Can bitcoin dismantle the government's system?

Bitcoin’s decentralized system has the potential to dismantle the system described above. Its network does away with intermediaries and, by extension, the elements of a government’s system. A central bank is no longer required because Bitcoin, the currency, can be produced by anyone running a full node.

What happens when bitcoinreaches its limit?

When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish. In both instances, transaction fees are expected to pick up the slack.

What happens when the last Bitcoin is mined?

By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange.

What are the benefits of bitcoin?

The most valuable and useful aspect of Bitcoin is its network. Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today. If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge.