Bitcoin Forum

Other => Beginners & Help => Topic started by: JuanPabloCuervo on October 06, 2016, 06:47:45 PM



Title: ¿What will happen when there is no more coins?
Post by: JuanPabloCuervo on October 06, 2016, 06:47:45 PM
https://blockchain.info/charts/total-bitcoins?timespan=all

???


Title: Re: ¿What will happen when there is no more coins?
Post by: longbob72 on October 06, 2016, 07:10:32 PM
You'll need to clarify your question if you want a more satisfying answer. The best answer I can give you is we'd be dead. And miners will continue mining for transaction fees.


Title: Re: ¿What will happen when there is no more coins?
Post by: newIndia on October 06, 2016, 07:52:20 PM
https://blockchain.info/charts/total-bitcoins?timespan=all

???
Miners will keep mining for Tx fee.


Title: Re: ¿What will happen when there is no more coins?
Post by: JuanPabloCuervo on October 06, 2016, 10:11:09 PM
Who Regulates transaction fees miner get for a new block?
I mean...
I've seen in Bitcoin monitor that sometimes transaction fees are much more than $$$ given for a new block found.

Where all that money goes?


Title: Re: ¿What will happen when there is no more coins?
Post by: longbob72 on October 06, 2016, 10:51:59 PM
Who Regulates transaction fees miner get for a new block?
I mean...
I've seen in Bitcoin monitor that sometimes transaction fees are much more than $$$ given for a new block found.

Where all that money goes?

They don't regulated by anyone. When miners mines a block, they get the fee of all the transactions included in that block plus the block subsidy. So the money goes to the miner.
There's a longer version of the transaction fee explanation here (https://bitcointalk.org/index.php?topic=1618565.msg16267325#msg16267325).


Title: Re: ¿What will happen when there is no more coins?
Post by: Oralmat on October 07, 2016, 04:58:46 AM
Why you not complete your thread, if you wanna ask us, than you should clarify your view? only sites reference is not enough.
Secondly, i want to explain you, first of all, the time is not coming when the coins end, and if you are talking about only Bitcoin, so remember that we all know about it that one day bitcoin will be ended but now it is good going and i always with Bitcoin.


Title: Re: ¿What will happen when there is no more coins?
Post by: MyBTT on October 07, 2016, 05:44:59 AM
No need to worry. You'll be dead when this happens. It will happen at around 2140.

But if you're really curious, bitcoin will be going on as it is right now. Blocks will still be mined, except there will be no bitcoin in each block's coinbase.


Title: Re: ¿What will happen when there is no more coins?
Post by: altcoinhosting on October 07, 2016, 05:55:42 AM
most of the answers here were correct, but since nobody gave a complete explanation, i'll try to explain this in a newbie-friendly, but complete (albeit, simplified) , way :)

When you send bitcoins from address A to address B, you generate a transaction, in which you basically say: "i'm the owner of address A, and i want to use incoming transaction (input) W and incoming transaction X (input) to create output Y to address B and output Z to a change address of me (address C). The difference between the inputs and the outputs is the fee i leave for the miner". You sign this piece of text using your private key, and you send the text to the network.

In the network, it only exists in the memory pool of the nodes... When they reboot, or when they clean up their memory, your transaction is gone... Byebye :)

In order to actually remember your transaction, it has to be included in the decentral database. This database exists out of datablocks of 1Mb. A miner collects transactions, does a lot of complex calculations with them and the header of the previous datablock, and if he wins the complex calculation, he gets to mine the next block containing all kinds of transactions he had in his memory. At this moment the miner gets the block reward (currently 12.5 BTC) plus the sum of the fees most transactions included.

Now, at this moment, there usually are a lot more transactions in the memory of the nodes than will fit in a 1 Mb block. So when the miner selects 1 Mb of transactions, it is wise of him to select the transactions that have the most fee per byte of transaction data (since he'll only be able to fit 1 Mb of transactions in his block). So, the transactions with the highest fee per byte usually gets included in the block.

To come back to your question: once the blocks have halved a couple more times, the block reward gets close to 0... At this point, the fees should be enough reward for the miner to keep on mining. If the fees are insufficient, some miners will stop mining, leaving more blocks to be found for the leftover miners, increasing their earning potential...

