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Title: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: tread93 on August 17, 2023, 03:52:57 AM Now what?
I think this is good to know. For our heirs. We won't be here. Assuming somehow our coins make it that far into future generations. Man this is some crazy stuff to be thinking of. LOL Can't wait to see the responses. Cheers, TREAD Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: adaseb on August 17, 2023, 03:57:13 AM Yes this was the point from the beginning. Miners won’t need the block reward because their revenue will be the transaction fees due to usage by many people around the globe.
In the past there were times when transaction fees were higher than the block reward. With ETH it was more apparent since they always had congestion. So no block rewards are not a problem as long as people use the network. Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: NeuroticFish on August 17, 2023, 04:04:58 AM This was asked and answered before and I'm not sure what you expect to see here. We can write any science fiction essay we want and I would be surprised if reality will not beat at least some of them.
I like to think that bitcoin will be used as reserve by central banks, only large transactions will go on-chain and the bulk will happen on alternative channels (LN and similar), also that even states or banks will mine (for a good hash rate and also for including their own transactions into the mined blocks). Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: DapanasFruit on August 17, 2023, 04:09:06 AM I understand that Bitcoin mining is still considered to be a lucrative enterprise so by the time that there can no more BTC to be mined then remaining miners has to do with transaction fees as their main source of revenue. I am sure there can be other opportunities available to them into the future. This is not something we should be worrying a lot...let those in Bitcoin in the year 2140 get burdened with the issue. Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: stompix on August 17, 2023, 04:24:18 AM I think this is good to know. For our heirs. I think the heirs will be laughing their asses out in 2140 looking back at the 101 million topics about the reward and the same answers being posted again and again. I bet their first impression would be: "These idiots invented Bitcoin"? TREAD lol... Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: dzungmobile on August 17, 2023, 05:30:49 AM Now what? Now, really?It is always a big question since 2009 but after many years, two past halvings in 2013 and 2017 as well as some past market cycles, we can see that halvings decrease block rewards for Bitcoin miners but in a correlation of Bitcoin price which increases after each halving. Yearly candles (https://charts.bitbo.io/yearly-candles/) If you look at Bitcoin Yearly Lowest (Min) price, you will have a better view. Bitcoin lost its $30,000 hours ago but its price today is far better than 2020 min price that is $4107. Yearly low price of bitcoin:
Code: +---------------------------------+ Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: Fivestar4everMVP on August 17, 2023, 05:42:26 AM Well, I don't think there is much to about this to discuss, and besides, has anyone mentioned that this topic has been discussed here before? , on several occasions, anyways, when every bitcoins are mined, making money from bitcoin mining will become only based on transactions fees collected from from those using the bitcoin network, at least, mining bitcoin could become easier and will no longer consume electricity as it does now I believe..
And another thing worthy enough to note is that by 2140, most of us are no longer here must have joined our creator, so whatever be the outcome of this development by then will be solely based on decisions made by that generation by then, so personally do not see a need to be discussing this as we can not develop bitcoin alone, the future generations has a part to play in the future of bitcoin, even when all bitcoin have been mined. Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: Kakmakr on August 17, 2023, 05:48:33 AM This is going to be one of the biggest tests for Bitcoin, but I think it will show it's success or failure ...long before the last coin are mined. We hope that the "Miners fees" will be enough to motivate the miners to continue mining, because the Block reward would have been almost zero, by the time that the last token are mined.
