity, is a big contributor to Bitcoin’s value.

What are the predictions for Bitcoin?

Because Bitcoin is so powerful and has so much potential, Bitcoin’s projected value and estimated growth could be astronomical. Speculation from crypto analysts and industry experts suggests that Bitcoin’s long term value could reach over $100,000 to as much as one million dollars per BTC in the future.

Can the rules of bitcoin be changed?

Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version they use. Bitcoin can only work correctly with a complete consensus among all users.

How many Bitcoins can be mined per year?

Bitcoin is celebrated by supporters and admonished by skeptics because of its finite supply. There are only 21 million bitcoins that can ever be mined, regardless of the earth’s population and its corresponding demand for bitcoins.

Who will be most affected by the bitcoin supply limit limit?

It may seem that the group of individuals most directly affected by the limit of the bitcoin supply will be the Bitcoin miners themselves. Some detractors of the protocol claim that miners will be forced away from the block rewards they receive for their work once the bitcoin supply has reached 21 million in circulation.

What are the long-term prospects of bitcoin?

The long-term prospects of Bitcoin remain very alluring. Firstly, fiat money like the US dollar has always been governed by deplorable monetary policies. The Fed has come under increasing scrutiny during the pandemic due to overprinting (money printers go brrrrr) and excessive spending. This isn’t going to slow down anytime soon.

Is bitcoin’s fixed supply good for miners?

Although Bitcoin’s fixed supply means that miners will eventually have to give up their block rewards, it also creates an opportunity for miners to survive on transaction fees through simple monetary theory. Once all 21 million bitcoins have been mined, the supply cannot increase — regardless of growing demand.