Gavin Andresen, senior Bitcoin developer, recently predicted that the price of Bitcoin would reach $ 6 million by 2061. In his imaginary scenario, he refers to the consequences of this event.
to the Report The Daily Hoodel, Gwen Anderson, who was chosen as the chief developer of the digital currency after Bitcoin was launched in 2011 by Satoshi Nakamoto, has published a new post explaining how Bitcoin theoretically evolved.
Anderson describes a possible scenario in which bitcoin will reach $ 6 million by 2061, the transaction fee will be 326 times the current price, and the blockchain will be used mainly by whales. He writes about this:
Imagine you are in 2061; The price of each bitcoin unit is 6 million US dollars; Something like $ 1 million in 2021 (including inflation). Each miner receives a reward of 0.006103515625 bitcoins per block. In addition, the total fee for 4,000 transactions is about 5 bitcoins, which is about $ 7,500 per transaction. However, many bitcoin transactions did not occur on its network. Most bitcoins are locked in multi-signature outputs and placed on another chain as a Wrapped Token.
In his imaginary scenario, Anderson believes that the viability of the Bitcoin network depends on the people who stay on the network.
Transactions made in the main Bitcoin network will be highly valued, and [این تراکنشها] Most will take place between extraordinarily large and rich whales. These whales keep the bitcoin network forever. They are the miners and the makers of transactions; It does not matter to them how much the transaction costs and fees are, because they make as much profit as they pay the fee.
However, Anderson believes that by 2100, even those users are likely to leave the Blockchain.
In the year 2100, whales realize that the extraction reward is almost zero. Finally, no new bitcoins will be generated on the network and no bitcoins will be circulating on the bitcoin network. As a result, there is nothing left to secure and the chain stops.