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RE: Bitcoin Going To Switch To POS?
I've never really understood how things are supposed to work when the last bitcoin is mined which is in the not too terribly distant future. I would think transaction fees would skyrocket at that point without some kind of change.
The thing is that the amount of mined bitcoin, in dollars, has never really gone down during the halvenings.
Because bitcoin keeps doubling faster than its halving.
When we get to the end of mineable bitcoin, bitcoin will probably be so valuable that the transaction fees will be well worth it.
EVERYONE will be box mining.
That is not to say that sending a bitcoin will not cost $10,000. But when you are moving millions of dollars worth, $10,000 is nothing.
Maybe... I'm not convinced that Bitcoin will be worth anything if it cost $10,000 for a transaction (or even $100). Practically, it becomes a lot less useful. And it's not like new and better cryptos won't continue to come along over the next 100 years. It will be interesting to see what happens, that's for sure.
Well, what has been said by people that peer into the future is that bitcoin basically becomes the instrument of international settlements and corporations paying each other.
They already pay huge amounts to transfer money.
On top of that, they pay huge amounts to swap currencies.
Compared to that, $10,000 transactions is cheap, Cheap, CHEAP.
We, the little people, will use other things.
Probably BCash, Litecoin and Digibyte.
Plus there will be interactivity layers that will basically make it so you can spend any token and the receiver can get any tokens they want.
There will be a layer, like lightning network that will congregate and pool lots of little transactions and write them to the parent chain once a day or once a week.
The last bitcoin mined will be in around 100 years from now.
The last Bitcoin will be mined in 2140. That's 120 years from now. Bitcoin is eleven years old. 120 years is an eternity in the space. Given the exponential growth curve in the power of information technology, there is no telling what will happen in 120 years. I predict the world will change much more than it has changed in the last 2000 years in the next 120 years.