Bitcoin Forum

Bitcoin => Legal => Topic started by: kerozen on August 25, 2015, 09:54:06 AM



Title: End of the Bitcoin in 2014 ?
Post by: kerozen on August 25, 2015, 09:54:06 AM
Hello;

Following a study on Bitcoin , I asked me what Bitcoin will become once every bitcoins created , planned for 2140. Indeed we know that in 2140 all bitcoins will be created because the maximum number of bitcoins is fixed at 21 million . Since it will be impossible to create new bitcoins , how minors can be rewarding their work ? and if there is no minor how transactions can be verified and validated by the system Bitcoin ? it would be the end of bitcoin scheduled for 2140 ?
These questions remain unanswered for me , I hope to get answers here and thank you in advance for your answers .

Cordialy.

PS: Sorry for my english


Title: Re: End of the Bitcoin in 2014 ?
Post by: tsoPANos on August 25, 2015, 09:58:54 AM
It is speculated that miners will be able to make money/be profitable by collecting transaction fees.
Hopefully, the bitcoin userbase will grow to the point that miners will get lots of bitcoin through fees, while users
will still benefit from low fees.


Title: Re: End of the Bitcoin in 2014 ?
Post by: OmegaStarScream on August 25, 2015, 09:59:41 AM
http://bitcoin.stackexchange.com/questions/18103/what-happens-when-the-21-million-cap-is-reached

"Miners (who will no longer be mining, but will be validating transactions in the blockchain) will earn transaction fees. What those fees amount to or are to be interpreted as are hypothetical at this point, but might be imagined to be a transaction cost that ensures the security of the ledger."


Title: Re: End of the Bitcoin in 2014 ?
Post by: kerozen on August 25, 2015, 10:18:28 AM
Thanks for your quick answer.

You would know the percentage of transaction fees ?


Title: Re: End of the Bitcoin in 2014 ?
Post by: tsoPANos on August 25, 2015, 10:59:22 AM
Thanks for your quick answer.

You would know the percentage of transaction fees ?
Yes


https://blockchain.info/stats
Quote
% earned from transaction fees    0.68%


Title: Re: End of the Bitcoin in 2014 ?
Post by: gentlemand on August 26, 2015, 12:36:05 AM
Thanks for your quick answer.

You would know the percentage of transaction fees ?

It's very low at the moment. It will obviously need to be a lot higher when miners no longer receive coins every ten minutes.

That's an issue which is already becoming very divisive 125 years early.

Some people want to restrict the amount of transactions so the fees become very expensive. Others want as many transactions as possible so the high number of low fee transactions compensates.


Title: Re: End of the Bitcoin in 2014 ?
Post by: NoRespect on September 22, 2015, 06:41:31 AM
that's a awesome argument  :o
but, maybe it's will be true  :(


Title: Re: End of the Bitcoin in 2014 ?
Post by: yingbb0301 on September 22, 2015, 01:13:51 PM
The topic reads 2014! Hehehhehhe
Of course they won't end,you can always restart these machines   ;DD
I think in 2104 reward per block will become 1 satoshi.
But the miners will keep on mining,they will share the tx fees.
Which means in 22nd century we would have to trade bitcoins alot to keep them alive.



Title: Re: End of the Bitcoin in 2014 ?
Post by: zero01 on September 22, 2015, 11:35:37 PM
The topic reads 2014! Hehehhehhe
Of course they won't end,you can always restart these machines   ;DD
I think in 2104 reward per block will become 1 satoshi.
But the miners will keep on mining,they will share the tx fees.
Which means in 22nd century we would have to trade bitcoins alot to keep them alive.


if you restart that machine's possible thing that happens is all bitcoin will be lost
but I hope bitcoin will never end up in the coming year  :)


Title: Re: End of the Bitcoin in 2014 ?
Post by: koinsuka on September 26, 2015, 10:44:31 AM
bitcoin flowing on our computers even though it does
not look at every wallet contents revolve granted.
However, its value has fluctuated over time