Bitcoin Forum

I'm a newb, and curious what happens to bitcoin after they're all mined (considering that it's mostly wealth to absurdly wealthy people mining them now and has been for a while, aside from cloud mining sure but that's not that many is it? IDK), but curious what is the vision 10-15 years down the road it's possible that most the very wealthy people own BTCs? Seeing how more and more transactions are going to be paid via bitcoin (and rich people own most of the companies that GET paid in these transactions) - so I'm curious how it's going to be different?

Thanks!

Look at gold - what happened t here?

They pay for their appearance on CNBC to tell us how Bitcoin is the only way things should be and if anything better comes along the government should ban it.

I believe that even the biggest miners must sell some of their BTC to pay for electricity and other expenses. If wealth people would own a big percentage of BTC and hold them price would grow faster. It would fall off course if they sell a lot of them, but after that, they wouldn't have those bitcoins anymore. So this is not a big problem I think.

Remember this: if you don't sell/spend your BTC no one can ever get it. So definetely HODL at least a bit no matter the price!

Just because a rich miner owns a ton of hashrate, doesn't mean they keep it all on BTC. In fact, a lot of them are just here for the fiat, and they sell every month at market rate to whatever fiat currency they use on their country. They are all at least forced to sell a % to pay electricity fees and other expenses from mining that cannot be paid in BTC, so they don't keep 100%.

Holders and miners are a different breed.

Block rewards will be replaced by mining fees in every aspect.

When these billionaires move their coins, they will pay a fee to the miner and anyone can be a miner.
If they never move their coins, then it is like they don't exist and poses no problems in the first place.

I think then Bitcoin will be become more valuable then Dimond

it's definitely more useful than diamonds. Even silver is more useful than diamond!

It's interesting to view it that way.  I was actually thinking the opposite - that if the wealthy people own almost all the coins then it will become completely obsolete (simply because the coins aren't being used and because what drives something to rise in value is popularity, only a fraction of the world's population is elite wealthy). I would think we would go with another cryto far before that happened though.

That is if only they own all the coin. If there is still coins in circulation, Bitcoin cannot die.

Bitcoin works on the principles of supply and demand. If the rich people own majority of the coins and decides not to touch them, the remaining coins will become more valuable since the supply of it becomes scarce. There is no problem with it, we can easily increase the number of decimals and people would continue to use Bitcoins in small denominations.

I don't think that this situation will look different for other mainstream cryptos.
All popular cryptos will attract rich people. It is likely that the distribution of all those cryptos will look like the same.

then another paradigm shift happens in economics and cs

I think there would be no complete sense if billionaires would hold on to their bitcoin. They would also use it as well, the reason why they kept it is for them to earn. So, I think they would still use it and it would be foolish if you would save all of it until you die without even making use even a fraction of your bitcoin.

The problem we are talking about is not if some people would hold on on BTC.
The problem is what if they will use their coins to manipulate market. Like drop coin rates and buy in on lower price to make it look not stable. Until bitcoin cannot be freely converted to actual things. It will be vulnerable.

This is why this is still called an experiment. We do not know if there will be enough transactions in the future to sustain mining operations. < The Block reward is filling that need now, but miners fees should replace the Block reward in the future and If a bunch of Billionaires hold most of the coins, it would not generate enough transactions to make mining profitable, so it will be anyone's guess what will happen then.

We might even get consensus to implement some other way of paying the miners/node operators. < Lightning Network >

1. If majority of billionaires will hoard their bitcoins the rest who will be using Bitcoins will enjoy the ultimate rise in value of bitcoin.
2. Miners fee in transactions will maintain operations.
3. It could go with the model of Dogecoin. Producing additional Bitcoins per year after the last Bitcoin has been mined.
4. Or nobody can resist hoarding Bitcoins because of profitability.

