Bitcoin Forum

On the moment mining can be pretty profitable business, as mining pool is rewarded for block generation, so it is reasonable to spend resources on generation of blocks. But situation will change when all bitcoins will be generated. How do you think, how it will impact bitcoins? I see here many discussions with comparison of bitcoins and banks. Is there any possibility, that block generators will turn into bank-like institutions? As bitcoin users will still need new generated blocks to make transactions, miner authority could raise greatly, as they will be able to set their terms and costs. A government institutions could also try to take block generation under control with purpose to decrease anonymity of bitcoin users, for example by prohibiting mining activities without special license. What do you think?

When all the bitcoins are mined, miners will be paid in transaction fees.  As the number of bit coins rewarded per block found decrease, the fees increase.

Correct. Now miners get 12.5 BTC + transaction fees per block. If we will propose, that there are 100 transactions in one block, extra 0,125 BTC is needed from every transaction to cover lack of block generation reward. Will miners bi interested to generate blocks for the transaction fees only without getting a reward?

All the possible Bitcoins will never really be mined since the halvings just reduce the last Bitcoin down significant amounts, but it's around 2140 that the last Bitcoin is fully mined if I remember correctly. Once that happens, and realistically long before then, miners will be getting paid in transaction fees instead of typical block rewards, which will maintain the longevity of the network from that point forward. This also means that either the network will get bigger blocks or the value of single Bitcoins will shoot through the roof to facilitate transactions.

Why increase the fee per transaction? I think that will increase the block size and, accordingly, decrease the cost of the transaction. Perhaps part of the miners switch to another coin. The price to align demand and supply. Bitcoin does not suffer from this. As will increase the popularity of bitcoin will continue to grow and the number of transactions. On their confirmation can be very good money.

I think if the bitcoin will somehow generated all in one day I think bitcoins are will likely to dump thr value because of its value. And many people will experience shortage of the fund of bitcoin. And will somehow be the problem of the community. But this is somehow  a good news to many because it will likely to have a good impact and change to many people.

I think the miners will eventually divert, and the miners will make their own choices because of the fast restrictions.

There are only 21million bitcoins to be mined and that too til 2024. Bitcoin will eventually reach to the sky and will be uncontrollable. However miners will get no benefit as all the bitcoins will get mined and maybe after that no fee will be needed too to transfer your bitcoins from one address to another.

Blocks are used for proving that transactions existed, so they still will be required to make a transactions as far as I understand, so somebody will need to generate them.