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Title: What happens when The Bitcoin limit of 21 million bitcoins has been reached? Post by: gooch on January 05, 2014, 03:46:52 PM Hey guys, i just wanted to know what will happen after the the Bitcoin upper limit of 21 million bitcoins has been reached? Would the prices dramatically go higher or drop? And does this mean mining with be finished after this?
Title: Re: What happens when The Bitcoin limit of 21 million bitcoins has been reached? Post by: Dr Bloggood on January 05, 2014, 03:51:54 PM The limit will be reached in 100 years or so - none of us will see that...
However, most of the coins should be mined till 2030 or so. And basically, cut off supply means rising prices, so all other elements equal, it has to deflationary with rising prices. Post 200, yipiieeee! Title: Re: What happens when The Bitcoin limit of 21 million bitcoins has been reached? Post by: Dr Bloggood on January 05, 2014, 04:04:04 PM The limit will be reached in 100 years or so - none of us will see that... However, most of the coins should be mined till 2030 or so. And basically, cut off supply means rising prices, so all other elements equal, it has to deflationary with rising prices. Post 200, yipiieeee! There are already 12 million Bitcoins in circulation, and with new miners coming along how does that make sense by saying it will take 100 years? Sorry I'm new to this that's why i might ask questions that might sound stupid to some people. This is how it's planned, it's how Satoshi established it. Don't ask me for the technical details, but you can read this all over the internet on sites about BTC as well. Glad I can help a newbie - I was one too, not a long time ago... ;) Title: Re: What happens when The Bitcoin limit of 21 million bitcoins has been reached? Post by: Sb123 on January 05, 2014, 04:04:53 PM The theory is that when that happens, the Fees alone from transactions will be enough of an incentive for people to keep mining. Whether that theory is true is up in the air.
Title: Re: What happens when The Bitcoin limit of 21 million bitcoins has been reached? Post by: yogi on January 05, 2014, 04:07:21 PM Bitcoins are produced at a predetermined rate. Once all the bitcoins have been mined the bitcoin network will continue to operate normally, except miners will profit from transaction fees only.
Title: Re: What happens when The Bitcoin limit of 21 million bitcoins has been reached? Post by: Dr Bloggood on January 05, 2014, 04:12:26 PM You could also answer two questions for me:
1. How come you don't know anything about mining, but you are selling BTC miners? 2. Why is a new miner cheaper than a used one? Title: Re: What happens when The Bitcoin limit of 21 million bitcoins has been reached? Post by: imamanandyou on January 05, 2014, 04:18:04 PM The limit will be reached in 100 years or so - none of us will see that... However, most of the coins should be mined till 2030 or so. And basically, cut off supply means rising prices, so all other elements equal, it has to deflationary with rising prices. Post 200, yipiieeee! There are already 12 million Bitcoins in circulation, and with new miners coming along how does that make sense by saying it will take 100 years? Sorry I'm new to this that's why i might ask questions that might sound stupid to some people. Block rewards halves every 4 years, so 50% mined after 4 years, 75% after 8 years, 87,5% after 12 years and so on. Last Satoshi will be mined around 2130 Title: Re: What happens when The Bitcoin limit of 21 million bitcoins has been reached? Post by: LiteCoinGuy on January 05, 2014, 05:30:22 PM The limit will be reached in 100 years or so - none of us will see that... However, most of the coins should be mined till 2030 or so. And basically, cut off supply means rising prices, so all other elements equal, it has to deflationary with rising prices. Post 200, yipiieeee! There are already 12 million Bitcoins in circulation, and with new miners coming along how does that make sense by saying it will take 100 years? Sorry I'm new to this that's why i might ask questions that might sound stupid to some people. yep. make some research. you will find alot interesting stuff on youtube etc about it. like : https://www.youtube.com/watch?v=qHUPPYzzZrI |