- As Bitcoin’s issuance subsidy continues to fall, the network’s security will be increasingly reliant upon transaction fee revenue
- Without sufficient security, Bitcoin will be susceptible to attacks from both profit-seeking and non-profit seeking actors
- While there are several viable solutions to Bitcoin’s impending security problems, it remains unlikely that the traditionally conservative community will support any significant changes to the protocol
Bitcoin acolytes often cite the network’s predictable, finite, supply schedule as its most alluring feature. A marked departure from global central banks’ propensity to inflate money supply, the hard-coded 21 million cap ensures that savings held in Bitcoin will retain value over time. This property ostensibly confers ‘sound money’ characteristics, positively positioning Bitcoin as a viable contender for global reserve currency status.
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