19 Million Bitcoin Mined, 2 Million To Go.
The Mining of the 19th Million Bitcoin has been one of the hottest news in the past few days and it is finally done. The last 2 Million bitcoin will be mined over the next 118 years (2140) so what does this mean for Bitcoin?
This is a huge milestone in the history of Bitcoin and cryptocurrencies in general which calls for celebration.
The most amazing thing about this is that with the current price of Bitcoin and the achievements so far, we're still at the early stage of cryptocurrency adoption with less than 10% of the world's population actually involved with Bitcoin and other cryptocurrencies. More investors would be coming soon and its quite obvious now that we'll be seeing Bitcoin's price surpass what we ever imagined.
Sadly, probably none of us will be here when the past 2 bitcoin gets mined, but we'll be leaving one of history's biggest invention to the younger generation. That my friends is what I call a true legacy.
We'll however be witnessing next one more million bitcoin mined in the next few years when I'm guessing bitcoin's price would have surpassed $200k per coin. Satoshi would be proud!!!
Right now, I'm currently looking forward to the next halving which would happen in about two years from now, and I'm kinda getting pumped about how crazy bitcoin would go following the halving as It is a marker of a bull market.
There's currently 19 million bitcoin in circulation and bitcoin is currently at the most difficult level to mine and the highest level of scarcity yet.
Yay! 🤗
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I'm not sure Satoshi would be proud since my understanding is that he was a proponent of 1 CPU - 1 VOTE, which hasn't been the case for mining for a long time, at least not with Bitcoin. I don't think the goal was to have a good/increasing valuation in relation to fiat either. Not trying to be a downer or pessimistic though, I just want people to think of the uses for this technology, rather than just price appreciation, when they consider the health of the overall network.
Good post! I was unaware 19 million bitcoin had already been mined. That's impressive!
Sadly the only focus on Bitcoin is its price which is also something I believe may be a flaw. There's really no utility like Hive but I believe it is excused since its the first known cryptocurrency