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We’ll see how many of these predictions turn out to be true. By shifting cryptocurrency from being primarily about trading and speculation to being about real world utility, the 2020s will see a huge increase in the of people holding and using cryptocurrency, and start to really move the needle on global economic freedom.Bitcoin is often called “digital gold†because just like gold, Bitcoin is a valuable, scarce resource that’s resistant to inflation.
But unlike gold, Bitcoin is digital — it can be sent globally almost as easily as sending an — and its scarcity is known — while it’s estimated that one could fit all the gold ever mined into a box that is only 65 feet wide, there’s no way of knowing for sure how much gold is still in the Earth. Bitcoin, on the other hand, has a finite supply of only 21 million bitcoin, with only around 3 million left to be mined.
But what gives Bitcoin its scarcity? Just like gold, Bitcoin is also mined, but this is done electronically by a global network of computers competing to verify bitcoin transactions. The reward for participating in this virtual mining is Bitcoin. 12.5 new bitcoins, to be exact, and this reward is given out about every 10 minutes. But this May 2020, this reward will be halved to 6.25 new bitcoins created every ten minutes. This event is known as the Halving.
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