Bitcoin Forum

64 halvings x 4 years is equals to 256 years. So possible bitcoin will probably exist 260 years from now. It is bad new or good news. It maybe bad new for future generations but of us it is good news since we will not be able to witness the end of bitcoin.

Then after reading that facts, i decided to hoard some of my btc and I will open it and use after 20 years, since at that time bitcoin will still be alive.

Will you share your thoughts about it and correct me if i am wrong, I believe that multiple minds is better than one.

So we got 61 more times to make it more exciting than before

(Despite the numbers being wrong, how do you get to 61 halvings?!)
What gives you the idea that with the block reward reaching 0 at block #6,930,000 bitcoin will stop existing?
Bitcoin got the potenatial to exist/be used long over the time of block rewards and new bitcoins being added to the current supply.
Whether or not it will, that's another point for discussion entirely.
But there surely will not be a point where with a single block, bitcoin will stop being used/to exist.

https://news.bitcoin.com/halving-no-affect-bitcoin/

I want you to read this article and look the last paragraphs that says:

"There will be 64 more halvings as the years go by and the network continues to progresses. What we do know is there will only be 21 million BTC, and that the system is far superior to the likes of the Federal Reserve and fractional banking practices."

So far as I read it, it says 64 halvings more to go. After you read it pls comment me your opinion on this.

260 years is long way to go. Maybe at that time there will be a new currency or a new financial system will took place. Bitcoin having to survive a century is a good news to me. It will encouraged me to save my bitcoins for a long years since bitcoin can be a potential legal tender given that long time of existence. So like you said I will start to save my bitcoins for future use.

If we want to reach 21 mil or 64 halving, it will take much longer than 260 years, it is much harder to find a block till the end.

We'll reach a point where the block reward falls below 1 satoshi.
With block #6,930,000 a total of 20,999,999.97690000 of the 21,000,000BTC total supply will be mined.
That's after 33 halvings and as 2 already have passed, it's 31 from now.
Do you really think the halvings after that will have any impact?

The huge reward in the beginning of bitcoin was to encourage more people to participate and to have sufficient circulating coins to allow usability. I think people have already thinking and start working on the fee-based block reward- block size scale up will be the next step.

I was actually just wanting to ask this question on how many more halvings we will get, If miners are still mining when the bloick reward is only a few satoshis then isnt 1 bitcoin going to have to be worth about a few million to justify running a miner?  I was really under the impression that we would have mined all blocks in about 60 years and then instead of mining any additional blocks the miners would just be rewarded with transaction fees. It will be interesting in about 20 more years if bitcoin actually is still sustaining itself then the price surely will be much higher than we might be thinking at the moment.

Well it is about time for miners to spend /dumb their btc more wisely! and maybe ..maybe i say to become a little more strong hands.. this will benefits us all...!

We'll see about that in due time. Nobody can currently predict that, as it's gonna be relating on alot of factors yet unknown to us.

And then we just stop using bitcoins at all?

Miners will still have to mine blocks in order to receive the transaction fees from included transactions.
No transactions are being confirmed without new blocks being mined.
If there are no new blocks being mined at one point, all bitcoins will be frozen in the addresses they currently are.
That being said, this isn't going to happen.
You're confusing the block reward being 0 with no new block being mined. The first will happen, the latter not.

It's interesting right now. It's gonna be interesting tomorrow.

Next halving will be less excited than this. After 5 more halving, the transfaction fee will be more than the block reward.

Sorry my post was confusing when you break it down like that.  What i mean is i thought the block reward would have come to an end in about 60 years,  not that we would stop mining blocks.

Obviously i don't mean we will stop using bitcoin because the block reward has stopped,  i was meaning the reward would instead come as fees.

This is all assuming bitcoin will survive for that long which I'm pretty sceptical about.  Heres hoping though.

only god knows will bitcoin be alive till all its coins are mined or it will disappear before that. you are talking about more than 2 centuries and there will be a lot of inventions during them that one of them may end bitcoin

Those that already experienced the block halving of this month will be less excited for the next block halving, that's right. But as time goes by, more and more people enter the world of Bitcoin, which basically means that there will surely be another round of halving hype mania.