So, when the block reward is ~0, i either expect the mining equipment to be so efficient, and the BTC price so high, it is still profitable for the miners to keep mining for the fees, or i expect to see a drastic drop in hashrate (and difficulty), so the couple hardcore miners can make a profit from the fees because they mine so many blocks...


Title: Re: ¿What will happen when there is no more coins?
Post by: Kakmakr on October 07, 2016, 06:44:08 AM
You can have one of two scenarios for this to happen :

1. All coins are mined, and nobody is selling their coins. < The estimated date is 2140 based on the block reward halving frequency of four years.  >

2. Nobody is selling any coins now, and all new coins are being hoarded by the miners. < This will also not happen, because mining for bitcoins is expensive and the money to pay for those expenses has to come from the bitcoins being mined. >

So, in conclusion : There will be bitcoins in circulation until 2140 and long after that time, when we will not be around. This is to say, if Bitcoin are not replaced or something bad happened for it to collapse.  


Title: Re: ¿What will happen when there is no more coins?
Post by: BitcoinBarrel on October 07, 2016, 06:57:36 AM
I don't think all the Bitcoins will ever be mined. It will slow down the closer it gets to the 21 million.


Title: Re: ¿What will happen when there is no more coins?
Post by: odolvlobo on October 07, 2016, 08:07:23 AM
I don't think all the Bitcoins will ever be mined. It will slow down the closer it gets to the 21 million.

Approximately every four years, the subsidy is halved. Today it is 1,250,000,000 satoshis per block, but one day it will go from 1 satoshi to 0 satoshis.


Title: Re: ¿What will happen when there is no more coins?
Post by: hurain on October 07, 2016, 07:18:37 PM
first it is not possible and the second is that if such thing happen then people will really find way for that.


Title: Re: ¿What will happen when there is no more coins?
Post by: virusasog on October 09, 2016, 05:46:42 AM
I don't think all the Bitcoins will ever be mined. It will slow down the closer it gets to the 21 million.


You have already received the information for post above. I would like to inform you without mining any bitcoin will not move under transactions. It is moving via blocks and it will reduce the half amount in every halving. Please have a note on this.


Title: Re: ¿What will happen when there is no more coins?
Post by: BitcoinExpart on October 09, 2016, 12:55:58 PM
Not possible. I thing it will happen in imagination.If you clarify your question with more details it can be easy for me to deliver you  a satisfyiny answer.


Title: Re: ¿What will happen when there is no more coins?
Post by: hubballi on October 09, 2016, 02:03:08 PM
I don't think all the Bitcoins will ever be mined. It will slow down the closer it gets to the 21 million.


You have already received the information for post above. I would like to inform you without mining any bitcoin will not move under transactions. It is moving via blocks and it will reduce the half amount in every halving. Please have a note on this.

Totally agree with you each every halving will reduce the mining profit. so i think their wont be any problem, but even then for miners they will get profit from the transaction fees to move through their block.


Title: Re: ¿What will happen when there is no more coins?
Post by: amacar2 on October 09, 2016, 05:05:36 PM
There is for sure not all mined coin will be lost and for next scenario when mining reward get zero, bitcoin will still be alive and many miners still mining for transaction fees.


Title: Re: ¿What will happen when there is no more coins?
Post by: somedream on October 09, 2016, 08:39:17 PM
I rekon the BTC prices would go up quite a bit at that moment.


Title: Re: ¿What will happen when there is no more coins?
Post by: Dora Doll on October 09, 2016, 08:56:40 PM
i think the miners are mining bitcoin and that provide bitcoin to the market regularly  and that is the reason that it is not so easy that there will  be no bitcoin in the market. you can buy any amount of bitcoin in the market.


Title: Re: ¿What will happen when there is no more coins?
Post by: marilyngroom on October 09, 2016, 09:00:27 PM
https://blockchain.info/charts/total-bitcoins?timespan=all

???
Miners will keep mining for Tx fee.

But if those transactions fees will be so profitable, than that means they will be very expensive and people might not want to send. Right?


