Who Wants To Increase The Maximum Number Of Bitcoins?
21 is a sacred number for every Bitcoin maximalist. That is how many millions of BTC coins will be mined in total, and this figure appears in many articles and news about the first cryptocurrency. But what if 21 million bitcoins is too little?
This conclusion was reached by a group of crypto-enthusiasts. They are in favor of increasing the maximum amount of BTC for the benefit of the project. However, for many developers and ordinary investors this idea still seems “blasphemous”.
How many bitcoins do we need?
Last week, during “Satoshi Roundtable” Matt Luongo suggested revising the first rules of Satoshi Nakamoto. In his opinion, it will help to solve a problem with mass acceptance of Lightning Network. But how?
Since bitcoin halving occurs every 4 years, in theory in the future there will be no benefit for miners to process transactions in the cryptocurrency blockchain. In addition, the number of transactions will be significantly reduced, as most of them will be carried out in the Lightning Network.
They also offered to increase the maximum number of Bitcoin Cash coins for the same reasons. Because of the low fees, after several halvings it will become unprofitable for miners to carry out their business.
Others took such statements with sharp hostility. It is not surprising, because the increase in the maximum number of bitcoins will theoretically lead to the depreciation of each individual coin. At the same time, the reputation of the cryptocurrency can suffer greatly, because its rarity and deficit are a very good trump card against fiat.
By the way, no one still knows why Satoshi chose 21 million. The maximum number of satoshi, that is, the smallest parts of Bitcoin, mystically equals the maximum 64-bit number.