Although the main context of this is true, linking the maximum bitcoin amount to the blockchain's size limit isn't.
Blocks will still continue to be mined even if we reached the maximum bitcoins, thus the blockchain will continue to grow despite miners getting zero block reward.
Otherwise, transactions will stop getting confirmations.
Thank you, I forgot about the reward for miners only from transaction fees after no longer getting block rewards when all Bitcoins have been mined.
If mining activity stops, the Bitcoin network that uses the Proof of Work consensus mechanism will stop and make existing transactions stuck.
The last new bitcoin will be generated around the year 2140. After that, a successful miner would be rewarded by transaction fees only.
-snip-
Total circulation will be 21,000,000 coins. It'll be distributed
to network nodes when they make blocks, with the amount cut in half
every 4 years.
first 4 years: 10,500,000 coins
next 4 years: 5,250,000 coins
next 4 years: 2,625,000 coins
next 4 years: 1,312,500 coins
etc...
When that runs out, the system can support transaction fees if
needed. It's based on open market competition, and there will
probably always be nodes willing to process transactions for free.
Satoshi Nakamoto
