Bitcoin Forum

Bitcoin is 89% premine to any kid born today.
In 2140 it is 100% premine to any kid born that year.

Why the future generations don`t get any rewards?

What kind of design is this satoshi? to enslave the future of humanity?

They could earn rewards from transaction fee


There are many article which answer your question. Example,
https://decrypt.co/34876/why-is-bitcoins-supply-limit-set-to-21-million (https://decrypt.co/34876/why-is-bitcoins-supply-limit-set-to-21-million)
https://en.bitcoin.it/wiki/Controlled_supply#Deflation (https://en.bitcoin.it/wiki/Controlled_supply#Deflation)

2140? Ah, sadly, I was unthinkable for years that had not necessarily arrived. Well this is why it is difficult for us to grow day by day, because we make too many plans far enough as you say 2140. why not designing a strategy for today and for tomorrow is much better, than you have to plan the rewards for the year. do your best for now and get started.

And one more thing, for every generation there will always be reformers, and even new Satoshi will be born according to their time, so don't worry about future generations getting rewarded or not. rest assured they will be much more developed than we have today.

We do not have to bother about this because 2140 is still more than a century from now, 2140 is just the estimated time calculated to be when all bitcoin will be mined, and if all bitcoin have been mined, no bitcoin will be generate again into circulation, but as bitcoin is deflationary by design, the price of bitcoin will increase more and more in such a way it will be substituting the increasing mining difficulty and decreasing mining reward, provided if more people are making use of it, and after all bitcoin are mined, the increased price of bitcoin will make the transaction fee to also increase as they are directly proportionate which will be the reward for miners. When all bitcoin are mined, transaction fee will be the reward for miners mining bitcoin.

I'm not sure why would you spend all your time trying to undermine Bitcoin when there is obviously loads of altcoins that does exactly what you envision, lifetime inflation, free from riding the coattails of fiat, whatever. There's probably an altcoin that is suitable for you. It's meaningless to try to entertain you when you obviously won't accept any logical answers. If you think Bitcoin should act like fiat, go use fiat.

But why don`t they get a chance to earn block rewards like we do?
Why don`t they get even a chance to generate any supply?

You never provided a logical answer.

@ranochigo

The answers that people have submitted is
"2140 is a long time away, lets not worry about it"

Show me the logical answer, because there is none. It is just simply unfair to future generations and that is the fact.

Bitcoin mining is predominantly done by large pools with lots of money. Kids born today won’t be able to solo mine any way. The days of solo mining are long gone.

I'm pretty sure I did quite a few times till I put you on my ignore list. Well, including that one time you compared a transaction fees to a tax, not sure what you were implying. Now that you say, perhaps I should supplement the answer above.
As compared to the fiat system that you adore, Bitcoin does not have a steady or increasing inflation but rather it has a decreasing inflation. This means that Bitcoin will have a fixed supply cap and will not exceed the maximum limit as documented in the protocol, well unless you fork it for an altcoin. The primary function of a block reward is to distribute the coins fairly. If the currency has a fixed supply cap, there is no way you can achieve that without the block rewards being zero or negligible throughout it's lifespan. It does not matter if they get a chance to earn block rewards or not. The difficulty system ensures that the difficulty of mining a block is proportional to the cost of mining that block.

Having a steady/constant inflation would undoubtedly devalue the price of Bitcoins and the miner's would probably get compensated to the same effect if they're mining solely for the transaction fees in the future. If you don't see the block rewards and the transaction fees as a compensation for the miner's expenses to mine Bitcoins, then you probably won't accept most of the reasoning. Appreciate the reply though, hope we can finally have some constructive discussion.

We don't want to think far away from the present. The future generation have got more other possible chances to earn out of the network. With time we can expect more changes happening in the network. When there is high demand, automatically more transaction will happen within short time period. This way there's more chance of network getting congested. More the transaction fee provided, faster will be the confirmation. People are talking of bitcoin supporting micropayments, but what way this will be made possible. If I'm not wrong bitcoin will be used as a large scale transaction support system, because only for large scale transaction the fee seems to be fair.

Trust me I dislike fiat more than I dislike bitcoin, but like Elon Musk I realize "bitcoin is almost as bs as fiat"

I think we should hang all the people making fiat, I don`t think we should hang satoshi.

Now a coin backed by elasped duration is not fiat, fiat is created out of thin air in unlimited amounts, a coin generated at a fair rate to all, 1 hour coin an hour, is not fiat. It is a limited supply and unlimited supply in a sense. Limited to how long you live and unlimited that it can`t be mined out. Something we have never tried.

