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Title: What happens when all BTCs have been mined? Post by: Leanna on November 06, 2013, 01:43:27 AM Pretty much what the title says.
What happens when all 21 million (I think that was the max number) BTC have been mined? How will transactions get verified? Just generally, what happens? Also, if verification gets slower than transaction amounts (because of the difficulty, and by amounts I mean how many transactions there are; more people using BTC, more transactions), what will happen to the transactions? Will they get delayed for days? Title: Re: What happens when all BTCs have been mined? Post by: thew3apon on November 06, 2013, 02:11:34 AM Pretty much what the title says. What happens when all 21 million (I think that was the max number) BTC have been mined? How will transactions get verified? Just generally, what happens? Also, if verification gets slower than transaction amounts (because of the difficulty, and by amounts I mean how many transactions there are; more people using BTC, more transactions), what will happen to the transactions? Will they get delayed for days? People will still mine for the transaction fees, just less... and the difficulty would adjust accordingly.. Title: Re: What happens when all BTCs have been mined? Post by: Leanna on November 06, 2013, 02:19:29 AM So what are transaction fees then? Will transaction fees replace mining rewards?
Title: Re: What happens when all BTCs have been mined? Post by: nahtnam on November 06, 2013, 02:25:43 AM People will still mine for transaction fees and the 21 million will circulate and the price of bitcoin should go up like crazy.
Title: Re: What happens when all BTCs have been mined? Post by: nahtnam on November 06, 2013, 02:26:49 AM So what are transaction fees then? Will transaction fees replace mining rewards? Transaction fees are the tiny amount you pay to send money. If you are using coinbase, then you won't have to pay them. Title: Re: What happens when all BTCs have been mined? Post by: Leanna on November 06, 2013, 05:07:12 AM So no fees from Coinbase... Does that include both incoming and outgoing transactions?
What about verification speed one we're at or near the 21 million maximum amount. Title: Re: What happens when all BTCs have been mined? Post by: DeathAndTaxes on November 06, 2013, 05:12:23 AM What about verification speed one we're at or near the 21 million maximum amount. It will be no different. Mining (transaction verification, and block creation) will NEVER end. The only thing that will change over time is the amount of the block SUBSIDY. Miners are paid tx fees plus the block subsidy. The block subsidy began at 50 BTC and in >100 years it is will be down 1 satoshi and then go to zero. Title: Re: What happens when all BTCs have been mined? Post by: tripppn on November 06, 2013, 05:16:29 AM Someone correct me if I'm wrong but because of the way bitcoin is developed it shouldn't run out of coins to mine for like 40 years or something right?
Title: Re: What happens when all BTCs have been mined? Post by: DeathAndTaxes on November 06, 2013, 05:19:23 AM Someone correct me if I'm wrong but because of the way bitcoin is developed it shouldn't run out of coins to mine for like 40 years or something right? Corrected. https://en.bitcoin.it/wiki/Controlled_Currency_Supply If the network hashrate was stable it would be ~140 years however with hashrate increases the end of subsidy day can't be exactly determined this far in the future however it is somewhere in the 100-120 years from now range depending on the long term hashrate growth rate. Title: Re: What happens when all BTCs have been mined? Post by: beegatewood on November 06, 2013, 05:27:46 AM Someone correct me if I'm wrong but because of the way bitcoin is developed it shouldn't run out of coins to mine for like 40 years or something right? Yes, it ran out of coin but transaction fee would never ran out unless everyone use online wallet.... Title: Re: What happens when all BTCs have been mined? Post by: beegatewood on November 06, 2013, 05:33:49 AM Someone correct me if I'm wrong but because of the way bitcoin is developed it shouldn't run out of coins to mine for like 40 years or something right? Yes, it ran out of coin but transaction fee would never ran out unless everyone use online wallet.... Title: Re: What happens when all BTCs have been mined? Post by: DeathAndTaxes on November 06, 2013, 05:42:18 AM Someone correct me if I'm wrong but because of the way bitcoin is developed it shouldn't run out of coins to mine for like 40 years or something right? Corrected. https://en.bitcoin.it/wiki/Controlled_Currency_Supply If the network hashrate was stable it would be ~140 years however with hashrate increases the end of subsidy day can't be exactly determined this far in the future however it is somewhere in the 100-120 years from now range depending on the long term hashrate growth rate. Would people mine for that long? I am hearing about a lot of people who stop mining, because it just isn't paying off anymore (compared to a year ago). Mining is forever or Bitcoin ends. However if SOME (as in not all) miners quit then the profits of the miners who don't increase. The system is self balancing that way. As long as the network generates some revenue (combination of fees and/or subsidy) there will be someone willing to mine. Title: Re: What happens when all BTCs have been mined? Post by: nahtnam on November 06, 2013, 06:16:42 AM So no fees from Coinbase... Does that include both incoming and outgoing transactions? What about verification speed one we're at or near the 21 million maximum amount. Well incoming fees are paid by the sender. If you send money from one coinbase account to another coinbase account, it will be instant, have no fees, and you can send any amount even if it is less than the blockchain minimum. If you send more than 0.001 to any other address then coinbase will pay the 0.0005 fee for you, but anything less than 0.001, then you pay the fee. |