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Former Bitcoin lead dev predicts demise of BTC community … with a serious silver lining

A former lead developer for the Bitcoin community has postulated a doable future for the world’s hottest cryptocurrency which incorporates an epic worth prediction.

Software program developer Gavin Andresen printed a current weblog publish known as “A Doable BTC Future” by which he predicts the demise of the Bitcoin community.

Earlier than BTC meets its finish, it’ll attain a worth of $6 million per coin in 2061, Andresen predicts. Earlier than you get too excited, he added that $1 million {dollars} as we speak might be price $6 million within the subsequent forty years, because of huge inflation.

The previous Bitcoin shopper programmer admitted that his predictions had been a “little piece of science fiction,” however that the state of affairs was solely doable. Transaction charges would value round $7,500 however most transactions won’t happen on the community itself, he added.

As a substitute they’d be on a mirrored chain utilizing wrapped tokens to avoid wasting on charges and enhance speeds. The whales, which might management your entire factor, would proceed to transact on the primary chain. By 2100, these whales would acknowledge that the mining price had dropped to close zero and so few transactions are occurring so they’ll shut it down, Andresen predicted.

“Ultimately, there are zero new BTC being produced on the BTC community, and nil BTC circulating on the BTC community. There may be nothing left to safe, and the chain stops.”

The silver lining is that there’ll nonetheless be 20 million or so BTC transferring round on different blockchains which might retain their worth via shortage, he added. Mathematically, the final Bitcoin is because of be mined in 2140. At present, simply 2.17 million, or 10.5%, stay to be mined.

Associated: 5 Surprising Facts From Gavin Andresen’s Sworn Deposition

Andresen, who additionally based the Bitcoin Basis, stepped down from his lead position in 2014 and has receded from the highlight lately. In 2016, he was ostracized from the Bitcoin group for supporting Craig Wright’s claims to be BTC creator Satoshi Nakamoto.

He later admitted that this was a mistake and testified that he had been “bamboozled” by Wright’s claims in June 2020.

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