Moctar BouraimaThe crypto community has been buzzing in recent days, especially on social networks.
This, following the declarations of Peter Todd, a software developer and Bitcoin Core contributor who argued that the 21 million Bitcoin supply cap could change in the next 10 to 20 years.
This statement sparked a wave of reactions from Bitcoin aficionados who appear divided on the issue.
The case for changing the Bitcoin cap
The supply ceiling of 21 million Bitcoin is one of the fundamental principles of Bitcoin. It is designed to guarantee the scarcity of BTC and avoid inflation of its issuance. However, some experts say the supply cap could lead to long-term problems. This is the case of the difficulty of paying minors and the volatility increased prices.
However, Todd is among those who believe that the ceiling supply could be modified. He claims that a small issuance of around 0,1% or 1%, could help pay miners and stabilize the price of BTC. He also thinks future generations might be more willing to accept a change in the supply cap.
According to Peter Todd, the current supply limit could harm the security of the network in the long term. This is because the reward for miners decreases as the number of bitcoins in circulation increases. If the supply limit is not changed, miners may attempt to mine other cryptocurrencies that prove more profitable. However, such a reversal could lead to a reduction in the security of the Bitcoin network.
The arguments against changing the supply cap
Todd's critics argue that changing the supply cap would undermine one of Bitcoin's main advantages, namely its scarcity. They also believe that this could make the cryptocurrency more vulnerable to manipulation.
In a few decades, when the reward is too low, transaction fees will become the main compensation for [mining] nodes. I'm sure that in 20 years there will either be a very high volume of transactions or no volume
Satoshi Nakamoto, Bitcoin Talk
Cobra Bitcoin, the owner of Bitcoin.org, said that changing the supply cap would be a “betrayal” of Bitcoin’s core principles. He added that people who support the change should be banned from the Bitcoin ecosystem. The author of the Bitcoin-Standard, Saifedean Ammous he also defends the fact that taming must be maintained at 21 million units.
The issue of changing Bitcoin's supply limit is complex and controversial. There are no easy answers, and the final decision will depend on the community as a whole. However, it is clear that this question is far from being resolved and the subject is extremely complex.
Debates on the topic are likely to continue in the coming years as the Bitcoin network continues to expand. Remember that the community is currently divided on the subject of drivechains, which some believe that this breaks the original version of Bitcoin…
See also:
Crypto news today