Lawyers for FTX’s disgraced former boss, Sam Bankman-Fried (SBF), have reached an agreement with prosecutors allowing him to contact certain FTX employees. Besides certain restrictions, the 30-year-old may contact such parties through a host of new mediums. The New Rules Updated terms surrounding Bankman-Fried’s contact restrictions were sent to Lewis A. Kaplan – a judge for the Southern District of New York – in a letter on Monday. Bankman-Fried’s lawyers said the updated conditions were a response to the government…
Can Bitcoin Ever Go Beyond the 21 Million Capped Supply?
The maximum supply of Bitcoin is programmed to be 21 million. This limit is built into the Bitcoin protocol and cannot be changed without a hard fork, requiring the consensus of the entire Bitcoin network. Therefore, it is likely that the maximum supply of Bitcoin will never be increased beyond 21 million, even if a hard fork is proposed.
Can Mining Pools Decide on the Bitcoin Supply?
Mining pools can’t be used to increase the supply of Bitcoin beyond the maximum limit of 21 million. The maximum limit is built into the Bitcoin protocol and cannot be changed without a hard fork, which would require the consensus of the entire Bitcoin network.
Even if a mining pool controls a significant portion of the network’s computing power, it is not possible for them to secretly mine additional Bitcoin or to secretly push network upgrades. The Bitcoin protocol is open-source and transparent, meaning all transactions, blocks, and changes are publicly accessible on the blockchain. This makes it impossible for anyone to secretly mine additional Bitcoin or push changes in the protocol without being noticed by the rest of the network.
What If a Hard Fork Takes Place?
If a hard fork were to occur to increase the maximum supply of Bitcoin, it would likely be a controversial and highly debated move. Many in the Bitcoin community believe that the 21 million limit is a key feature of the digital currency and that it helps to give Bitcoin its scarcity and value. Because of this, it is unlikely that a hard fork to increase the supply would be successful.
Even if some part of the network agrees to increase the supply, the original chain will continue to exist and be supported by the community that wants to stick to the original design. The new chain will have its community and support. So it will not damage the existing bitcoin supply.
Bitcoin – The New Gold
Bitcoin is often compared to gold because of its scarcity and decentralized nature. Like gold, there is a finite supply of Bitcoin that will eventually be mined, and the rate at which new Bitcoins are created will slow over time. Additionally, just like gold, Bitcoin is not controlled by any single entity, making it a decentralized form of value.
Another similarity is that Bitcoin and gold are widely considered a store of value, meaning that people believe they will retain their value over time. In addition, gold and bitcoin have been historically seen as a hedge against inflation, making them an alternative investment to fiat currency.
Additionally, Bitcoin has several advantages over gold as a store of value. One of the main advantages is its accessibility: while gold requires significant resources and infrastructure to mine, store, and transport, Bitcoin can be stored digitally and transferred easily over the internet. Bitcoin is also more divisible than gold, as it can be divided into units as small as one hundred millionth of a Bitcoin, which makes it more accessible to a wider range of investors.
In Summary
Btc
Bitcoin
$23.212
price
price
1.26959%
price change
Bitcoin can only go up to the 21 million capped supply. A hard fork to increase the maximum supply of Bitcoin is unlikely to happen as it would face significant opposition and would likely need more support to be successful. Even if it happens, it will not damage the existing bitcoin supply.
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