I will tell you the fate of bitcoin, it leads to mass murder.

I dont think to guess that far away, it can be tricky to answer since we don't know any of those developments that can be made in Bitcoin protocol, but on the other hand, you're right.  Estimated that the Bitcoin last can be mined by October 8, 2140 (just an approximately guessing).  As I can say, it will remain unpredictable and no one knows what will happens ahead.

Some people believe about Bitcoin stabilization near in the future, still, use as a currency.  Just like similar functions to fiat that regularly use by people and miners could earn in all transactions be made.  But at this point, I'm afraid that the decentralization of Bitcoin will become centralized since as of now we have big institutions that adopted Bitcoin altogether with (whales) big players in the market.

It can also increase the price forever that makes inflation towards dollars, sounds like following the global mankind GDP increase.  

I am sure that children who are the future generations will not get the opportunity to mine, but they will become new pioneers in the digital industry. Even if the year 2140 really will happen, I am optimistic that there will be more innovations and advanced technologies that will be created by future generations in the world of cryptocurrency. would even outweigh the current reward mining system.

Bitcoin mining isn't supposed to last forever, otherwise it would look a very bad investment and probably a ponzi scheme. Every precious thing is limited in supply and that is what makes this thing valuable. That seems very logical to me. No way to change the fact this opportunity won't be available for kids of future generation as gold rush hasn't been available since my grandfather's generation more or less.
But don't worry, if technology keeps advancing and the humanity achieves even higher progress levels these kids will have better opportunities and life quality during their lifetime than we all have nowadays, even with bitcoin mining.

 So far your question can be answered on many existing articles and by far answered already above posts.

2140 is the estimated year to stop mining bitcoin so mining rewards will be stopped. And who knows there will be some consensus made between those years and will change everything on bitcoin codes, but that's all what-ifs.

Yah true, I think something better will have replaced the current systems by 2140.

Heck they might be smart enough to create a system where no matter what decade you are born in, you get a equal chance to mine rewards.
Heck they might be really smart and create a system with dna where people that are already born get to backtrack to their birthdate and collect all the rewards they missed because they were born before the system existed. Giving all older people a retirement fund.

I cannot understand the problem with what is written in stone. The rewards were implemented to attract the early miners and by the time all the coins are mined the miners will earn the mining fees. When you start mining bitcoin you know the facts about the profit you can make and you only mine if you think it is feasible for you, there is no point in crying about it.

I mean I don`t mind, I`m not crying. I got a chance to mine in 2010, when supply was only 10% premined, But I am sure the future generations are probably going to think it is bullshit and cry and then use something else that is not bullshit.

Why are you so focus on coinbase?
Miner profit  is given by block reward + transaction fees.
Usually in the past, coinbase has been predominant, we already had a few block with transaction fees being the higher than the block reward.
In the future this occurence will be more and more common, until 20140, when mining fee will be the only source of profitability for miners as the 32 halving would have taken the block reward below 1 satoshi (fun fact: halving are not necessary to make bitcoin deflationary. Bitcoin would have a deflationary stance, of a growing S2F, even without halving).


I can only imagine how hard it will be to write on the blockchain in 2140, and my suspect is mining fees will be very high in bitcoin terms, but even higher in FIAT equivalent (provided we still have a fiat system, in 2140).
Kids in 2140 will have still a huge possibility to profit securing the blockchain in 2140.

Hey, hey. Please don't offend Satoshi.  ;D His design is perfect for our needs if you ask me.

Next generations will still be able to benefit from block rewards from transaction fees so I don't see what is the problem here. Or they could just purchase Bitcoin from the market and not mine it. Anyway I think in 2140 Bitcoin has a high chance to be one of our or the single mainstream currency.

A pre-mine refers to initial creators allocating themselves tokens before public launch -- before a protocol can be publicly mined. That clearly does not apply to Bitcoin.

Anyone who wants to mine for bitcoins can do so. In fact, they can continue to do so after the year 2140. They'll just collect transaction fees only instead of newly minted coins.


They will get the reward of sound money. ;)

This is what I wanted to say when I read his post. A coin can be pre-mined only before its release date and everything else is mined, not pre-mined.

Saying that a kid born 100 years from now will not have a chance to mine is pointless because it's like saying that a kid born at that time will not use paper money. It's true but what does that change?

