For those of you that don’t eat, breathe, and sleep cryptocurrency, you might not have been aware that Bitcoin was (until today) thought to have a hard cap on the total number of coins that could be generated.
According to the official Bitcoin Wiki, Satoshi’s original plan called for the last Bitcoin to be mined around the year 2140, which would stop production at just under 21,000,00 bitcoins.
The last block that will generate coins will be block #6,929,999 which should be generated at or near the year 2140. The total number of coins in circulation will then remain static at 20,999,999.9769 BTC.
But according to a tweet today by former Bitcoin Foundation Director, Jon Matonis, it’s not a matter of “if” an increase will occur – but “when”.
.@morcosa Block size hard fork debate is instructive because it’s precursor to inevitable fork revising block reward that increases 21m cap.
— Jon Matonis (@jonmatonis) June 19, 2015
The main question that arises when pondering this “inevitable” change is, “how will increasing the total supply affect the Bitcoin price?” One could speculate that increasing the cap to 42,000,000 for example would cut the BTC price in half.
Matonis has remained a visible figure in the bitcoin community, engaging community members at major conferences, and contributing posts to the Bitcoin Foundation blog.
He’s also a featured writer and contributing editor at industry publication, CoinDesk.
His work has appeared in American Banker, Forbes and Payments Source, among many other publications.
Do you think Jon Matonis has flipped his wig? Is an increase to the Bitcoin hard cap inevitable? Log in below using your favorite social network and weigh in on the discussion.
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