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Title: What will happen when we hit 21 000 000 bitcoins Post by: Kiki112 on February 18, 2014, 09:12:55 PM When we get to 21 000 000 bitcoins, how will miners be rewarded and will anyone keep mining only for the fee rewards, how slow will our transactions be? :-\
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Don007 on February 18, 2014, 09:14:19 PM how will miners be rewarded and will anyone keep mining only for the fee rewards, how slow will our transactions be? :-\ I think less people will mine indeed, allthough that reallt depends on the value of the BTC. Miners will be rewarded by the fees paid by people who make an transaction. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: ledmaniak on February 18, 2014, 09:15:58 PM Less miners also shouldn't slow down the network as the block reward is still ~10minutes. Network difficulty should change with the amount of miners and will finally go to a certain equilibrium where it is still profitable for the miners.
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Teka on February 18, 2014, 09:16:29 PM THE MOON RACE STARTS!
Serious: A lot less people will mine but I think that if the price goes to "the moon' many will stay. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Kiki112 on February 18, 2014, 09:18:14 PM Less miners also shouldn't slow down the network as the block reward is still ~10minutes. Network difficulty should change with the amount of miners and will finally go to a certain equilibrium where it is still profitable for the miners. but if we hit the 21m cap then no new blocks will be made? if we keep discovering new blocks there will be more then 21m bitcoins o.O Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Teka on February 18, 2014, 09:26:04 PM Less miners also shouldn't slow down the network as the block reward is still ~10minutes. Network difficulty should change with the amount of miners and will finally go to a certain equilibrium where it is still profitable for the miners. but if we hit the 21m cap then no new blocks will be made? if we keep discovering new blocks there will be more then 21m bitcoins o.O The will be no more coins but the transactions still have to be validated and that's what the miners are primarily there for. They will still make money from transaction fees. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Kiki112 on February 18, 2014, 09:27:06 PM Less miners also shouldn't slow down the network as the block reward is still ~10minutes. Network difficulty should change with the amount of miners and will finally go to a certain equilibrium where it is still profitable for the miners. but if we hit the 21m cap then no new blocks will be made? if we keep discovering new blocks there will be more then 21m bitcoins o.O The will be no more coins but the transactions still have to be validated and that's what the miners are primarily there for. They will still make money from transaction fees. that's what I said, but the transaction fees aren't big, will there be enough miners? :-\ Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Baitty on February 18, 2014, 09:32:26 PM The value will become much higher and that is truely when Bitcoin will be at it's highest.
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: mprep on February 18, 2014, 09:33:24 PM Transaction fees will increase in order to compensate them for the work.
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Baitty on February 18, 2014, 09:35:08 PM Transaction fees will increase in order to compensate them for the work. One of the draw backs we won't be seeing 21 million Bitcoin in our live times though. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: mprep on February 18, 2014, 09:39:54 PM Transaction fees will increase in order to compensate them for the work. One of the draw backs we won't be seeing 21 million Bitcoin in our live times though. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Teka on February 18, 2014, 09:47:40 PM Transaction fees will increase in order to compensate them for the work. One of the draw backs we won't be seeing 21 million Bitcoin in our live times though. Speak for yourself ;) Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Baitty on February 18, 2014, 09:55:11 PM Transaction fees will increase in order to compensate them for the work. One of the draw backs we won't be seeing 21 million Bitcoin in our live times though. Speak for yourself ;) Do you plan on living 100 of more years? Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Teka on February 18, 2014, 09:59:53 PM Transaction fees will increase in order to compensate them for the work. One of the draw backs we won't be seeing 21 million Bitcoin in our live times though. Speak for yourself ;) Do you plan on living 100 of more years? I thought the estimates were 2050 to 2070? Plus I think that the world record is 116 so yeah maybe. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: lemfuture on February 18, 2014, 10:20:23 PM mission accomplish
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: knightcoin on February 18, 2014, 10:20:29 PM in the meanwhile in the hack town ...
