Summary
TLDR: Bitcoin halvings will continue for over a century, with block rewards dropping to less than one satoshi by 2140. The term “satoshi” emerged organically in the Bitcoin community. The rate of issuance declining for 132 years was a precautionary measure. Transaction fees will become more important over time to maintain the network’s hashrate.
Key Points
1. It’s well known that the Bitcoin network experiences a halving of supply approximately every four years. Less appreciated is that these are set to continue for over a century into the future.
2. Bitcoin’s pseudonymous creator Satoshi Nakamoto programmed the year 2140 — 30 halvings from now — as the year that the block rewards would drop to less than one satoshi, the smallest unit of bitcoin.
3. The use of the term “satoshi” — equivalent to 100 millionth of a bitcoin — emerged organically among early Bitcoin users and developers, appearing in various forums and discussions starting in 2010 or 2011, and became widely accepted in 2013.