If Bitcoin is going to last for 256 years, we presume that the price that time will be sky high.
Now, no one's going to let it die if the price is super significant to everyone. Unless, some business tycoon sabotages the market for his own sake.
Another, a new currency may probably come by then.

I thought that halving will not kill btc eventually. It will cost even more in the future, when there will be more people wanting to have them and a limited amount of btc

My opinion is that a journalistic source which can conflate "affect" and "effect" is hardly to be trusted.

Well If bitcoin price continues to climb like it did each halving may have the exact same effect (the only difference may be that transaction fees will take a bigger proportion each time, at some point transaction fees will be the main reward).

As the reward decreases,miners will have to sell their holdings to cover the cost of mining.This will reduce the prices of bitcoin due to high supply

That's bullshit and frankly I think even you youself know it.
According to cmc we have a trading volume of $81,831,700 in the last 24 hours.
Even if all miners were to dump all their coins instantly, the "dump by miners" would cover only 1.42% of that volume.
At an available supply of 15,754,767BTC currently (if we ignore those coins not available to the market due to some reasons), the newly mined cois also are rather uninfluential in terms of "supply" seen from an market analytical point.

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Bolding the last sentence of my post without reading and understanding it doesn't really help the point you're trying to make.
Go back, read my post and answer in a way that builds on it rather than ignoring totally what I have written before that last bolded part.

I don't think we need to worry about what happens in 64 halvings time. We will all be dead ;D
I'm more concerned & interested about the immediate future.

256 years is long time indeed but according to current estimates, mining should end a lot earlier than that, probably around year 2140. Still, it's extremely unlikely anyone of us here will live to see that day, we'll be relics by then  :D Except of course if science finds a way to make humans immortal  ::)

Well, you should be worried, because most people leave some Bitcoins for their kids and they might leave it for their kids and so on and so on. The fact is, the Halving is only something that effects the miners rewards. Once these Halvings are done, we might hopefully see transactions increasing beyond the point where miners rewards have to be necessary and it would be replaced by tx fees. ^smile^

4years per halving aprox and it is actually total 33 halving when block reward will go from 1 satoshi per block to zero satoshi means no any new bitcoin will be rewarded for mining limiting total supply of bitcoin to 21 million.

That's really a good information for most of the bitcoin users. Now this gives better understanding to the people get aware about its growing potential. Also people starts trusting it more than the present.

Do you mean dumping them all as they are mined? I think what he was meaning was perhaps that they have large stocks of BTC held that they can dispose of to cover their fiat liabilities (electricity, ASIC costs, etc), but I think most mining operations sell as they produce.

Even still, those BTC already in circulation do, as you mention, vastly outpower miners in terms of influencing the market (if not the functionality) of unspent outputs.


Also, frankly, incorrect; I believe in Satoshi's original paper and later communication from Core that if deflation becomes significant the size of the output column will be increased beyond eight decimal places.

It's a bullshit reasoning. Even if a miner was to hold a certain amount of the supply as hard saving, they wouldn't continually dump them in order to continue mining while not making any profit with it, maybe short time, but at some point the miner would cut his expenses, if being in red numbers, rather than burn through his savings.
You can't make a red letter operation profitable by wasting your savings to keep it running. It's economically  stupid and miners act anything but stupid.

I think i will be done with Bitcoins after 5 halvings have occured; because i just don't see the value of Bitcoin rising at great heights in order to compensatie for the block halving. More and more miners would quit and the end might be sooner than you think.

Halving is predefined calculations after every 210000 blocks mined. By the calculation it tooks 2145 of year to solve all blocks. And after solving every block all plates will get destroyed.

Being an average Joe, as per my understanding, halving has nothing to do with survival of bitcoin system. After 21M bitcoins mined, the block reward would be zero. So, there will not be any possibility for further halving (assuming 1 satoshi still not divisible then too). But new blocks will be kept on created with zero newly generated bitcoins.
(miner's reward would be purely tx fees, that could be even more than 500 or 1000 BTC based on tx volume)

Only number of bitcoins are limited. But new blocks will be keeping coming unlimited for every 10 minutes till this universe (or internet) survives. As long as new blocks are generated there will not be any worry for bitcoin ecosystem.