I think the Bitcoin we see now, will be mined in some museum as a show piece and that it will be replaced by something a lot more sophisticated and it will be running on 1000s of Quantum computers all over the world. ::) It will also be inter planetary, with tokens for every planet that would be colonized. (MarsCoin / VenusCoin ...etc...) Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: franky1 on August 17, 2023, 05:56:24 AM This was asked and answered before and I'm not sure what you expect to see here. We can write any science fiction essay we want and I would be surprised if reality will not beat at least some of them. I like to think that bitcoin will be used as reserve by central banks, only large transactions will go on-chain and the bulk will happen on alternative channels (LN and similar), also that even states or banks will mine (for a good hash rate and also for including their own transactions into the mined blocks). so.. you want bitcoin to become a government network.. and users thrown over to silly subnetworks that have flaws and no security.. um no.. but ill just say: goodbye, so long and thanks for the fish.. if thats your guide to the crypto galaxy id rather us normal folk get to use the secure bitcoin network and its the banks that do stupid stuff charging people middle men fees on their silly corporate designed subnetworks that require middle-men to route payments. .. for anyone that thinks that bitcoin should be limited to say 6000tx a block with a $30 fee per tx to give pools $180k. a block are thinking rather narrow mindedly.. but in a narrowminded mindset of what benefits central banks/corporate banks.. not users/customers. so lets use FIAT wire and a corporate payment system as an example.. if it costs users $30 to make a wire transfer no one will want to use it. even if its just to lock-in to another subnetwork. people wont even want to pay $60 a month to unlock-relock value into different payment system offering cheap fees once locked in.. imagine it like paypal saying they operate faster than bank wire transfer and only charge 1cent. but there is a $60 monthly fee to get in-out of paypal to audit/settle account. people would avoid paypal and bank wire transfers and find a different currency altogether the solution is not to make wire transfers expensive and hope paypal win customers whilst keeping people semi linked to 'dollar'. becasue people would end up just avoiding the dollar and instead convert to pound or lira.. the solution is to make dollar wire transfers better. and then have the silly niche sub services for thinks like starbucks loyalty cards and apple giftcards for payments within them systems ... by having more transactions per block means each user pays less EG the (if lean) possibility of 4200tx a block in 2014-2016(1mb allotment)... means (if lean) we could have had 16800 tx in 2017-2023 without breaking the 4mb accepted allotment.. and by 2140 knowing storage space for terrabytes would be like 1mb floppy disk prices of 1999.. we could have more then 16k tx per block. meaning users pay pennies not dozens of dollars we are no longer in the pre-millenium era where 1mb cost $1 and in 2140 gigabytes wont be more then pennies Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: NeuroticFish on August 17, 2023, 06:14:27 AM so.. you want bitcoin to become a government network.. and users thrown over to silly subnetworks that have flaws and no security.. um no.. but ill just say: goodbye, so long and thanks for the fish.. if thats your guide to the crypto galaxy id rather us normal folk get to use the secure bitcoin network and its the banks that do stupid stuff charging people middle men fees on their silly corporate designed subnetworks that require middle-men to route payments. I don't realistically expect people pay the equivalent of 100s of $ for sending "small" amounts on chain. And for the fees to drop to bearable amounts... something big (and possibly bad) would have to happen (to get miners think it over) Maybe something better and safer than LN will get invented... Sadly some of the infinite supply altcoins may be the only ones that could be used in the way you say... if they survive until 2140... Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: NotATether on August 17, 2023, 06:17:04 AM This is going to be one of the biggest tests for Bitcoin, but I think it will show it's success or failure ...long before the last coin are mined. We hope that the "Miners fees" will be enough to motivate the miners to continue mining, because the Block reward would have been almost zero, by the time that the last token are mined. No, contingencies for this should be in place long before this happens. As in, having a constant stream of transactions with a steady fee. Ordinals and BRC20 were that a few months ago, but now nobody even talks about them (for good reason though). It might annoy the users of Layer 1, but increased transaction fees, up to a point, will be how the miners survive without the block subsidy. Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: franky1 on August 17, 2023, 06:18:15 AM so.. you want bitcoin to become a government network.. and users thrown over to silly subnetworks that have flaws and no security.. um no.. but ill just say: goodbye, so long and thanks for the fish.. if thats your guide to the crypto galaxy id rather us normal folk get to use the secure bitcoin network and its the banks that do stupid stuff charging people middle men fees on their silly corporate designed subnetworks that require middle-men to route payments. I don't realistically expect people pay the equivalent of 100s of $ for sending "small" amounts on chain. And for the fees to drop to bearable amounts... something big (and possibly bad) would have to happen (to get miners think it over) Maybe something better and safer than LN will get invented... Sadly some of the infinite supply altcoins may be the only ones that could be used in the way you say... if they survive until 2140... its not about infinite supply altcoins either.. its simply about more transactions per block=less cost per transaction.. whilst the combined total fees of all transactions per block pay the pools. the silly narrowminded idea of incentivizing miners by charging everyone more. makes people transact less.. the real solution is to make it cheap to transact and allow more transactions to fill the total fee per block.. via lots of little fees but i do laugh that your latest idea is to avoid the flawed subnetwork and instead throw users to crapcoins.... seems you really do not want/like users wanting to just stay using the bitcoin network. all your options is to push users to other networks.. hmm strange Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: franky1 on August 17, 2023, 06:24:44 AM This is going to be one of the biggest tests for Bitcoin, but I think it will show it's success or failure ...long before the last coin are mined. We hope that the "Miners fees" will be enough to motivate the miners to continue mining, because the Block reward would have been almost zero, by the time that the last token are mined. No, contingencies for this should be in place long before this happens. As in, having a constant stream of transactions with a steady fee. Ordinals and BRC20 were that a few months ago, but now nobody even talks about them (for good reason though). It might annoy the users of Layer 1, but increased transaction fees, up to a point, will be how the miners survive without the block subsidy. ordinals bloated up the blockspace but paid less than the average fee per byte.. so not a test of the future expectation.. its actually the opposite.. increasing fees per user is not the solution either. the real solution is actually increasing the users. to give a better total block fee.. that the difference Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: sesterceshop on August 17, 2023, 06:45:01 AM As the focus shifts from solving puzzles to transaction validation, more efficient and specialized equipment might be developed to optimize transaction processing and energy consumption.
