A former lead developer for the Bitcoin network has determined the potential future of the world’s most popular cryptocurrency, which includes epic price predictions.
Software developer Gavin Andresen has published a recent blog post titled “A Possible BTC Future” where he predicts the destruction of the Bitcoin network.
Before BTC ends, it will reach 6 6 million per currency in 2061, Andresen predicts. Before you get too excited, he added that ব্যাপক 1 million would be 6 6 million in forty years today due to massive inflation.
The former Bitcoin client programmer admitted that his predictions were a “small part of the science fiction”, but the scenario was entirely possible. The transaction fee will cost about 7 7,500 but most transactions will not be on the network.
Instead they will be in a mirrored chain using wrapped tokens to save fees and improve speed. The whale, which will control the whole thing, will continue to trade in the main chain. By 2100, these whales will acknowledge that mining fees have dropped to near zero and there are very few transactions so they will close it, Andresen predicted.
“Finally, zero new BTC is being produced on the BTC network, and zero BTC is being broadcast on the BTC network. There is nothing left for security, and the chain stops.
The silver lining is that there are still 20 million or more BTCs roaming other blockchains that will hold value through their lack. Mathematically, the last bitcoin will be mined in 2140. Currently, only 2.17 million, or 10.5%, remain to be excavated.
Related: 5 Surprising facts from Gavin Andresen’s oath sentence
Andresen, who also founded the Bitcoin Foundation, stepped down from his lead role in 2014 and has moved out of the spotlight in recent years. In 2016, he was expelled from the Bitcoin community for supporting Craig Wright’s claim to be Satoshi Nakamoto, the creator of Bitcoin.
He later admitted that it was a mistake and testified that he was “given bamboo” by Wright’s claim in June 2020.