Halving is a procedure and we must have to take it casual. Because its a process.

But if consider 1st and 2nd halving it gives a short example of effect on cryptocurrency market as at the time of 1 st halving BTC price in USD was just $4 to $5. At the time of second haling price of bitcoin was $630+ it shows halving impacts inversely to the price of bitcoin.

So as it goes years for ending halving can increase price of bitcoins with indirect proportion.

thats true, for me its really great to know that bitcoin halvings are in code and it is impossible for any person to cancel it, i really like bitcoins to be honest because its not controlled

My opinion?
news.bitcoin is bollocks.
This thread is a hive of misinformation. (good luck getting anyone to hear you Ludpin, above the noise of their sig spamming)
And there will be a total of 34 halvings.

See https://en.bitcoin.it/wiki/Controlled_supply

About 75% bitcoins are mined already so I think within a two or three years the remaining will also be mined so then miners will not need any halving, as after that there will be nothing to mine, after that bitcoin will be used as a normal currency and will have already a highest value.

Read the post above, yo spammer.
What you imagined will happen is irrelevant and wrong.

After 4 more halving, the halving will have very little effect on the price as most of coins are mined and the transaction fee is higher than the block reward.

well there is always chance that there will be invincibility potion :D though i think you are right it will be not our business but they will most probably push the price up

So after every halvings we will get limited cryptocurrency with very expernicve price, but in 200 years everything can change a lot, better to live nowdays.

Bitcoin is only seven years old. It is understandable it will experience every problem of new technologies.
I see that people are unsure and uncertain about far future of BTC but I assure you, this is not what we should worry about now.
Do you really care what will happen in next 40 years, after 12th halving? When block reward will be limited to about 0.024 BTC?
And after 33th halving Block reward will be exactly 0. Where the hell 64 came from in the first place?
As Lutpin said, Bitcoin won't stop existing just because block reward will be exactly zero.
At that point in time miners would not be 'mining' anymore but instead they will switch to take care about managing transaction.
It is hard to speculate about this now, but in theory this should be more that enough to keep Bitcoin network alive indefinitely as long a bitcoin will be used.

Someone just pointed it out that if everybody holds their coins, there will be few coins in circulation and the late adopters will not have an incentive to join the mainstream.

i think there will be no thing that most of the people will be holding their bitcoins, there will alwayys be people who will be using it or spending it for goods

And with the aid of refugee organ donation and reduced calorie dieting I'll be there to witness every single one. I'll light a candle for those who didn't make it.

That hypothetical doesn't work though because not everyone would hold their coins in any situation.

Groll wrote that he is going to hodl some of his bitcoins, not all!
So he is spending and therefore distributing as well.
And the more Bitcoin rises in it's value the more people will start to spend it for almost everything they would like to buy. Cars, property, clothes, holidays and so on.
There won't be just pure hodling.Don't worry about that.

There will always be people that would sell their coins... even the hardcore hoarders have their selling price.  ;) ... The more coins hoarded the higher the price, and as soon as the price increase to a

level where people find it irresistible to sell, they will do so. Many late adopters will just have to pay a higher price to join the mainstream and that is how it is supposed to be. The market of supply and

demand is at work here, not government manipulation.  ::)

I've always and consistently heard that the last halving will be around 2140, and we know the halvings occur every 4 years. So somebody's math is screwed up somewhere. 2140 would imply there are about 31 more halvings to go.

I think that there are 30+ more halvings until the block rewards ends at 0 satoshi based on the bitcoin wiki page: https://en.bitcoin.it/wiki/Controlled_supply
We don't know what will happen after few centuries but we should focus for this and next decade what could happen to increase bitcoin value.

That's because it's whats published in bitcoin wiki saying that the last halving might occur at 2140. In addition to a screwed math, somebody's probably not reading information about the halving either.

@OP, never need to worry about number of halving as it can be unlimited when bitcoin is divisible beyond 8 digits.

I think all of the bitcoins will be mined within a few years and at that time the miners will not fear for the halving, and it will not have any effect on the price of bitcoin any more.

All the bitcoins mined in a few years...

Try again friend.

After the next 3-5 halving, the transaction fees will be higher than the block reward, the halving will not have major effect.