Bitcoin is unlikely to increase the total amount of issuance

time:2019-02-12 18:33:26

At the recent Satoshi's Roundtable, Matt Luongo proposed to consider increasing the total amount of Bitcoin issued and stopping the halving of mining site rewards every four years to ensure sufficient economic incentives for miners to secure the Bitcoin chain. Security. In this regard, Jeff Liu, head of the PeckShield Silicon Valley R&D Center, said that the total circulation of Bitcoin's 21 million caps is a fundamental feature of Bitcoin, and it is unlikely that the community will reach a consensus to change this feature. Luongo's concern is that with the development of the lightning network, a large number of transactions will be transferred to the lightning network, the transaction volume of the bitcoin chain will decrease, and the reduction of block rewards will cause the miners' revenue to decrease and leave, the number of nodes on the bitcoin chain and Reduced power, increasing the likelihood of a 51% attack. Jeff believes that the development of Lightning Network will increase the total number of Bitcoin users, and will not reduce the transaction volume in the Bitcoin chain. There are other ways to ensure the income of the miners, such as increasing the length of the Bitcoin block to expand the trading capacity. At the same time, the halving of block rewards every four years does not necessarily reduce the miners' income. On the contrary, halving the block rewards reduces the currency inflation rate of Bitcoin, which is likely to cause the price of coins to rise, thereby increasing the income of miners. In fact, the halving of past rewards has caused bitcoin prices to rise, and the next half of next May's rewards may have a similar effect. Of course, there are many objections to increasing the length of the Bitcoin block, but it is much smaller than the increase in the total circulation of Bitcoin.