Bitcoin Forum

We all know, at it's current rate, it's inevitable.

When bitcoin is all mined dry, what are we all going to do?
Of course there are the BIP100, BIP101, BIP103 etc. debates, but when bitcoin reaches it's maximum 21 million hard-code, (assuming it isn't increased/modified) what will happen?
Prices may rise, drop or whatever we can speculate...
Realistically, would we move to other altcoins? Trade BTC like PreMineCoin, maybe it will even be a global currency which we use for services instead of fiat and wages may be paid in BTC.
Can anyone shed their own thoughts on the outcome of our cherished Bitcoin?

Fanks,
Griffin.

Never, when bitcoin block rewards reduce miners will keep mining for transaction fees that will good in numbers after mass adoption of bitcoin

I don't believe the core devs would change that number, it would screw so much up. Miners will keep mining for the transaction fees.

I have thought about that and I think Bitcoin will gain the same status as Gold.
It will be used as a store value or for big purchases like a house.
1 bitcoin equals 1 kilo gold, but that is probably in the future.

For payments you are going to get an international cryptocurrency wich is large in numbers and I think it will be Digibyte but that is just a gutfeeling.
Also I think more countrycoins will come up.
Currently in the Netherlands they have Guldencoin wich is a big success and in Equador the government is also playing with a centralized cryptocurrency.

But in the end it is all just guessing.

Blockstream will hijack all transaction fees and some other way of protecting the network will be developed, probably centralized and also owned by Blockstream.

LoLz... in the year 2140, you, me or GMaxwell wont be here to see the blockstream domination :D

99% of all bitcoin supply will be mined in the next 20 years.

By 2024, 93% of all supply will be mined.

We will see big changes in our life time.

Nothing special will happen.  Miners will continue to mine blocks of transactions, collect transaction fees, and secure the network.
Why would anything change just because the distribution curve ends?  The slowdown will be happening decades in advance.
Just means Bitcoin supply will slow down and approach its finite limit, as was the plan the whole time. 

What's the problem?

Fees will drastically increase we'll probably be paying 0.002 or something like that to keep people mining....but bitcoin will be x10 the value it is now

In the next 10-12 years, the block reward will continue to outsize the transaction fee (in terms of absolute value) by quite a large margin. Take a look at the recent blocks. In less than 10% of the blocks, the transaction fee exceeds BTC1.00. So you can't even compare the block reward (BTC25.00) with the transaction fee. If we increase the tx fee, then it will do no good for the miners, and will just reduce the transaction volumes.

first of all this is not going to happen for a long time. besides all the bitcoins will never be mined since the block reward halves.
but IMO whatever happens to bitcoin in the future mostly depends on the bitcoin price. it means that if the price is high enough that makes the mining profitable and keep the fees as low as possible then bitcoin can continue its way, otherwise i don't think it can have a good future afterwards.

Even if the transaction btc fees drastically increase by 2025, they will still be better than the fees credit card companies charge in 2015.

it depends. if the price is around $2000 when all coins are mined, and you are forced to include at least 0.001btc as fee, the advantage of bitcoin, as far as fees, isn't that much of a selling point anymore.

in 125 years, i'm pretty sure the price ain't gonna be $2000.

I accept your possibility, however as a btc user you would still have the advantage of using the better option considering you will NEVER have to pay interest.
*For the record im pretty sure we are on the same side of the argument  ;)

I also dont think people realize how much they have to pay to use their own money when using an ATM for example.

To get back on topic, i sincerely hope by the time btc is all mined, we have a massive global user base and a rock solid rate.

I kind of don't care what will be happening in 125 years. We have enough to worry about at the current moment. We don't need that extra weight on our shoulders on what the far future is holding. :)

Anyways, I think that next 5-10 years are crucial for Bitcoin. If it survives all of the challenges and emerges as a robust payment system, I am sure that people in 2140 will still be using it and that everything will work out for them once the mining halts altogether.

if it is not zero by 2024-230, it will be probably be very very high, like satoshi predicted