Proposal To Increase Bitcoin’s 21 Million Supply Sparks Debate
21 is a number that holds deep symbology to bitcoiners.
Despite its assumed inviolability, some members of the community are opposed to Bitcoin’s rigidly set 21 million supply.
At a “Satoshi’s Roundtable” event last week, decried by some as Bitcoin’s very own version of Bilderberg, the prospect of raising BTC’s 21 million cap was raised.
With the block reward halving every four years, and onchain transaction volume likely to be low in future should LN take off, there will be little incentive for miners to secure the network.
This could lead to it being vulnerable to 51 percent attacks that would undo the trust instilled in the Bitcoin network over many years.
An argument has also been made for increasing the 21 million supply of Bitcoin Cash in future, on similar grounds.
While there may be an economic and security case for doing so, it is a matter that resonates strongly – even emotionally – with a sizeable portion of the Bitcoin community.
The fact that there will never be more than 21 million bitcoins is what gives the currency its digital scarcity.
Numerous Bitcoin luminaries have waded into the debate regarding Bitcoin’s supply following the Satoshi’s Roundtable discussion.
Whatever the case, 21 million has come to be one of Bitcoin’s defining features, and any attempt to meddle with the magic number is liable to be treated as heresy.
Future generations of bitcoiners may be more receptive to raising the supply, but in the here and now, that notion seems untenable.
Kai Sedgwick’s original article for news.bitcoin.com reduced by 71%
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