I was born after the gold rush and I never had a chance to mine physical gold in Sierra Nevada. Do I feel like I've missed the opportunity of a lifetime? As much as those kids born in 2150 will :D

Well I don't really think it matters that much if the people or our kids' kids' kids in the near future won't have the chance to mine. Coz then again it's just cryptocurrency anyway, and with an unhoardable coin like bitcoin per se, you can't expect anyone, not even now to earn so much bitcoin he can effectively become a ruler of the future world.

I think so too, by that time, bitcoin has already been passed from the first generation to the second generation. Not to mention that mining might not be the most profitable thing to do at that time, there will be more jobs that are far more profitable than we could imagine now. If you have the will to hoard and the money to make it happen I think that you can do anything you want, being a ruler will need more than just bitcoin because you will need some connections to establish an empire or government.

To OP, they can't get the mining rewards because they will still be infant when the last block was mined.

Today born kids, can’t mine Bitcoins without proper equipments and big budget investment at first.
Moreover at the future the kids can earn from the blocks.
Also if there aren’t enough BTC to mine, then there should be some other valuable coin in the market available to mine.
Hope this clears your concern and doubts OP.
Let’s see what happens in the future next.

I am surprised to see that so many people are agreeing with the OP. Perhaps they need to educate themselves on how the Bitcoin mining works. There will be no fresh coins to be mined after 2140. But that doesn't mean that mining will come to a complete halt. Mining will continue as long as Bitcoin exists. Because mining reward consists of two parts - block reward and fee reward. After 2140, there will be no mining reward. But the fee reward (BTC0.50-BTC1.50 per lock) will be there and the mining will continue.

There is no need to worry about what will happen in 2140, because I believe in that year there is a technology that may be more sophisticated
than blockchain. Or maybe even Bitcoin was dead at that time, and there are many more possibilities that will happen. Because no human is
capable of knowing the future. So I don't think you need to think too far for 2140, why don't you think about what will happen tomorrow or
the next 5-10 years. What still makes sense for us to predict, I myself am confused when asked about what will happen in 2140.

If your ability to mine for the subsidy is such a great benefit, why aren't you taking advantage of it?

There are two ways to obtain bitcoins: spend money to mine them, and spend money to buy them. Bitcoins have always been and will always be available to everyone equally.

Such year is very far beyond from what we are right now. It will take a whole century and almost two decades before that time come and it will already plenty of generations that will arise after our current generation. First, why bother of such things that we clearly cannot predict nor will not affect the current situation we have? Second, maybe because by that time it could be possible that certain changes happen due to lots of factors affecting things and brings out lots of circumstances that maybe the reason why kids on that era will not get a chance to experience mine rewards. All in all, things are for sure, we do not exactly know what will happen on that time and things like this will not affect us now so do not worry that much for we are no longer alive on that time.

The finite nature of BTC makes it valuable. One question arises from your question. If there will not be any rewards then who will validate transactions? People validate transactions because they get rewards in return. What will happen if the rewarding system stops? The future of BTC is very unknown.

There are people who can't seem to stop caring about the future especially those in power, I agree that we don't have to worry about what happens but we have to at the least think about it because what we do in the present is going to shape the future. @Shasha80 is right, a lot of things could happen along the way and we may never know until we have arrived there so no use speculating.

They will have other coins to mine, there are a lot of minable coins and will be even more

That is optimistic thinking, the truth is that the mining rewards were implemented by Satoshi to attract people to support the network and in the beginning there was no valuation and everyone mined to help the network and the general idea was that by 2140 the price of bitcoin will be much higher so that the miners could survive by the transaction charges.

Wow, speach like putins governement say, they are 20 years ago talking about what they move russiane contry to TOP of development hahahahaha.

what enslave .  i think that satoshi didnt mean this btc to become a business or a job . no one is slave here because no one is force to do this things but the people that do must be willing .

its because you just said that earlier in your post but i heard that miners can still get a reward . we have so many coins other than btc that has much supply than btc with different status ( mined , premined , etc.. ) kids in the future wont run out of cryptos to mine for profits .

My thoughts also. By that period, all human beings that are living today are already long gone. We don't know what is status of the humanity at that stage or the condition of our planet. Just think of the climate change or the global warming attached to it. After more than 100 years, no one can tell what our future will be. Maybe, bitcoin will already be an obsolete technology and there is no more reason to think about it. So right now, it is not really good idea to think about that period of humanity, if ever humanity still exists.

