Scientists believe that bitcoin may become a payment instrument for specific transactions in the future. In addition, they wondered what the role of cryptocurrency could be in over a hundred years.
Bitcoin in a hundred years
Joshua R. Hendrickson from the University of Mississippi and William J. Luther from Florida Atlantic University and the American Institute for Economic Research decided to study the future role of BTC. The conclusions were published in the analysis “The Value of Bitcoin in the Year 2141 (and Beyond!)“.
Let us remind you that the last bitcoin is to be issued in 2140.
After 2140, the incentive for system participants in the form of BTC prizes will disappear. They will only be able to earn revenue from transaction fees
– the scientists write in the report.
With the spread of the Bitcoin network, the role of this cryptocurrency as an investment asset should diminish, because it will no longer show satisfactory rates of return. Then BTC holders will be willing to make transactions, to pay in BTC. Proposal? Bitcoin can be adopted as a means of payment primarily in countries with a long tradition of corrupting money, such as Argentina, Venezuela or Zimbabwe
– they continue to add.
They also note that transaction fees may remain the Achilles’ heel of BTC. In addition, the Bitcoin protocol is not sufficiently resistant to attacks when these fees are very low. Should these fall below the threshold transaction fee required to secure the network, sellers may even refuse to accept Bitcoin. The reason will be a decline in confidence in the cryptocurrency network.
The report also added that Bitcoin will continue to offer more privacy than countries’ digital currencies in the future.
This means Bitcoin can be used for large-scale transactions where privacy is important. Its unique features can make it a niche solid money … On the other hand, there are cryptocurrencies such as monero and zcash that offer more privacy.
– scientists believe.
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