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Title: After all Bitcoins are minted? Post by: jmevz on June 23, 2013, 07:12:43 AM Hi,
What happens once all Bitcoins are minted? Will they release a new batch or simply pay us a fee for processing transactions? From memory 21 Bitcoins are currently available to be minted, with 11 Billion minted to date with 10 Billion still to be minted. Sorry if this has been posted previously. Cheers, Jeff Title: Re: After all Bitcoins are minted? Post by: Monetizer on June 23, 2013, 07:15:51 AM Just to clear up confusion: There will only ever be 21 million bitcoins that will only be minted by 2160 (Or around then)
Title: Re: After all Bitcoins are minted? Post by: gweedo on June 23, 2013, 07:36:23 AM Yes transactions volumes will be so great that miners will still want to mine. 21 Million will ever exist and if they change that, then it isn't bitcoin.
Title: Re: After all Bitcoins are minted? Post by: jmevz on June 23, 2013, 07:44:27 AM Sorry if I sound naive here, but if we're currently rewarded with newly minted coins, who will pay us for transactions once all coins are minted in the future? If that makes sense... I'm guessing the buyers/sellers/traders?
Title: Re: After all Bitcoins are minted? Post by: mprep on June 23, 2013, 09:58:29 AM Sorry if I sound naive here, but if we're currently rewarded with newly minted coins, who will pay us for transactions once all coins are minted in the future? If that makes sense... I'm guessing the buyers/sellers/traders? when you send a transaction you send a fee usually. This is will grow and with the volume of transactions it will be a good amount to keep miners happy. Title: Re: After all Bitcoins are minted? Post by: cryptoswag on June 23, 2013, 11:36:56 AM What is the schedule for the fee escalation? My understanding is that blocks are currently awarded for confirming transactions on the block chain. Once all the blocks are released, the fee would have to be pretty high (comparable to the cost of btc blocks) to keep people confirming the transactions...
Title: Re: After all Bitcoins are minted? Post by: dillpicklechips on June 23, 2013, 11:41:15 AM What is the schedule for the fee escalation? My understanding is that blocks are currently awarded for confirming transactions on the block chain. Once all the blocks are released, the fee would have to be pretty high (comparable to the cost of btc blocks) to keep people confirming the transactions... I actually think the fees will slowly replace block rewards slowly and without too much planning and will just happen organically. As Bitcoin grows, so will total fees. Perhaps the block reward with fees included may never go under 15 BTC. (Who knows what the minimum will be though..) The free market at work!Title: Re: After all Bitcoins are minted? Post by: Markov on June 23, 2013, 12:27:13 PM So basically you could be a miner for the rest of your life if you wanted? Cool
Title: Re: After all Bitcoins are minted? Post by: dillpicklechips on June 23, 2013, 12:53:37 PM So basically you could be a miner for the rest of your life if you wanted? Cool Ya it's pretty kick ass. I'm sure the miners 20 years from now will have some pretty sweet machines!Title: Re: After all Bitcoins are minted? Post by: jdany on June 23, 2013, 12:59:29 PM Please correct me here if any of my math isn't right.
The current block size can support roughly 7 transaction per second. I pay .005 BTC per transaction when I send. --- .035 BTC paid to the network per second 420 transactions per minute = 2.1 BTC per minute Per second = .035 BTC Per minute = 2.1 BTC 10 minutes = 21 BTC Per day = 3024 BTC Currently, 25 BTC are mined every 10 minutes. |