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Even Bitcoin is finite too; much ado about meta universe; an unusual token from Thailand - in the new episode of crypto-news
Even though the world's first cryptocurrency appeared only 12 years ago, last week it was registered that 90% of all Bitcoins have already been mined. Around 18,9 Bitcoins have been mined. And the legendary and mysterious creator of the first crypto, Satoshi Nakamoto, built Bitcoin with the limit of 21 mln coins available for mining.
It is still unclear why the anonymous genius limited mining with this particular number. The true identity of Nakamoto is still not revealed, so it is impossible to ask him/her about Bitcoins. But the fact stays the same: there is only 10% of all the coins available for miners. Does it mean that mining loses its sense? Well, this will definitely not happen in the next 119 years. This is the exact time required to mine the rest of Bitcoins.
These are the experts' calculations, bearing in mind that every two weeks it becomes twice harder to mine Bitcoin, and every four years the reward amount for mining Bitcoin is halved. So, the speed of mining will continue falling, and the capacities required for mining Bitcoin will continue growing, so the last Bitcoins will take years to mine.
What would it lead to? According to the current algorithm, Bitcoin price would reach 500 mln USD per Bitcoin by the end of the mining. The price includes almost a century of inflation and the growing expenses for mining. Well, no one knows what the world is going to be like in almost 120 years, but it is worth noting that over 12 years of its existence the first cryptocurrency made thousands of miners golden; it also facilitated the birth and development of a whole industry that turned our ideas of money upside down.
It has not been long since Mark Zuckerberg, the founder of Facebook, has shared his ambitious plans for creating a Meta Universe - a media space where one can not just communicate and share the news, but enjoy the full spectre of feelings and experiences available thanks to the VR technologies. And soon many other developers took the idea up.
Alibaba, the world's most famous retail platform, announced starting working on their own game metaverse. Another Chinese business giant, Huawei corporation, registered a trademark with a Chinese hieroglyph that is translated as "meta".
And while Chinese corporations are working on developing metaverses, the Chinese authorities are very sceptical about them. For instance, the Central Political and Legal Affairs Commission of the ruling party in China stated with no doubt that metaverses and NFT tokens that recently gained huge popularity are nothing but fraud.
While one Asian Superpower criticises crypto and virtual industry altogether, its Southern neighbour is planning on launching its own token. And not just any token, but a tourist token. This is about the wonderland of Thailand. The country is famous for its paradise beaches and wonderful islands open for tourists from around the globe. Though the pandemic has obviously struck it hard, and the tourist revenue has fallen significantly in Thailand.
However, the Tourist Authority of Thailand (TAT) did not give up, but decided to develop crypto tourism. This is why they are going to launch TAT Coin utility token. The developers believe that people connected to the crypto industry who can work remotely will enjoy doing that from Thailand, and the developed token will help remote workers to pay for the tourist services.
It is still unclear what prevents potential remote workers to live and earn in Thailand now. Could that be harsh restrictions in many areas of life connected to the pandemic? Who knows, but if the country has turned to develop crypto tourism, then it is going to be a thing in Thailand!