human battery has robbery bankars ... http://www.youtube.com/watch?v=ARYKOaBUOtU Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: DanielVG on February 18, 2014, 11:21:38 PM When we get to 21 000 000 bitcoins, how will miners be rewarded and will anyone keep mining only for the fee rewards, how slow will our transactions be? :-\ The value of bitcoin will probably be higher and miners get the transaction fees. Once all coins are mined they can/will get lost and that raises the value of all other coins. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: evansearle42 on February 19, 2014, 01:23:57 AM When we get to 21 000 000 bitcoins, how will miners be rewarded and will anyone keep mining only for the fee rewards, how slow will our transactions be? :-\ Difficulty for Bitcoin would drop 95%.. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: ahmedjadoon on February 19, 2014, 06:06:12 AM Nothing will happen.Because I rarely mine
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: guybrushthreepwood on February 19, 2014, 12:43:58 PM how will miners be rewarded and will anyone keep mining only for the fee rewards, how slow will our transactions be? :-\ I think less people will mine indeed, allthough that reallt depends on the value of the BTC. Miners will be rewarded by the fees paid by people who make an transaction. Maybe more people will mine. I'm not an expert in mining, but will ridiculously fast rigs still be needed just to process transactions? Couldn't it open it up to more smaller miners just mining for transaction fees? Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: madzooka on February 19, 2014, 01:37:21 PM That's interesting to read different opinions about miners's future, furthermore I have another question - How long will it take to generate all the coins to hit 21m bitcoins?
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: hilariousandco on February 19, 2014, 01:59:20 PM That's interesting to read different opinions about miners's future, furthermore I have another question - How long will it take to generate all the coins to hit 21m bitcoins? Around 2140 all coins will be mined. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Sheldor333 on February 19, 2014, 02:22:23 PM Some people will mine for transactions fees or there will be some people who will do just that, that is companies. Who knows, we can't know for sure that we know as well that we won't live to see it.
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: JimboToronto on February 19, 2014, 03:28:51 PM That's interesting to read different opinions about miners's future, furthermore I have another question - How long will it take to generate all the coins to hit 21m bitcoins? Around 2140 all coins will be mined. Around 2140 all satoshis will be mined. The last whole BTC will be mined by 2040. I'm 65 years old and I might even be still alive in 2040. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Holliday on February 19, 2014, 05:07:11 PM By then Bitcoin will be successful or a failure. I doubt it will only be a niche thing at that point. If it's successful, there will be millions of transactions fighting to be included in a block. Miners will be fine. If it is a failure (replaced by something else), well... who cares about how Bitcoin miners get paid? :)
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Raya on February 19, 2014, 05:30:15 PM That's interesting to read different opinions about miners's future, furthermore I have another question - How long will it take to generate all the coins to hit 21m bitcoins? Around 2140 all coins will be mined. Around 2140 all satoshis will be mined. The last whole BTC will be mined by 2040. I'm 65 years old and I might even be still alive in 2040. It's 2140 not 2040 so a lot of us will not be alive. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Holliday on February 19, 2014, 08:32:59 PM That's interesting to read different opinions about miners's future, furthermore I have another question - How long will it take to generate all the coins to hit 21m bitcoins? Around 2140 all coins will be mined. Around 2140 all satoshis will be mined. The last whole BTC will be mined by 2040. I'm 65 years old and I might even be still alive in 2040. It's 2140 not 2040 so a lot of us will not be alive. You failed to read the post you've quoted, didn't you? Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Cryptopher on February 19, 2014, 08:47:49 PM It's a fair question, I think that some people will pay larger fees to get their transaction processed - or perhaps the value of Bitcoin will be much higher.
It's an interesting thought. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Kiki112 on February 19, 2014, 08:52:49 PM That's interesting to read different opinions about miners's future, furthermore I have another question - How long will it take to generate all the coins to hit 21m bitcoins? Around 2140 all coins will be mined. Around 2140 all satoshis will be mined. The last whole BTC will be mined by 2040. I'm 65 years old and I might even be still alive in 2040. It's 2140 not 2040 so a lot of us will not be alive. I feel you didn't read the post :D Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: techgeek on February 19, 2014, 09:02:57 PM I have no idea, let me know when you get there ::)
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: mprep on February 19, 2014, 09:17:03 PM That's interesting to read different opinions about miners's future, furthermore I have another question - How long will it take to generate all the coins to hit 21m bitcoins? Around 2140 all coins will be mined. Around 2140 all satoshis will be mined. The last whole BTC will be mined by 2040. I'm 65 years old and I might even be still alive in 2040. It's 2140 not 2040 so a lot of us will not be alive. I feel you didn't read the post :D Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: MakeBelieve on February 19, 2014, 09:27:58 PM Imagine being the person to mine the last remaining Bitcoin I would keep that Bitcoin for the rest of my life just for a collectors thing.
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Kiki112 on February 20, 2014, 02:04:17 PM Imagine being the person to mine the last remaining Bitcoin I would keep that Bitcoin for the rest of my life just for a collectors thing. how would you know which one of your coins is the last one?will you put a bell on it or something :D Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Baitty on February 20, 2014, 02:10:24 PM Imagine being the person to mine the last remaining Bitcoin I would keep that Bitcoin for the rest of my life just for a collectors thing. how would you know which one of your coins is the last one?will you put a bell on it or something :D DING DING DING! You are the winner! :D :D :D :D :D Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: boomertoo on February 20, 2014, 02:20:32 PM OK so there is an x factor!
