Can #Bitcoin 's hard cap of 21 million be changed?
Some #Bitcoin critics recently claimed that since Bitcoin is nothing but software, the rules of the Bitcoin network can be "easily" changed, especially regarding the 21 million hard cap, since it is "only" two lines of code.
Let’s have a deeper look on how to theoretically change #Bitcoin ‘s 21 million limit 👇
First, developers would have to make a proposal and then write the code to implement this change. There would be a community discussion, which would probably be controversial. If these changes are accepted by the developers, they would be integrated into Bitcoin Core.
Next, the community would have to agree to an activation path to ensure that the network is collectively converted to the new rules.
A change to the supply cap would require a HARD FORK, meaning that all nodes on the network would have to adopt the changes or be forced off the network.
As part of the activation path, both miners and nodes would signal their support for the change, and once a dominant part of the network signals support, the change would be activated.
Nodes and miners that rejected the change would retain the original #Bitcoin network, and the two networks would compete for market share and hash rate.
And no, this would not be the first hard fork. In fact, #Bitcoin hard forks are part of history, with Bitcoin Cash being the most recent example.
In response to the Blocksize War, some Bitcoin developers and users decided to initiate a Hard Fork to avoid the associated protocol updates. Bitcoin Cash was the result of this hard fork. It split from the main blockchain in August 2017 when Bitcoin Cash wallets rejected Bitcoin transactions and blocks.
Bitcoin Cash remains the most successful hard fork, having lost more than 90% of its value against #Bitcoin .
I invite all doubters to try to raise #Bitcoin 's 21 million hard cap, because in the end it's all FUD spread by people who either don't know any better or who want to cheat you out of your hard capped #Bitcoin .
Let's imagine a world for a mwnt where we've won and Bitcoin is the defacto global measure of relative value...the governments of the world would work together to craft a narrative and convince the people's that the code can be changed. The majority would role with that change, because...well, since covid we all know why...and Bitcoins hard cap would be increased...sort of.
Because that's where Bitcoiners come in. We'll be the ones left defending the code, the real BTC, while the rest of the world let themselves get dragged through the grinder yet again.
Then, eventually, they'll come back again.
That's how I reckon it'll play out medium term, anyway.
Satoshis incentives are too strong , too much risk for miners to change course mining a useless token , we’ve crossed the point of no return
The black hole is upon us …
Bitcoin can be broken into smaller pieces of coinage by 2nd layer multisignature contacts where settlement occurs. Like lightning offers 2.1 quintillion verses on chain 2.1 quadrillion.
There is no reason to increase the supply cap unless you are innumerate.
This is kind of why $fiat is so stupid because the coinage itself is always increasing supply when it could actually break into smaller denominations that increase buying power....
But that's not the point of Fiat currency. The point is mind control.
I'd dump all my coins of a non-hard capped "bitcoin." I'm guessing many others would as well. Price of the fork would tank immediately.
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