First of all this problem will arise in 2140, long after everyone who are living right now on planet earth will be dead.
2nd bitcoin has been alive for less than 10 years, thinking what will happen 120 years from now is science fiction since you can't even predict what will happen next year or if humanity will still be around in 100 years.
lastly- if bitcoin will still be used 120 years from now it will probably have replaced all of the currecny so people wont be able to keep bitcoin since they will have to use it to buy food, cloth etc.

im newbie haha

If rich people owned a lot of Bitcoins, then they will remain like that and the poorer remains same because the market value will increase soon. I don't think they are going to invest a lot time or monies into Bitcoins as they had already own business that would be making profit for them.

Does wealthy people hold bitcoin? Yes, they are the big whales we have we the world of bitcoin and most mining farm were own by the billionaires. Mean while, I think every new bitcoin create or mine will be automatically add to the capital market.

Bitcoin will rocket.
It will take many years before bitcoin is completely mined though.
15-30 years maybe.

I also estimate bitcoin will cost 500 000$

If i am not wrong bitcoin will be used as an another alternative coin and its value will also become 1satoshi = 1 $. dont know about mining.

15 years :D That is cute. More like 115 years.
It should be around the year 2140, but it will definitely be in the 22nd century.

Why would you assume the use or hoarding of bitcoin to be different then all of history for ________.  Fill in the blank, with gold, silver copper, food,energy, you name it.  Some people save and invest others save nothing and consume.   Some look to the future while others consume all they can here and now.

Like the old line I have heard all my live.   When XYZZY gets expensive then only the rich will have XYZZY.   I was not born rich.   I borrowed to get through college.  Before that I was a bricklayer.  It took me 30 years to become what most would consider rich and I don't consider myself rich.  I drove old cars 30 years ago and I drive old cars now.   I have always saved to pay for things when possible.  I have not had a loan for over 25 years and don't plan to every borrow again.  My father chose to spend what he earned on tobacco and booze,  He died of lung cancer at 58.  My mother spent her life bitching about what other's had and never acquired anything of her own which of course was always someone else's fault.

My plan for bitcoin is the same as all my investments.   When bitcoin seems to be below what I see as value I will buy and if I think the current prices is too high to represent value I will sell and look for something else.

Rich people have many things I do not and that is not an issue with me.   If the so called rich hoard all 21 million bitcoins, that's fine with me.  There will always be other things to invest in.   I was an investor before and will remain so if all Bitcoins are lost. 

My advise is not to dwell on what others have, spend or what they hoard.  You can't control it and the time you dwell on it is time you have lost forever.  People can follow Bernie Sander, wait for his promises to come around or they can dig in and find a way.   Anyone who is not working 60 hours a week in the complex world we have now is not going to make it and there is more to work then just the kind that gives us a paycheck each week.  I have not had what most consider a real job for 20 years yet, I still work at least 60 hours a week.

Don't worry about who mines bitcoins or what they do with them after the dig them out of the mine.  It won't get you anywhere.

If so, then I think. to the moment by btc is very high value and more than Diamond.

No one can really predict what will happen to Bitcoin if of all it are already mined. But I think it will still be in circulation since people will try to HODL as much as possible expecting for its value to rise more than what it is today. Better not concern yourself about this as it is too early to speculate. Let's just enjoy what we have now and earn Bitcoin as many as possible.  ;D

if so, it would be unpopular with ordinarily people and replaced with any other coin

 I think people would have moved on to another coin if the flow of BTC were restricted to the wealthy/government.

Long answer is the miners need to be profitable to mine, so they will wind up selling a large portion of the BTC they mine.  There is no point in holding everything they mine, they need to contribute to the BTC world.  When there is no more BTC to mine then the transaction fees might make up for the lost revenue.  Basically, the miners need customers.

Well since diamond is one of the strongest known materials on earth it's actualy pretty useful and there are a lot of industries relieing on diamonds to cut or to drill into weaker materials ;)

Because the supply is already mined probably the price of 1 btc will cost equivalent to a crown decorated with precious stones like diamonds.

That is a good imagination and interesting. If billionaires own majority of the bitcoins and do not use them (they hold the coins), the circulation will be low and the transaction fee will be low as well. Miners cannot generate new coins and they have to earn revenue from transaction fees. If transaction volume is low and transaction fee is low, miners will be gone and bitcoin network will be in danger unless BTC changes to use POS or something else...

