The Urgency of Bitcoin Ownership: Only 10% Remains!
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The Current State of Bitcoin
The milestone of the 19 millionth Bitcoin being mined has been achieved! This leaves just 2 million Bitcoins available for future mining, which means we’re down to the last 10% for the rest of human existence.
As of now, the latest Bitcoin was mined in block #730003, and it's a significant moment for the cryptocurrency community. Some media outlets jumped the gun in reporting this news, so to ensure you have accurate information, running a full node is advisable.
Despite the premature celebrations, we have now gained enough confirmations to declare this event officially. It's understandable that enthusiasts want to commemorate this occasion, as it marks a pivotal moment in Bitcoin's journey.
Looking ahead, the 20 millionth Bitcoin isn't expected to be mined until 2026, making this a noteworthy time to reflect. As Bitcoin continues to gain momentum, its price has recently surged back above $46,000, currently resting around $46,500.
In the block where this milestone occurred, there were 3,158 transactions that amounted to a total of 42,043 BTC, mined by the mining pool viaBTC. There’s an ongoing discussion within the community about which specific block holds the 19 millionth coin, as various nodes seem to present differing data. Until we receive further confirmations, the precise block remains uncertain, but estimates suggest it falls between 729998 and 730007.
This video, "7 Insane Crypto Altcoins Set to 100X By Bitcoin Halving [30 Days Left]", explores potential altcoins that may significantly rise in value as the Bitcoin halving approaches.
Understanding Schnorr Signatures and Their Impact
In late November 2021, Bitcoin underwent one of its most transformative upgrades, known as “Taproot.” This enhancement has the potential to reshape how transactions are processed and verified on the network.
The Evolution of Bitcoin
If you're curious about Bitcoin's historical trajectory, here's a brief overview. Since the first Bitcoin was mined, there have been three halving events. Initially, miners were rewarded with 50 BTC per block, but this has now decreased to 6.25 BTC. This trend will persist until approximately block 84,000, when the reward will drop to just 3.125 BTC per block.
The chart illustrates that we are currently in the fourth era of Bitcoin's lifecycle. The final Bitcoin is projected to be mined during the 34th era, at which point the reward will be a mere 0.00000001 BTC per block—an occurrence that will take place between 120 and 140 years from now, well beyond our lifetimes. Speculating on the future value of Bitcoin during that time is a fascinating exercise.
To sustain the network’s operations, miners will need to keep mining, and various incentives will motivate them to continue. The most direct motivation is that miners will accumulate significant amounts of Bitcoin and earn transaction fees. The future value of a Satoshi remains an intriguing question.
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