That is one of the relevant questions that are concerning many who invest in Bitcoin and cryptocurrencies in general, since the Bitcoin has great impact on entire market. Still, there is no need for panic, since developers of Bitcoin are planning ahead. There are several strategies for stabile transition from mining as it is right now to some other way of compensating for people’s computational power.

Currently, there is somewhere about 17 million Bitcoins. Total amount of Bitcoin on the market is around 21 million. At that time there should be already a working solution for miners. One of the better ideas is creating fees per transactions in order to compensate miners. Still, there are concerns that these fees will be inadequate. That can be true, and in that case, miners could stop their business which would lead to centralization of Bitcoin and many negative aspects that can change the entire concept of Bitcoin as it is right now.

There are some suggestions of continuing Bitcoin mining, but that could mean the end of the Bitcoin. Fixed supply is something that is similar to Bitcoin and regular money and it is essential for Bitcoin. Regular money relies on gold. There is a finite amount of gold on the Earth, so it is similar with Bitcoin ending its mining at figure of 21.000.000. Transactions fees may be enough on the other hand if we take in the perspective inevitable technological progress which could lead to cheaper electricity or simply less electricity needed for mining. Also, investing in hardware could become cheaper with the development of the technology behind it. That could take Bitcoin mining into simpler times again. More people will have the resources to begin mining and the process of decentralization could continue.

Bitcoin is getting more accepted globally and the demand could rise. That would allow those fees to increase without any hurt to the network itself or to the people who are buying or selling Bitcoin. Still, it is important that block size stay fixed, so it is essential that Bitcoin continues on its way of becoming most important medium of online trade. Once the Bitcoin becomes regular method of payment in every corner of the planet, there will be certainly more than one solution for Bitcoin future.


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Posted by Min Park

Blockchain Marketing Specialist / ICON ($42M) / MediBloc ($25M) / BOScoin ($12M) / PAXchain ($60M) / Krown Media / :0

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