Will the miners stop mining because they get fewer and fewer bitcoin (as rewards)?

Hopefully, the coin is so valuable at that point that even though the mining rewards are low, they are still monetarily high enough to justify mining. Remember, mining is only supposed to be profitable with the cheapest electricity available, so it doesn't have to give that high of a subsidy in the big picture.

The value will increase with the passage of the years, when they can not be more mineralized it will be equal to diamond / gold / petroleum

Diamonds are valuable but its price is way overpriced.
Main part of diamonds price was created and pumped by smart marketers.

Search about it and you will be amazed how people were fooled by simple marketing techniques  ;)

Block rewards will be replaced by mining fees in every aspect.
When these billionaires move their coins, they will pay a fee to the miner and anyone can be a miner.If they never move their coins, then it is like they don't exist and poses no problems in the first place.

Bitcoin can always be mined from transaction fees and satoshi's can be infinitely divisible just as bitcoin can, Core would just add 0's to the end of the sat's, this is harder than it sounds obviously, but is possible.

Billionaires will own the majority of Bitcoins because they bought them when they were worthless and then became billionaires when the price went up. :D

True. None of us stand a chance anymore.  :'(

Even toilet paper is more useful than silver... I like your logic though :)

To stay on-topic. There is no doubt BTC price will raise with time and will definitely raise exponentially (sky rocket) after it's completely mined. The real question here is, will BTC survive until then?

Of course they sell a portion of their mining profits. They are obliged to if they want to be able to keep operating.
I also feel like it's more likely that bitcoin will create more rich people than there will be rich people buying into bitcoin and crypto currency right now. Remember, we're approaching the total market cap of bitcoi very quickly so at this point they should already be buying in heaps of bitcoin.

At some point in the future, the last bitcoin will be mined. Once 21 million bitcoins are created, no more bitcoins will ever be created. That doesn't mean that the bitcoin world will come crashing down, however. Besides awards for hashing, bitcoin also provides transaction fees. Currently, these fees amount to only a tiny amount, only a fraction of a sent. However, as bitcoin awards go down, the fees will likely increase, as will the value of bitcoin.

Bitcoin miners can not cheat by raising their own rewards, nor can they process fraudulent transactions that could damage Bitcoin's network because all Bitcoin connections will reject any type of block containing invalid data. for miners, when bitcoin is done mined, they will still get a fee from every transaction that occurs.

Good question.. unfortunately don't think there is a way to tell currently what will happen. I believe another cryptocoin will become superior to BTC eventually just because of its technical limits. There are better alternatives that function much better overall. Another question that remains is will another coin become as well known as bitcoin to the regular public? What coins will make access for a regular person as easy as FIAT is now.. time will tell.

       There are only 21 million bitcoins that can be mined regardless of the earths population and its corresponding demand for bitcoins. Once
21 million have mined there will be never be any new bitcoin unless a change to the protocol is made to increase the supply.

As a decentralized cryptocurrency, BTC will be harmed by more centralized miners or more centralized BTC holders?
some altcoin try to resolved centralized mining by asic resistant mining. while eos try to move to POS consensus, is it terrible if centralized etc holders? And during ICO, some will try to deliver tokens as dispersed as possible.
It is a social experiment?  8)

You might be surprised on how many improvements can be done to Bitcoin without creating a new cryptocurrency. Bitcoin was designed with many features in mind that were never deployed due to slow and secure development on Bitcoin. You might notice Bitcoin Core version starting with a zero, which is to indicate that all of this is still just an experimental version. Many other currencies, like Ethereum, has experienced bad transaction scripts that enabled thefts of large amounts of money. Bitcoin is still the most secure network and blockchain to date.