It could also lead to increased decentralization since the motivation will be transaction fees rather than the creation of new coins. It could enhance the overall security of the network even more, as miners continue to compete to validate transactions honestly. Overall, the future is exciting, and I think the shift will still be a positive development for Bitcoin. Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: Die_empty on August 17, 2023, 06:50:59 AM And another thing worthy enough to note is that by 2140, most of us are no longer here must have joined our creator, so whatever be the outcome of this development by then will be solely based on decisions made by that generation by then, so personally do not see a need to be discussing this as we can not develop bitcoin alone, the future generations has a part to play in the future of bitcoin, even when all bitcoin have been mined. Sometimes we want to shape the future by our actions today. But the future is unpredictable because it comes with new threats and opportunities. Technological the future generation will be better, I am sure they can handle bitcoin.It might annoy the users of Layer 1, but increased transaction fees, up to a point, will be how the miners survive without the block subsidy. High transaction fees will discourage people from using bitcoin. It will end up becoming a currency for only people that can afford the transaction fees. I was thinking that cheap transaction fees will increase adoption and when many people use the network miners will make more money from the transaction fees. Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: Zaguru12 on August 17, 2023, 07:14:31 AM It is always a big question since 2009 but after many years, two past halvings in 2013 and 2017 as well as some past market cycles, we can see that halvings decrease block rewards for Bitcoin miners but in a correlation of Bitcoin price which increases after each halving. Firstly you might have missed up some dates, I think you started counting bitcoin halving from 2009 with every four years interval which gave you the 2013, but the first bitcoin halving actually occurred In November 2012, where the block rewards was reduced 50btc per block to 25btc. Then the subsequent block reward halving occurred in 2016, and 2020 been the last time it occurred. The 2013 and 2017 year would have actually be the years that bull run occurred base on past trends that bull run happens a year after the halving period High transaction fees will discourage people from using bitcoin. It will end up becoming a currency for only people that can afford the transaction fees. I was thinking that cheap transaction fees will increase adoption and when many people use the network miners will make more money from the transaction fees. Exactly should the transaction fee become high many people will be discourage to use the network for daily payments which is the sole purpose of bitcoin in the first place. But if read through you will know where NotATether is driving at. The miners spends lots in buying the mining equipment and maintaining it should the reward for block mining stops they would certainly be after just the transaction fee which will definitely not be enough. Except if there is another innovation integrated before then but I fear many of these miners will leave mining and that brings me to the worry that; should there be few miners, wouldn’t that cause centralization by these few? Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: Husires on August 17, 2023, 07:19:55 AM If the youngest person here is 10 years old, in the year 2140 he will not be able to comprehend what he is saying, and therefore we all do not care what happens because we will not be present.
Science is developing rapidly, and it has become impossible to predict 20 years ahead. more than 100 years is an open possibility for science fiction and thrillers, not for facts and logic. Look how our lives have changed since the year 2000, and how it could be after 100 years. Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: Sim_card on August 17, 2023, 07:20:56 AM Same old questions, same old answers. As we can see bitcoin can't survive without the upcoming generations. Nobody can predict what will be the fate of bitcoin by 2140 because everyone will be dead by then,when the last bitcoin would be mined. As long as the network is still on,miners will make profit from transaction fee and who knows how much will be the transaction fee by then,I believe it will be an encouraging amount. Worthless about 2140 and let nature to take its place.
Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: ranochigo on August 17, 2023, 07:27:25 AM It is always a big question since 2009 but after many years, two past halvings in 2013 and 2017 as well as some past market cycles, we can see that halvings decrease block rewards for Bitcoin miners but in a correlation of Bitcoin price which increases after each halving. Unfortunately not a causation. The increase always coincides with a rise in the popularity of Bitcoin and the effects of the halving are often either negligible or difficult to measure. I have my doubts that the halving would actually cause a significant rise in the value of Bitcoin, if any.As the focus shifts from solving puzzles to transaction validation, more efficient and specialized equipment might be developed to optimize transaction processing and energy consumption. Everyone validates transaction, and there is no actual puzzles being solved. The issue is when the cost for an adversary to execute an attack becomes too low.It could also lead to increased decentralization since the motivation will be transaction fees rather than the creation of new coins. It could enhance the overall security of the network even more, as miners continue to compete to validate transactions honestly. Overall, the future is exciting, and I think the shift will still be a positive development for Bitcoin. Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: Latviand on August 17, 2023, 07:32:43 AM I like to think that bitcoin will be used as reserve by central banks, only large transactions will go on-chain and the bulk will happen on alternative channels (LN and similar), also that even states or banks will mine (for a good hash rate and also for including their own transactions into the mined blocks). 1 century is a pretty long time, and I'd like to believe the same thing as you do but the external factors that might affect that future is pretty scary to just ignore. If we don't nuke ourselves towards a slow death nuclear winter with the current war with Ukraine and Russia threatening going nuclear, the dread of even just thinking that is scary enough to not care what happens when all bitcoins are finally mined.Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: un_rank on August 17, 2023, 07:50:30 AM As halving progresses, it will get to a point where a single bitcoin will be mined for decades cause the mining reward has become so small, smaller than the transaction fees already. So 2140 or whenever the last sat is mined will not be an epoch for bitcoin, but a culmination of changes that has happened several years before that time.
