I've read some posts about what happens to the value of BitCoin when the maximum number of coins is mined. So I wanted a physical world example of what might happen. Well I have the answer. because It has already happened in the real world.
Remember those 1964- silver coins America used to have when it had real money? Well, they don't make them anymore. There also used to be gold coins that were worth 20$ a piece. They don't make them anymore. There value continues to go up. Some, I'm sure were lost or melted down, which is similar to a person's Bitcoin Wallet being lost forever.
The only question might be how do the miners of the blocks continue to get paid? Simple just like how gold coins are traded and bought. Transaction fees. Or in Gold coin world, how much over the spot price. It could be that a higher transaction fee could be done for faster transactions similar to the Ethereum network. It's easy in METAMASK to pay a larger fee for a faster transaction.
Like Gold. Bitcoin will be used for larger purchases, and other cyrpto currencies for smaller ones. That is what silver was for.
With the last Bitcoin mined a 100 years from now, kind of weird to even think about it. And by then protocols could be changed, but maybe there will be an easier way to become a miner and store the blockchain on my home computer. The more miners the better. The more it helps it continue to be gold.
Will Bitcoin even exist? Or will Covid-3000 wipe everyone out before then? A giant emp from the sun destroys all computers and power around the world and we live like "Dr. Quinn Medicine Woman"? After 2020 who knows!
