Bitcoin is the first digital currency and is currently one of the most popular ones even though it was first released back in 2009. Its emergence in the digital asset market has proved that online currencies hold potential that can change over time. With cryptocurrencies like Bitcoin, its supply can eventually run out when the time comes.
Those who have already invested in cryptocurrencies will know that most digital tokens have a finite supply, which means that they will eventually come to an end. This is because digital currencies must have a certain supply in circulation and in existence to ensure that their value remains to be feasible for trading and transacting.
This brings us to the possibility of what might happen when Bitcoin, the most in-demand cryptocurrency, eventually runs out. Learn more about it as you continue reading below.
What is Bitcoin mining and how does it work?
Before you learn about what will potentially happen when Bitcoin runs out, it’s essential to understand how the mining process works first. For Bitcoin to be taken out of its initial supply and out into circulation, miners will first have to verify and process transactions, which can be done by solving complex mathematical problems.
When transactions have been verified, the miner is then rewarded with Bitcoin for their efforts. Upon being mined, then these new Bitcoins will now be under circulation and can be transferred from place to place depending on the transactions that it is involved in.
Understanding Bitcoin and its finite supply
Digital tokens typically have a maximum supply, and for Bitcoin, it’s 21 million. When the entirety of this supply has been mined, it means that all Bitcoins will be in circulation and can’t be mined. Bitcoin currently has a circulating supply of 19,053,081 out of its overall 21 million capped supply.
The reason why cryptocurrencies like Bitcoin must have a finite supply is that it helps to maintain the value attached to them. If people knew that there is an unlimited supply of BTC, then its rarity status could drop and anyone will be able to buy it for themselves.
To prevent this from happening, Bitcoin’s creator, Satoshi Nakamoto, mentioned a reduction feature in its whitepaper. These coins must only be mined at a fixed rate and will enter circulation after a brand new block has been mined.
On the other hand, the reduction feature states that the number of Bitcoins produced by each block is reduced every year. This means that the longer BTC is being mined, the harder it is to acquire.
So now the essential question remains, how long until Bitcoin runs out and what will happen then? Learn more about it below:
How long until Bitcoin runs out?
With all of the things that you have learned about Bitcoin and its supply, how long exactly do traders have before it runs out? The good news is that it will not be anytime soon thanks to the reduction process set forth by Satoshi Nakamoto in the official whitepaper.
According to sources by news channel CNBC, experts have attested that Bitcoin will possibly run out by the year 2140. This is still a long way from now, considering that BTC is one of the most popular cryptocurrencies out there. You don’t have to worry too much because BTC’s supply will likely outlive almost everyone currently trading it.
What happens when BTC has reached its maximum supply?
When Bitcoin does run out, its effects will mostly be on the miners. After verifying transactions and solving complex mathematical problems, they will get transaction fees for their work instead of actual Bitcoin. On the other hand, those who are still trading with BTC will simply have to make do with the ones that are currently in circulation.
Bitcoin will also be increasingly rare if there are no new ones to be minted. Experts have suggested that traders can go into a buying frenzy in a clamour to get their hands on a digital currency that can no longer be mined. The price could hike up and be more in demand considering that traders have to make do with the available BTC tokens.
It’s also worth knowing that when all 21 million have been mined, not all of them are accessible in circulation. Some of the BTC tokens may already be lost due to inaccessible wallets with forgotten passwords or broken devices. That’s why there is no telling just how many BTC tokens will be left after the max supply has been reached.
One thing’s for sure, Bitcoin is certainly not going away anytime soon. Investors can still go about their daily trading patterns and make the most of what this popular digital currency has to offer today.
Is it time to consider buying Bitcoin?
At the end of the day, there is nothing wrong with purchasing cryptocurrencies and adding them to your investment portfolio. Whether you wish to use BTC to buy and sell services online or you wish to make use of it to place your bets on the Casino Days platform, BTC is an excellent option to have in your arsenal.
Indeed, it is worth buying Bitcoin nowadays to experience it for yourself! There is no telling exactly how long the remaining BTC tokens will be available, but you can be sure that the most popular cryptocurrency in the world is not losing its status anytime soon. You can make use of it for various things and experience the advantages of investing in crypto.
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