Bitcoin was invented by a man named Satoshi Nakamoto, who stipulated that up to 21 million coins from bitcoin should exist or be in circulation at the time of the creation of digital money. However, nearly 90 percent of that 21 million has already been mined by cryptocurrency miners, RT wrote.
The portal also reports, referring to Investopedia data, that by August 2021, approximately 18.7 million bitcoins were available to users. At the same time, about 2.3 million bitcoins have survived, which can still be mined. The goal of finite supply is to make bitcoin a limited commodity and prevent inflation from occurring.
As for mining: experts believe the last bitcoin will be mined around 2140. This event, in turn, raises questions about whether the underlying network will be operational after all this time. Analysts believe the bitcoin economy will also have to change for this, for example, by expanding the 21 million limit. However, this can reduce the value of bitcoins that have already been mined.
The price of bitcoin fell this year from a peak of $ 60,000 in February to half but later returned to a level close to $ 60,000. Meanwhile, some countries, such as El Salvador and Cuba, see so much potential in the currency that they have already taken steps to make it legal tender.