TVBee
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The teacher is right, as long as more than 51% of the computing power supports it, it can easily increase the issuance of BTC in code. However, such a situation of increasing BTC issuance is very unlikely to occur.
Two main reasons:
On one hand, the new coins mined by miners are becoming fewer, but the earned miner fees will be more.
Let me explain here, the miner fees for BTC are charged per byte.
BTC exists in the form of UTXO, for example, if Zhang San gives Li Si 1BTC, this could be a 1BTC UTXO, but if Li Si gives Wang Wu 0.5 UTXOs, it becomes two 0.5BTC UTXOs. If Wang Wu then gives Zhao Liu 1BTC, it will be one 0.5BTC plus other UTXOs.
As time goes by, UTXOs will become more fragmented, and similarly, transferring 1BTC in the future will involve more and more bytes, resulting in increasingly higher miner fees.
Additionally, BTC will have more payment scenarios, such as large amounts for national strategic reserves, transactions in banks and traditional financial sectors, and small amounts like lightning networks. These will allow miners to earn more transaction fees.
On the other hand, most of the computing power is held by mining pools, and mining pools will not sell all the BTC they mine; they will hold a portion of BTC.
Maintaining the scarcity of BTC is beneficial for them, and it is difficult for them to agree to increase the issuance. Because once the issuance increases and scarcity is lost, the BTC they hold will depreciate. Newly mined BTC will probably also lose value.
Looking ahead, there may be a relatively balanced state in the future, where mining does not have significant bonuses, but there will be a balanced cost-output ratio. At that time, the price of BTC will also tend to stabilize, like gold.
Two main reasons:
On one hand, the new coins mined by miners are becoming fewer, but the earned miner fees will be more.
Let me explain here, the miner fees for BTC are charged per byte.
BTC exists in the form of UTXO, for example, if Zhang San gives Li Si 1BTC, this could be a 1BTC UTXO, but if Li Si gives Wang Wu 0.5 UTXOs, it becomes two 0.5BTC UTXOs. If Wang Wu then gives Zhao Liu 1BTC, it will be one 0.5BTC plus other UTXOs.
As time goes by, UTXOs will become more fragmented, and similarly, transferring 1BTC in the future will involve more and more bytes, resulting in increasingly higher miner fees.
Additionally, BTC will have more payment scenarios, such as large amounts for national strategic reserves, transactions in banks and traditional financial sectors, and small amounts like lightning networks. These will allow miners to earn more transaction fees.
On the other hand, most of the computing power is held by mining pools, and mining pools will not sell all the BTC they mine; they will hold a portion of BTC.
Maintaining the scarcity of BTC is beneficial for them, and it is difficult for them to agree to increase the issuance. Because once the issuance increases and scarcity is lost, the BTC they hold will depreciate. Newly mined BTC will probably also lose value.
Looking ahead, there may be a relatively balanced state in the future, where mining does not have significant bonuses, but there will be a balanced cost-output ratio. At that time, the price of BTC will also tend to stabilize, like gold.
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