Bitcoin Forum

Hold on to your hats bitcoins success will be sooner than u think

Quite a few coins still to be mined... But one thing I agree, we'll be there in no time :)

Wow, I didn't realize that before...

Come on, what do you want to say with this?

I agree on the part to hold on to our hats though!

yes in future it will hard for new users to get a complete bitcoin when its price increases

mmh don't know isn't the same as everyone is not selling his coins = less coins in circulation = price should rise? but actually it isn't the case?

i can beat my ass that if there were no coins lost, the price would be the same as now, you need more than a limited supply to succeed...

Its harder for newbies to mine. I agree with you.

I think the supply thing often slips a lot of minds. There are insane number of new coins arriving every day. Once supply becomes a nominal figure we'll see what true deflationary effects look like.

Yes, many of us are hoping to see what will happen. I hope it to go up due to scarcity. And perhaps some more altcoin activity.

But who knows.

these left bitcoins will be mined only after a few decades so the price might not rise a lot because of slow mining amounts though im not sure about this

By 2032 the block reward will be under 1 coin and inflation under 1%. Those figures are low enough to start deflating but only if there's the demand of course.

Yes, many new coins are introduced every day into Bitcoin network and it's quite impressive that we are holding our price in balance when you look at it more closely. New money must absorb these newly mined coins daily.

Then again just until halving we will have this accelerated issuance of the new coins and this is not so much more time. 6 millions to be mined on the other side is not that much at all. I wasn't aware either thats all that's left. Some exciting times in front of us! :)

I wonder if the mining will be sped up in the future due to some sort of new innovations in processor technology.

Nope, 5 years min before we are above $500

Yup. There's two million or so more coins than there were at the 2013 peak. Again, not too many folks pause to think about that.

The protocol is designed to mine steadily no matter what the standard of hardware is. That's one of its many strokes of genius. It would need an innovation in the code to speed up mining and as we've seen recently, introducing innovation is not a strong point.

Yes, I don't understand where people get these presumptions that mining can be sped up with the improvements in mining technology. This is already third post that is see this week that talking about this possibility.

People need to remember that Satoshi has designed algorithm keeping in mind what the possible technology can be in 50 years from now, since mining will last until 2140.

That's what people were saying when Bitcoin was at $100: "five years minimum until we're at $1000"  ::)

Well we can all try to say bitcoin will be at x value but well ,we dont control the outside even inside information of bitcoin development,on the next years sure new features will be coming into bitcoin,if it will one day return to 500 and 1000 dollars,as soon mines ends the demand and supply should start if not well there will be a restrited ammount of bitcoins being trade.

And we reached it price, even before that time, however it was only a short time, but bitcoin once was worth more that $1100.
That I am trying to say here is that with volatility of bitcoin there is no way to predict its price. Bitcoin price is capricious and susceptible to bad news.

The last 7% of bitcoin will be mined over a timespan of 100 years, i.e. by 2040 93% bitcoins will be mined.

This is very true and a great point. If this weren't happening the price would have been dropped significantly and this tells that the future of Bitcoin is bright, that people still have faith in it and the price might increase at the next halving? because the flow of coins to bitcoin network will get slow and if the money coming in remains/increase, the price will go up because more demand, less supply equals to price increase ? cmiiw.

after halving only 1800 btc per day will be mined,cost of electricity will rise.On other hand btc is still very much unsecure.It is very easy to scam network

It's not what it looks like. Mining pools don't dump their coins every day on exchanges. If that would happen, we couldn't maintain even the $150 price level. There is very little money flowing into Bitcoin at the moment, with that I mean the coin and not the millions that are being invested in Bitcoin related startups.

If bitcoin reach mass adoption, miners can always charge fee to get more coins, maybe more than 10 million bitcoins 8)

https://bitcointalk.org/index.php?topic=1201304.0

Bitcoin is secure. Just need educated users. Scams are not unique to bitcoin.

I personally will be a little bit nostalgic when all the bitcoins have been mined.
It will feel like a new-age for the bitcoin network, and a time for changing our entire mind-set about mining.

Yes no one was right in predicting bitcoin price. As bitcoin is the new technology and still in testing phase, it's highly vulnerable to sustain on the event of bad news.
In the first halving bitcoin was around $12. So, in 3.5 years within 2nd halving it raised and sustaining by 20 times. In between peaked to $1200. So, we can expect more than these things before 3rd halving.

