Bitcoin passed the historic benchmark by issuing 19 million coins on Friday.
This means that for those interested in taking ownership of the world’s most popular digital assets, there are only 2 million coins left.
BTC is traded at $ 46,750 Coingecko as of Saturday evening, up 5.5% in the last 7 days.
According to Kjetil Hov Petersen, CEO of CryptoVault, many may consider this a small amount, but the remaining units may best symbolize future mining dates.
As evidenced by blockchain research, the network now exceeds the 19 million cryptocurrency symbol. The 19 millionth BTC mining occurred in block 730,000 of the network.
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Nakamoto wanted to make Bitcoin finite
When Satoshi Nakamoto, the mysterious brain behind cryptocurrencies, built the Bitcoin network, the inventor set the maximum supply to 21 million, and research shows that it is less than 21 million. It has been suggested.
Some estimates claim that cryptocurrencies are only 20,999,817.31 units.
Many members of the BTC community praised Friday’s historic achievements and emphasized the importance of the event.
Other members of the Twitter community pointed out the idea that it will take the next 100 years to mine the remaining number of coins.
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So what happens to Bitcoin if all 21 million are mined?
One of the most striking qualities of cryptography is its finite supply.
Nakamoto developed cryptocurrencies primarily in the form of digital gold, limiting the total supply of BTC and physically replicating the finite supply of precious metals.
Many cryptocurrencies have a limit on the total number of tokens they can generate during their lifetime.
This is done for a variety of reasons, including controlling inflation, creating artificial shortages, price-fixing, and making tokens more attractive.
BTC total market cap at $865.60 billion on the weekend chart | Source: TradingView.com
Rarity is equivalent to buying frenzy
Experts predict that by 2140, all remaining Bitcoins will be fully mined, as the number of new Bitcoins released per block will be cut in half every four years.
When the crypto was established, the number of new BTCs created in each block was 50, but as of May 2020 it has dropped to 6.25.
Due to the limited availability of Bitcoin, it will be a more valuable item. A shortage of crypto assets will almost certainly lead to buying enthusiasm.
And when the fear of miss out (FOMO) begins, the price of BTC will rise rapidly as a result of the high demand for cryptocurrencies.
According to Chainalysis, a blockchain analysis company, one-fifth of all Bitcoins mined have been lost.
A lot of Bitcoins are stored in the wallet, but I can’t access them because I forgot my password or my physical hardware was destroyed.
Proud $ 1 million price tag
In addition, the cryptocurrency industry predicts that the resulting Bitcoin shortage will help raise asset prices, with some expecting a base price of $ 1 million or more.
Many feel that this asset will become a global reserve asset and may accelerate recruitment.
Increased difficulty of BTC mining
Meanwhile, the difficulty of mining the BTC network has risen to a record high of 28.587 trillion, as miners helped release the 19 millionth BTC on Friday.
The difficulty of the Bitcoin network is proportional to the processing power required to mine the BTC block. This currently requires a hash rate of 201.84 Exa Hash (EH / s) per second. Data from Blockchain.com shows.
Featured image from TechStory, chart from TradingView.com
