Friday, April 27, 2018

Fwd: Bitcoin milestone

---------- Forwarded message ----------
From: CoinDesk Daily <newsletter@coindesk.com>
Date: Thu, Apr 26, 2018 at 9:09 AM
Subject: Bitcoin milestone
To: joaoa.desilva2018@gmail.com

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April 26, 2018

"Praise, like gold and diamonds, owes its value only to its scarcity."
― Samuel Johnson

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THE FEATURE

The 17 Millionth Bitcoin Is About to Be Mined: What It Means and Why It Matters

Bitcoin's limited supply just got a bit more limited.

Earlier today, the 17 millionth bitcoin was mined, data from Blockchain.info shows, a development that marks yet another milestone for the world's first cryptocurrency. That's because as per bitcoin's current rules, only 21 million bitcoin can ever be created.

Stepping back, the milestone, the first million-bitcoin marker to be crossed since mid-2016, is perhaps noteworthy as yet another reminder of the technology's core computer science achievement -– digital scarcity. In short, bitcoin's code, since cloned and adapted by scores of other upstart cryptocurrencies, ensures that only a set number of new bitcoins are introduced to its economy at intervals.

As such, it's perhaps best to view this event as a "psychological barrier," Tetras Capital founding partner Alex Sunnarborg told CoinDesk, one that is interpreted differently by different communities.

Sunnarborg, for example, sought to stress that another way to interpret the result is that 80 percent of all the bitcoin that will be ever created have now been mined. In other words, only about one-fifth of the eventual supply remains for miners and future buyers.

Others see the milestone as one that's ripe for appreciation of the technology and its achievements.

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The 17 Millionth Bitcoin Is About to Be Mined: What It Means and Why It Matters
17 million done, four million to go.

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US Congressman: 'Race to Regulate' Won't Solve Crypto Fraud
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Nasdaq 'Would Consider' Creating a Crypto Exchange, Says CEO
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Two Big Crypto Startups Are Out to Build One Universal Wallet
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$10K on Hold As Bitcoin Sees Price Pullback
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Go to CoinDesk

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