A lot of the people here will be too old to enjoy their loot. ;D

Most of you guys are 40 - 50+ y/o I think.

Yes age is not a problem for better life. In fact we need a better life when grow older than before. All the bitcoin holders must deserve a better life just because of their early adopting bitcoin. Many people hold bitcoin for their next generation like Bill gates did for his next 25 generations.

We'll see the beginning of the deflationary effect at the halving next year. Should be a nice spike and a hint of things to come. People are pretty predictable. The theoretical reasons for btc's utility are lost on most. It's more when they see the price rise the new money rushes in then a bubble effect happens.

It means already 15 million coins in circulations. It must be better achievement with a sustained prices with large amount of coins in action. A stable price is the symptom of peaking.

I started poking around bitcoin when I was 17-years old, and I was too stupid to get any back then.. Now I am a little older and smarter and hopefully can reap the benefits that the future of bitcoin has to offer. I am planning on riding bitcoin for as long as the protocol will allow me to. Hopefully this is the rest of my life, but nobody can know what the future will bring. Regardless, Some of us are a little younger than 40 ;)

I am also curios to know how the halving will affect the Bitcoin price next year. In theory, if all mined coins are sold after they were mined and it continue after the halving, the supply would be 50% less and the demand will be 50% more. So we should see a 100% increase in the price.

That is, if all mined coins are sold or converted to fiat immediately after it was mined and not held. If they hodl these coins, the demand should be higher and the price should reflect that too. In theory.

And that is because currently bitcoin is another tool for speculators to make profit, it's the only reason why Bitcoin is semi-popular today, we need a better ecosystem, something that enables bitcoin to grow as a currency/commodity, how often do we see scam accusation, scandals or schemes? that's because bitcoin as become a very popular way of wiping peoples money.
This current meta of "altcoins" isn't helping either.

Now wait for the halvening and see how mining could change forever. If the price keeps declining, I'd expect that big mining would gradually start becoming a thing of the past. Or maybe more efficient asics will be released to the public  :P so profitable mining can still be a thing.

It will be interesting to see what happens, will it reach the heights it has previously? Perhaps, it will get harder for people coming into Bitcoin now to make any impact by mining, better buy them up whilst they are relatively cheap.

The prices increase depends on adoption.

What?Are you serious? I don't believe that.If we can solve the blocksize issue hopefully soon we can continue to grow and progress.In 5 years I expect being in 4 digits at least.

Why dont you start counting to 6 millions and when you finish tell us if 6 millions is a lot or little.

That's mean that we must do more to spread more it (even this amount will need about 110 years to be mined) and that the price will go high (even this amount of bitcoin will be mined in so mush time). See here for more: https://en.bitcoin.it/wiki/Controlled_supply (https://en.bitcoin.it/wiki/Controlled_supply)

I might still just about be alive by then. It might be enough to finance a tin bladder and penis implant. That'll do me.

Well as i know people are living more year by year currently there is people with 80 ,90 and 100 years old soo ,on the next years we could be alive with 120 years or even more ,no one can predict how long we will live.The demand and supply will only work with intest and new investors or big investors getting inside ,otherwise the same people holding bitcoin will moove it but slowly.

As of right now approx every 10 mins a new block is mined and 25 new bitcoins enter the economy. That means at the current price its market cap grows by around $6000 every 10 minutes, $36,000 every hour, $864,000 everyday. 

Taking the date Jan 9 2013 as a comparison we had the same rate of growth with a price of $13.77.  This meant growth of around $344 every 10 minutes, $2065 every hour, $49,572 every day

Everyone of these that is sold by miners at the current market rate to pay their bills needs a buyer.  When there are not enough the price is likely to drop, and when there are large numbers the price is likely to rise. Even half of $864,000 entering the market every single day means allot of additional demand is required to soak up the inflation to maintain the current valuation in fiat. 

The behavior of the bitcoin/fiat market is of course anyone's guess but when you look at these numbers it's not hard to see how there is a high possibility for the price to remain in this zone or lower for some years to come, barring some event that encourages a significant upturn in the rate of adoption.

It could be a devastatingly low in said time period, much like what the upper-mid hundreds were in recent times that we've all seen. Yet, the bubble range will likely be beyond most interested peoples' comprehension at this point. If your expection point for bitcoin is this meager in 5 years, you're either delusionally aghast or downright stupid and I wager the latter. We're about to get rowdy and the masses will give us a boost you've never scene nor thought possible.