Home Bitcoin News Former Bitcoin lead dev predicts demise of BTC network… with a major silver lining – Cointelegraph

Former Bitcoin lead dev predicts demise of BTC network… with a major silver lining – Cointelegraph

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Bitcoin costs may attain $6 million per coin in 40 years’ time, however the whales might ultimately pull the plug.

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

Software program developer Gavin Andresen printed a latest weblog publish known as “A Doable BTC Future” wherein he predicts the demise of the Bitcoin community.

Earlier than Bitcoin (BTC) meets its finish, it’ll 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} at this time can be price $6 million within the subsequent 40 years attributable to large inflation.

The previous Bitcoin consumer programmer admitted that his predictions have been a “little piece of science fiction” however that the state of affairs was totally attainable. Transaction charges would value round $7,500, however most transactions won’t happen on the community itself, he added.

As a substitute, they’d be on a mirrored chain utilizing wrapped tokens to avoid wasting on charges and enhance speeds. The whales, who would management your entire factor, would proceed to transact on the principle chain. By 2100, these whales would acknowledge that the mining price 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 transferring 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 Surprising Facts From Gavin Andresen’s Sworn Deposition

Andresen, who additionally based the Bitcoin Basis, stepped down from his lead function in 2014 and has receded from the highlight in recent times. In 2016, he was ostracized from the Bitcoin group 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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