Once the bitcoin becomes more of a mainstream medium for commerce it will create exponential transaction explosion. This will in turn lead to increased block transactions wich leads to more rewards wich leads to reaching the 21 million mark at a more accelerated time frame. When well thats still a speculative guess at best. So the main point here is that the current growth of the market cap (float) is largely a product of investors hoarding or trading bitcoin. This is infinitesimal compared to the bitcoin as currency being used in mainstream commerce. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: yatsey87 on February 20, 2014, 02:31:32 PM OK so there is an x factor! Once the bitcoin becomes more of a mainstream medium for commerce it will create exponential transaction explosion. This will in turn lead to increased block transactions wich leads to more rewards wich leads to reaching the 21 million mark at a more accelerated time frame. When well thats still a speculative guess at best. So the main point here is that the current growth of the market cap (float) is largely a product of investors hoarding or trading bitcoin. This is infinitesimal compared to the bitcoin as currency being used in mainstream commerce. 1G3GHKcr3C5XiHVPZ9i4EQ6Zshv8E1UEdf What's your wallet address got to to with this? lol. Just put it in your signature. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Kiki112 on February 20, 2014, 08:12:15 PM OK so there is an x factor! Once the bitcoin becomes more of a mainstream medium for commerce it will create exponential transaction explosion. This will in turn lead to increased block transactions wich leads to more rewards wich leads to reaching the 21 million mark at a more accelerated time frame. When well thats still a speculative guess at best. So the main point here is that the current growth of the market cap (float) is largely a product of investors hoarding or trading bitcoin. This is infinitesimal compared to the bitcoin as currency being used in mainstream commerce. 1G3GHKcr3C5XiHVPZ9i4EQ6Zshv8E1UEdf What's your wallet address got to to with this? lol. Just put it in your signature. wow didn't know people on the internet can listen to reason :D he has putten it in his signature Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: HorseCoin on February 22, 2014, 04:02:28 PM nah. HorseCoin will rule from 2100-2140. while people sweep up the few remaining bitcoins
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Kiki112 on February 22, 2014, 05:32:20 PM nah. HorseCoin will rule from 2100-2140. while people sweep up the few remaining bitcoins no, maybe FuckYouBitcoinWillRuleCoin is going to be better :D Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Nezinau on February 22, 2014, 09:02:02 PM hahah, good coins guys xD
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: naphto on February 22, 2014, 09:23:03 PM Fees will be high, and you won't be able to send btc without fees :(
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: MakeBelieve on February 22, 2014, 09:24:55 PM Fees will be high, and you won't be able to send btc without fees :( If you own no more than 10 Bitcoin you will find it very hard to send Bitcoin without losing it within a couple of weeks. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Kiki112 on February 23, 2014, 01:18:08 AM Fees will be high, and you won't be able to send btc without fees :( If you own no more than 10 Bitcoin you will find it very hard to send Bitcoin without losing it within a couple of weeks. who can edit bitcoin? and can you make everyone update their bitcoin software? Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: googie4 on February 23, 2014, 06:20:25 AM In the year 2,140 I believe. Though we will hit 4,000,000,000 Nem coins in the year 2014.
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: googie4 on February 23, 2014, 06:28:45 AM Will Bitcoin even be the most popular coin then?
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: HowGudAmI on February 23, 2014, 04:02:16 PM we will hit 4,000,000,000 Nem coins in the year 2014. Yay ??? ??? ??? Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: bitcoin44me on February 23, 2014, 04:33:15 PM The world will end before we reach 21 000 000 bitcoins, so it does not really matter.
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: UltraPleb on February 23, 2014, 05:08:13 PM I'm doubtful it'll get there certainly in my lifetime, unless computing power dramatically increases. Prices will start to go up and up.
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: bitcoin44me on February 23, 2014, 07:14:44 PM I'm doubtful it'll get there certainly in my lifetime, unless computing power dramatically increases. Prices will start to go up and up. Computing power does not really matter. Blocks are found every 10 min on average. Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Minbyan on February 23, 2014, 07:25:24 PM Nothing.
Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: naphto on February 23, 2014, 07:46:21 PM Title: Re: What will happen when we hit 21 000 000 bitcoins Post by: Kaligulax on February 24, 2014, 09:24:33 AM when we hit 21 M BTC... how you dont know?
Four horsemen of the apocalypse will come... :O |