Everyone validates transaction, and there is no actual puzzles being solved. Nodes validate transactions.- Jay - Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: Crypt0Gore on August 17, 2023, 09:04:31 AM I think mining won't be as profitable as it is today im the future because there is nothing left to mine, the only way left is through transaction fees, I believe the profit will be parallel until loads of people start adopting Bitcoin even more, the higher the number of people making transactions per day the better the profit for miners will be.
The crazy part is, imagine Bitcoin is acceptable in all stores worldwide, if that happen Miners will always go home with good money every day, I won't worry myself much since I won't live that long anyway. Since transaction fee is all that's left, the hope of mining rewards in the future depends on the adoption rate and daily transactions on the Bitcoin Network. Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: lovesmayfamilis on August 17, 2023, 09:57:18 AM OP loves to dream. But you're not the first person on this forum to ask this question. I think you will be interested in the early posts of people who, in the same way, set off into the future to predict what will happen to Bitcoin. Myself, I can say that it is always fun for me to read such comments and be surprised at the scope of the imagination of people who are not able to predict what will happen to them the next day. ;D
https://bitcointalk.org/index.php?topic=5441009.0 https://bitcointalk.org/index.php?topic=235926.0 https://bitcointalk.org/index.php?topic=1957719.0 https://bitcointalk.org/index.php?topic=2416872.0 Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: icalical on August 17, 2023, 11:28:02 AM I am sorry I might be hated to say this lol, especially in a bitcoin forum, but I don't think by 2140 bitcoin is still exist. It will be remembered definitely as one of the biggest financial technology in the history, but by that year, people should see a much larger scale of blockchain and cryptocurrency. Let's just see how a storage technology has evolved on the last decade, 1TB wasn't even on the consumer market, now 1TB is fit into our pocket on a smartphone. the the hard-disk as we knew before is now obsolete we have solid state now.
Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: Eternad on August 17, 2023, 11:41:52 AM I’m thinking that since Bitcoin price will be stable that time, Central bank will enter mining competition since Bitcoin transaction fee will be in demand and bank transfer will be useless since Bitcoin is possibly a legal tender already globally.
I believe Bitcoin will be the most valuable asset on earth since it’s price will continue to increase everytime the inflation is increasing too. The price will be stable increasing gradually as inflation hits hard the fiat economy. Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: Z-tight on August 17, 2023, 12:01:23 PM I’m thinking that since Bitcoin price will be stable that time, Central bank will enter mining competition since Bitcoin transaction fee will be in demand and bank transfer will be useless since Bitcoin is possibly a legal tender already globally. How do you know that BTC price will be stable then, or that bank transfers will be useless? Obviously you can't just guess with things like these, if BTC continues with this current growth it may be a legal tender in many countries by the time, but it is also possible that it won't. It is a very long time from now and many things could happen, some other decentralized currency created could even rival BTC by the time, we do not know, and the reason why op shouldn't have started another one of these threads.I believe Bitcoin will be the most valuable asset on earth since it’s price will continue to increase everytime the inflation is increasing too. The price will be stable increasing gradually as inflation hits hard the fiat economy. It may possibly happen the way you predict it, but it may not also. The world doesn't stop evolving, and even if BTC is indeed a special creation, who can say that by 2140 some asset or currency more special wouldn't have been created.Title: Re: It's 2140. All the Bitcoin is now mined, only mining transactions make $ Post by: Blitzboy on August 17, 2023, 12:29:07 PM Imagine a scenario in which every Bitcoin is mined, revealing the actual brilliance of the system. The transactions themselves will be the source of revenue for miners rather than the creation of new currency. The network must be maintained, you moron!
Although lovely, your naivete is totally misguided. Yes, you wont be here anymore, but your legacy for future generations will live on forever! You believe that this is "crazy stuff"? Reality is ringing your doorbell. BE AWARE! If your coins do survive to the following generation, it is a monument to both your ignorance and the resilience of Bitcoin. Be prepared, flexible, and successful |