8.2 C
New York
Tuesday, October 19, 2021
HomeCryptoCurrencyIn what year will Bitcoin die? Gavin Andresen imagines a sci-fi...

In what year will Bitcoin die? Gavin Andresen imagines a sci-fi future

Gavin Andresen, one of the first developers of Bitcoin (BTC), does an exercise of imagination about what life would be like on this network in a science fiction future. Although, perhaps, it is not fiction since the developer himself considers it possible.

The story was published on Gavin’s official blog on September 21. There he is invited to imagine what BTC could be like in the year 2061. Andresen is one of the first developers of Bitcoin, who shared a correspondence with the late Satoshi Nakamoto . In addition, he was in charge of the guardianship of his cryptocurrency after his disappearance. Gavin was the creator of Bitcoin Core, the group of programmers in charge of maintaining the Bitcoin algorithm.

The American developer begins his text by stating that the price of BTC reached USD 6 million, but that they are equivalent to USD 1 million from 2021 due to inflation.

The rewards per block are, in the future imagined by Andresen, 0.0061035 BTC, but, according to Gavin, the miners would be receiving 5 BTC in total, from transactions, whose fees would occupy about USD 7,500 per transaction on average.

Gavin Andresen was the creator of one of the first Bitcoin faucets, which distributed 50 BTC to everyone who visited the web in 2011 . Source: YouTube / Gavin Andresen About Bitcoin.

The high cost of transactions is due to the fact that BTCs already they are not moved by private people . Now it’s just super whales, central banks, or BTC blocking addresses for cross-chain transfer.

BTC outside the Bitcoin network

Gavin imagines that over time, bitcoins are they will move completely to other chains. These can be side chains, which will allow the use of wrapped bitcoin as is currently the case with decentralized finance on Ethereum and other networks. For this, the BTC of the main chain are deposited in an address that blocks them and generates the wBTC in another chain .

There are already some Bitcoin side networks, for example RSK and Liquid. Also in the Lightning network, BTCs move outside the main chain.

In the future thought by Andresen, the wrapped BTCs move through different networks, cheaper and faster. On the mainnet, transactions are only handled by miners, who don’t mind paying high commissions , as they receive more BTC than they pay.

Year 2100: Bitcoin dies, but bitcoin is still alive

Andresen’s imaginary future advances to 2100, with the block reward approaching to 0, and miners earning less and less network fees, due to the few transactions that occur on the Bitcoin network. For this reason many miners decide to simply shut down their equipment (or migrate to another network) . As there is nothing to maintain, nor BTC in the network to move, the network simply stops, dies.

In this process, the «bridges», as shown it knows the addresses that block the BTC that are wrapped in other chains , they are closed. The remaining BTCs are sent to the address 0x000…, which, cryptographically, means an impossible address. This address, while real, has a private key that will never be known due to its complexity. This means that the BTC that are sent there can never be moved.

It is worth mentioning that said interoperability between chain, is not only existing in the future or imagination of Andresen. Currently there are already projects that work on atomic exchanges, as they are known, between Monero and BTC, which are already active as detailed by CriptoNoticias.

Gavin ends the story in a very emotional way:

But 20 or more million BTC live, circulating on other blockchains, valuable because there are a limited number of them and because BTC was the first scarce digital asset.

Gavin Andresen, Bitcoin developer.

With this, Andresen kills the Bitcoin network, but not the bitcoin currency, which now, in this hypothetical year 2100, lives and circulates among the different cryptocurrency networks.

Follow World Weekly News on

Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

Leave a Reply

Must Read