Wednesday, September 29, 2021


Former Bitcoin lead dev predicts demise of BTC community… with a serious silver lining

A former lead developer for the Bitcoin community has postulated a potential future for the world’s hottest cryptocurrency, which incorporates…

By Staff , in Silver , at September 29, 2021


A former lead developer for the Bitcoin community has postulated a potential future for the world’s hottest cryptocurrency, which incorporates an epic worth prediction.

Software program developer Gavin Andresen revealed a current weblog put up referred to as “A Doable BTC Future” by which he predicts the demise of the Bitcoin community.

Earlier than Bitcoin (BTC) meets its finish, it is going to have reached a worth of $6 million per coin in 2061, Andresen predicts. Earlier than you get too excited, he added that $1 million {dollars} right now can be value $6 million within the subsequent 40 years because of huge inflation.

The previous Bitcoin consumer programmer admitted that his predictions had been a “little piece of science fiction” however that the situation was solely potential. Transaction charges would value round $7,500, however most transactions is not going to happen on the community itself, he added.

As an alternative, they’d be on a mirrored chain utilizing wrapped tokens to save lots of on charges and enhance speeds. The whales, who would management all the factor, would proceed to transact on the primary chain. By 2100, these whales would acknowledge that the mining payment had dropped to close zero and so few transactions are occurring so they may shut it down, Andresen predicted.

“Finally, there are zero new BTC being produced on the BTC community, and 0 BTC circulating on the BTC community. There’s nothing left to safe, and the chain stops.”

The silver lining is that there’ll nonetheless be 20 million or so BTC shifting round on different blockchains, which might retain their worth via shortage, he added. Mathematically, the final Bitcoin is because of be mined in 2140. At the moment, simply 2.17 million, or 10.5%, stay to be mined.

Associated: 5 Stunning Details From Gavin Andresen’s Sworn Deposition

Andresen, who additionally based the Bitcoin Basis, stepped down from his lead position in 2014 and has receded from the highlight lately. In 2016, he was ostracized from the Bitcoin neighborhood for supporting Craig Wright’s claims to be Bitcoin creator Satoshi Nakamoto.

He later admitted that this was a mistake and testified that he had been “bamboozled” by Wright’s claims in June 2020.



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