Summary:
Satoshi Nakamoto's insights remain relevant even 14 years after Bitcoin's launch.
Bitcoin's unique value lies in its ability to be transported over communications channels.
Currently, 94% of Bitcoin's total supply has been mined.
Only about 1.26 million BTC remain to be mined, which could take over 100 years.
Bitcoin's scarcity is a key aspect of its value against fiat currency inflation.
The profound insight of Satoshi Nakamoto, the mysterious creator of Bitcoin, continues to resonate 14 years after the cryptocurrency’s inception.
In a recent tweet, Bitcoin historian Pete Rizzo revisited a pivotal statement made by Nakamoto, which shed light on the visionary thinking that underpinned the creation of Bitcoin when it was valued at just $0.07. Rizzo shared a quote believed to be from Nakamoto, explaining Bitcoin’s unique value proposition through a powerful analogy:
"Imagine there was a base metal as scarce as gold but with the following properties: 1. boring grey in color. 2. not a good conductor of electricity. 3. not particularly strong but not ductile or easily malleable either. 4. not useful for any practical or ornamental purpose and one special magical property: it can be transported over a communications channel."
This quote highlights a special magical property of this hypothetical metal: it can be transported over a communications channel. This unique characteristic encapsulates the revolutionary potential of Bitcoin, setting it apart from traditional assets and currencies.
As of now, BTC is trading at $63,705.
94% of Total Bitcoin Supply Now Issued
A significant milestone has been reached in Bitcoin's supply schedule: approximately 94% of the total Bitcoin supply has been issued through mining, with more than 19.74 million BTC mined out of a hard cap of 21 million.
This leaves only about 1.26 million BTC to be issued. With the current block reward of 6.25 BTC, it may take over 100 years to fully mint the remaining supply. Experts predict that 99.9% of all Bitcoin will have been mined by 2140, with miners transitioning to earning fees rather than subsidies.
This controlled supply schedule is a crucial element of Bitcoin's value proposition. As issuance slows and demand increases, Bitcoin is designed to become scarcer over time, presenting an appealing contrast to unlimited fiat money printing and currency debasement.
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