Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?
Thanks for taking the time to answer :-D
Not that any of us will be around to see that, but here's what I think...
If bitcoin continues as a POW coin on a decentralized network, the miners will need to charge transaction fees to cover their cost + profit.
The more difficult it becomes to mine a bitcoin and the fewer rewards that are earned for doing so will increase the cost exponentially.
Ultimately things can only go up from here providing the market continues to adopt BTC and the demand is still there.
If it fails (which is possible), due to cost and market effect, then another crypto better equipped to scale will slip in to takes its place as the king of crypto.
Nothing can stop crypto now. BTC is the best example of a truly decentralized network. The future is bright for anyone who is awake to see it now!