Seems that you are thinking so advance that you want to know what may happen to the future, First of all, there is no need for mining Bitcoin because all existing Block was already mined at that year, that is for certain and the only thing possible, but for some rewards, I think newly form projects might still be possible so there is a chance that they could take free airdrops or bounty campaigns if there might be existing in the future because we certainly know that Bitcoin's value will be to the moon by that time and maybe there can still be rewards that may be under blockchain from certain coins or Bitcoin if it will be included in price money for a certain event or competition.

And Enslaving is not the right one, I think it is to be free!

What are you whining about? I don't understand why people are creating problems out of nothing.

Why the future generation doesn't have clean air to breathe? My grandpa must have also asked when he was young, why the future generation has to buy water to drink?

You are asking the wrong questions, dude. Quit crying for the wrong reasons.

They will be rewarded. The world is theirs. Don't think as if the people in the future generations are brainless pieces of parasites.

So you are talking of 119 years later which is more than a century and we can't say what will happen at that time.The future generations will be using Bitcoin as digital currency when it will be Mainstream so why are you concerned about mining at that time.So what do you think they will not have any othe major source of income other than Bitcoin mining?The supply is limited to 21 million and it cannot be increased but Sathoshi have built technology for use by the current as well as future generations.The mining will continue till 2140 which is still very far.The future generations will use Bitcoin and earn through its usage not mining so don't worry about that period.

The question is, would those future kids minding to mine on that time? When it comes to rewards then they would really be still making via fees when pushing up transactions.

Presuming that bitcoin did able to survive till 2140 which indicates that it is already globally adopted in full scale which means transactions in the network would really be more than on what we are
seeing at the current.

Also satoshi didnt really create nor make bitcoin about enslaving yet he didnt even expect for his creation to make this big as of this moment.

Someone, I see, has no pressing problems and is interested in possible problems with cryptocurrency in six generations of people, given the fact that it is generally accepted that a generation of people changes every twenty years. Moreover, none of us will ever know what will happen to the cryptocurrency by this time.
My advice is to live with the current problems and enjoy life. How much more will change in 120 years. Nobody can know what the cryptocurrency will be like by that time.

By 2140, I believe technology is getting more sophisticated, and it is possible that mining will also be more advanced and so that mining vows will be eliminated and replaced with prize money, but who knows in the future? what is there now is to spend money to mine it, and spend money to buy it. Bitcoin has always been and will always be available to everyone as an equal. that's all maybe my opinion

There is no mining vows to be eliminated, efficiency yes there is a problem if you want to pin point and i do not want to see any major changes in the base protocol even centuries from now until we come across some new technology that could replace it which is a possibility and bitcoin will never created to give equal opportunity for everyone all the time :P.

Exactly! That time period is very very far. And all the human beings that exist today will be long gone. Who knows what will be the current situation of earth by then? Maybe crypto is already out of the market as there is new technology that will be introduced. Just look at least 10 or 20 years from now. At least, we will be realistic with out perspectives here.

Live your life now brother, it's too early to think about the future. And who knows another coin might take the position of bitcoin in their time, so it doesn't really matter. Also if bitcoin would still be existing that time, the transaction fees would maybe be be enough if they want to earn rewards.

pizzalover420 strikes again!

It's been answered before 1000 times, but I'll reiterate it. The transaction fee will completely replace the mining reward way before 2140.

As computers get better we may be able to increase the amount of transactions as well, more transaction = bigger fee.

But the biggest thing you need to realize is that no-one is entitled to new bitcoin. The rollout is what it is, a rollout. The future generations will just have to put value in to get bitcoins.

Bitcoin is never going to be all the value in the universe. Real value exists from the ability to perform services.

If you're not strong enough to get your own water or repair your house and you have bitcoin, you can pay that younger person in bitcoin to help you, or die. Who is really rich then?

2140 is too far from now so we should not spend time thinking about that year because there are so many things that would happen before 2140 arrived. With the year 2140, we can say that technology would be so advanced but unfortunately, no one of us here would encounter that thing so there would be good and advanced mining for bitcoin as well, maybe a lot of people that year would be really happy and lucky because of the technology.

Why worry for the future generations who will live for the next centuries? Of course, they will have their own share as well this is not the end for some people who didn't get any chance to get some block reward because there is always a chance to get some profit because the technologies revolving around Bitcoin is evolving as well in the next 10 years the lightning network will be fully recognized and there will be lots of convenience apps to improve the transaction speed and some other apps developed to give those people some extra income as well.

This will probably end up being the type of politically correct nonsense that will lead developers and miners to increase the total supply. Luckily, we’ll all be dead so it can only be speculated about at this time nor does it matter.