Title: Re: ¿What will happen when there is no more coins?
Post by: mbuk81 on October 09, 2016, 10:02:42 PM
as long as there need there be bitcoins


Title: Re: ¿What will happen when there is no more coins?
Post by: mamichula on October 10, 2016, 04:57:26 AM
I'm guessing that by the time all Bitcoins are in circulation, computers will be powerful enough that it can run with only a few people mining it. And they will mine it just to keep it alive. And people will use it to buy things, and not make profits.


Title: Re: ¿What will happen when there is no more coins?
Post by: jaweria khan on October 10, 2016, 05:15:34 AM
yes any thing is possible but to me it is not such an easy job,


Title: Re: ¿What will happen when there is no more coins?
Post by: outatime1 on October 11, 2016, 12:13:17 AM
It will take a long time for all of the coins to be mined, but at that point, the miners will make money off of transactions fees. Hopefully by then each bitcoin will be worth so much that transaction fees will be enough to make mining worth it.


Title: Re: ¿What will happen when there is no more coins?
Post by: lucki777 on October 18, 2016, 07:10:38 PM
first it will never happen bitcoin will always fulfill the need of the people but if it even happen then it will really effect the position of bitocin.


Title: Re: ¿What will happen when there is no more coins?
Post by: mirakal on October 20, 2016, 03:06:56 AM
Bitcoin is a gold for the others since they are making money of it, so I believe it will not be gone in the circulation, it is just we are taking care of our money as that is very important to us and bitcoin is money so we need to take care of it, and the fact that it will grow its value overtime, we have to take care of it.


Title: Re: ¿What will happen when there is no more coins?
Post by: RealEstCoin on October 23, 2016, 08:53:53 PM
It will take a long time for all of the coins to be mined, but at that point, the miners will make money off of transactions fees. Hopefully by then each bitcoin will be worth so much that transaction fees will be enough to make mining worth it.
This is the most likely scenario. Hopefully by then 1 BTC will be in the $2500 range or better.


Title: Re: ¿What will happen when there is no more coins?
Post by: mrcash02 on October 24, 2016, 01:27:38 AM
What will happen is that we will continue using BTCs to buy things, to gamble, etc. We will sell and buy things using the BTC, as we use our local currencies to live. The government isn't making money every new day and we use it normally. The same thing will happen to Bitcoins. We just expect that the coin price will rise when this happen.


Title: Re: ¿What will happen when there is no more coins?
Post by: Oilacris on October 24, 2016, 03:54:09 AM
IF  there would  be  no coins,   other  members said  here   the exact answer which  miners  would  still continue to make   profit  regarding  on  transaction fees and   also  bitcoin circulation would   be surely moving    and  if the  supply  is already  limited  then  expect on the bitcoins price would  surely  rose  up high and  would be more valuable but just  as expected  coins would  be  mined  totally in a matter   of time  and  we cant  really see it.


Title: Re: ¿What will happen when there is no more coins?
Post by: DenyAryanto on October 24, 2016, 03:55:16 AM
maybe your ask is wrong
this corection ask
what happen its bitcoin is exhausted mining ?
don't worry minner still can reward from tx transaction, every send transaction can fee, and fee miner can get reward to minner
so forever can still mining, except bitcoin still use much people


Title: Re: ¿What will happen when there is no more coins?
Post by: milewilda on October 24, 2016, 11:36:27 AM
IF  there would  be  no coins,   other  members said  here   the exact answer which  miners  would  still continue to make   profit  regarding  on  transaction fees and   also  bitcoin circulation would   be surely moving    and  if the  supply  is already  limited  then  expect on the bitcoins price would  surely  rose  up high and  would be more valuable but just  as expected  coins would  be  mined  totally in a matter   of time  and  we cant  really see it.
When  we  gonna  see the meaning of   supply   and demand  law we could  surely say that  bitcoins price would  surely rose  up  in the future when there were  no more coins  to  mine  and as  you said   they could still able to gain  money in every transaction that  have been made  because of transaction fees. Theres  nothing  to worry  about this  thing  because   the last  bitcoin  would be  mine    wont come  in  our  lifetime.