Bitcoin protocol was left with many op codes that were never filled and serve as a placeholder for many features that Bitcoin plans to implement eventually.
Satoshi and the devs didn't just make a first cryptocurrency and leave the job half done. they spent A LOT of time exploring all the possible benefits and applications and features that such technology could bring. But altcoins popped up in hopes of generating revenue when they saw Bitcoin early adopters easily becoming rich, so they rushed to make all the features that Bitcoin didn't have yet due to slow and steady development that focuses on security and stability.
Bitcoin can't run around implementing new feature every month even if it has the most talented and skilled developers of all cryptocurrencies. They have big expectations and a very big responsibility to make a first and best crytpocurrency in the world.

Bitcoin should be fine, the tokens will have inherent value which will generate new wealth from fluctuating exchange rates and there will be fees for the miners.

Really the main thing that happens is that they turn out very bunt after all that hard work. thats allot of numbers right there to own and have full possession.

well explained. Thank you!

I think that the same thing will happen to bitcoin as of what's happening now. I mean only the rich people control the world because of money, right? So, I'm guessing they will also manipulate bitcoins the same with what they do with money.

Maybe Satoshi will withdraw his 1 Million BTC. If they are worth like 50k each, just imagine the shit it would create: the dude would be calling on 50 TRILLION DOLLARS. Bye bye, the economy.
I mean, it IS possible... If we reach this price...
How would the world react to this ? He would be worth fifty Apple compagnies, like, wtf. He could buy back the whole US debt, twice, and still have 10 trillions to play with. This guy... would be the master of the world.

And the banks would be fucking broke at the very instant he withdraws. Maybe it will be like a declaration of war or something, like:

Satoshi : "gibbe me my monies"
Banks : "noez"
Satoshi : "y u no gibbe me monies"
Banks : "bcuz i dont have dat monies"
Satoshi : "but why mah account says I haz deez monies ?"
Banks : "lol dunno"

"maybe bcuz frauds. who cares"

Exact!  ;)

When all coins are mined the demand would rise very high and the price also. It might happen that majority of coins will be owned by rich Bitcoin owners but there will still some amount circulating. But there will be big space for manipulation and how the situation will develope also depends what the wales will decide to do with their Bitcoins.
My advice is to collect much Bitcoins as you can before that happenes.

I think alt coins would rice with btc and you may hold a few btc or 100 000 tokens of another cryptocurrency.

More tokens=much more profit

bitcoin will be dominated by whale holder, is very likely to occur and force many users to engage only in altcoin markets only. but the negative effect will be greater where the trading volume will move marked with stronger confidence to certain coins, the greater the trust it will increasingly make the system develop, especially ethereum that can already pair with fiat. This is a threat to bitcoin in the future.

The reward divides in half over and over, it technically will never stop. But the last million blocks or so will show the wear and tear of life as the diff keeps rising and the reward keeps dropping.

But, there may be fun times, as the power miners will eventually bail and that will drop the diff and the weaker miners will make a good return and that might bring the power miners back, it will get weird.

The 21st million bitcoin will be mined in 2140! I don't think any of us will be alive to see it happen. I'm with you on your price estimate  ;)

It can't half forever since you can't half a single satoshi. The rewards will stop, this is intended by design. Just try halving the current block reward and in about 30-something halves (you will have to remove the digits below one satoshi to be accurate). Since halving is every 4 years, you get a number somewhat over 100 years, but it is there.

Most likely all bitcoins will not be mined in our lifetime, the expected last block to be mined is around 2140, so you better get some anti-aging therapies going, haha!

But otherwise, the miners at that point will still make profits in the form of transaction fees and, as the network is showing greater and greater adoption already, there will likely be tons of transactions by then for the miners to stay profitable.

Otherwise, bitcoins will probably be held as a store of wealth by some, with some of it being sold and bought at different prices, just like gold or any other commodity.

I think we will see a larger integration of bitcoin in our every day lives in the coming decade (easily pay at most places with it, maybe even banking sector adoption?).

Nevertheless, it will be one interesting ride!

no matter how, there must be bitcoin circulating, if no, whats the really use of bitcoin, just a collection? bitcoin should be a basic currency across the world and it must be concetrated by several giants