Re: Will the need to increase BTC's max supply arise in the future?
For long, Bitcoin has been touted as the "store of value" of the crypto/Blockchain space with its limited supply of 21 million coins. Based on estimates, all Bitcoin will be mined by 2100. Now, what if developers decide to increase that hard cap in supply? If at that point in time, Bitcoin's prices stay just the way they are right now (less than $1m), it may become unprofitable for miners to continue supporting the Blockchain. With no block reward, they'll be living off fees. If prices are too low, earned fees won't be able to sustain miner's operations. By then, developers would need to raise the limit of 21 million coins to a higher value, re-introducing a block reward in order to attract miners into the Blockchain. Otherwise, the security of the Bitcoin blockchain will be at risk.
Do you think that the need to increase BTC's max supply will arise in the future? Or will Bitcoin be able to "live" just fine with a max supply of 21 million coins? Your input will be greatly appreciated.
If Bitcoin becomes widely adopted, what we'll need to ensure that there's enough BTC to cover people's needs. However, I don't think the problem should be solved with making a bigger supply. A more realistic and still viable solution would be to mainly deal with satoshis rather than Bitcoins and perhaps split satoshis into smaller bits. This, however, would only make sense if the scalability issue is solved, and transactions can cost 1 Satoshi or less. Otherwise, people would not be able to own these really small bits of BTC and use them. All this also depends on what kind of future we see for Bitcoin. It's difficult if it's the future of money, but all these concerns can be avoided if Bitcoin is to become the new gold or something like that.Do you think that the need to increase BTC's max supply will arise in the future? Or will Bitcoin be able to "live" just fine with a max supply of 21 million coins? Your input will be greatly appreciated.