There are not just hundreds of different cryptos, there are tens of thousands.
As part of a course I did, I created my own crypto. Never did anything with it, but it was fun to do and share with people just how trivial it is to create one.
Up until a couple years ago I thought that there might be a number of different cryptos for different use cases / industries that might be successful each in their own niche. I still think it's possible that there might be a very few unique cryptos that hang in there, but Bitcoin is the big dog that is going to dominate. Trying to pick which crypto out of all of them may survive to be a player in some far edge case has no appeal to me. I agree with Odell's philosophy "Stay humble, stack sats"
Bitcoin will not exceed 21 million because there is a formula built into the core code that creates new bitcoin (mining rewards) for each block as it gets created. It started at 50 bitcoin a block and every 210,000 blocks (about 4 years) it drops in half, so 25, then 12.5, then 6.25 (where we are now) and in mid-April 2024 it will drop to 3.125. This continues with eventually the reward dropping below below 1 full bitcoin to some number of sats and continues dropping until the reward is only 1 sat and then 0 - no mining reward at all. That is expected to occur in 2140.
Is it possible for someone to change that core code? yes, that's called a fork and then there would be two cryptos, one with the original rules and one with the new set of rules. That's happened many times in the past and will likely continue to happen. BUT, if the new rules changed the 21 million limit, the fork with the new rules would never be accepted by the very large and dedicated bitcoin community as being bitcoin - it would become some new crypto variation.
#bitcoin #21million #crypto
Jesse Markowitz / Jesse
npub1za…sgre0
2023-08-08 03:13:27
in reply to nevent1q…vsr6
Author Public Key
npub1za3kr3ndst5kdvxnvue4r7pyaf2tl0az9zqwr786a9aruvhf7cpqpsgre0Published at
2023-08-08 03:13:27Event JSON
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"content": "There are not just hundreds of different cryptos, there are tens of thousands. \n\nAs part of a course I did, I created my own crypto. Never did anything with it, but it was fun to do and share with people just how trivial it is to create one. \n\nUp until a couple years ago I thought that there might be a number of different cryptos for different use cases / industries that might be successful each in their own niche. I still think it's possible that there might be a very few unique cryptos that hang in there, but Bitcoin is the big dog that is going to dominate. Trying to pick which crypto out of all of them may survive to be a player in some far edge case has no appeal to me. I agree with Odell's philosophy \"Stay humble, stack sats\"\n\nBitcoin will not exceed 21 million because there is a formula built into the core code that creates new bitcoin (mining rewards) for each block as it gets created. It started at 50 bitcoin a block and every 210,000 blocks (about 4 years) it drops in half, so 25, then 12.5, then 6.25 (where we are now) and in mid-April 2024 it will drop to 3.125. This continues with eventually the reward dropping below below 1 full bitcoin to some number of sats and continues dropping until the reward is only 1 sat and then 0 - no mining reward at all. That is expected to occur in 2140.\n\nIs it possible for someone to change that core code? yes, that's called a fork and then there would be two cryptos, one with the original rules and one with the new set of rules. That's happened many times in the past and will likely continue to happen. BUT, if the new rules changed the 21 million limit, the fork with the new rules would never be accepted by the very large and dedicated bitcoin community as being bitcoin - it would become some new crypto variation.\n\n\n#bitcoin #21million #crypto ",
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