Title: I’m worried about the future of Bitcoin Post by: samkalyzom on October 04, 2024, 06:07:58 AM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners?
Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct Title: Re: I’m worried about the future of Bitcoin Post by: pooya87 on October 04, 2024, 06:30:35 AM Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? The reward the miners receive is the sum of block reward (that gets halved every ~4 years) and the sum of all transaction fees inside that block. So the only way what they receive could be zero is if we are about a 100 years from now that the block reward is zero and also nobody uses bitcoin anymore to pay any fee.Quote Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Anything is possible but remember that capped supply is one of the main principles of Bitcoin. Changing those is extremely difficult because it fundamentally changes Bitcoin.Not to mention that there is no reason to do so in the near future (that's the next decade or two). And in my opinion speculating about any further than that is wrong because of the way technology advances, we may have something far better than Bitcoin 20 years from now. Quote Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. No never because PoS is a fundamentally flawed protocol.Title: Re: I’m worried about the future of Bitcoin Post by: Die_empty on October 04, 2024, 06:38:09 AM I don’t know if my understanding is correct Given that the price of bitcoin has historically increased, this trend is very likely to continue. After all, other assets have kept appreciating. Even if all the 21 million bitcoins are mined, miners will still be rewarded with transaction fees. Bitcoin's hard cap makes the coin unique. One of the differences between Bitcoin and altcoins is the the limit. I don't think increasing the supply limit of Bitcoin will ever be considered. POW makes Bitcoin decentralized and secured, so it's still the best option. Title: Re: I’m worried about the future of Bitcoin Post by: Charles-Tim on October 04, 2024, 07:18:16 AM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? This question has been answered. The question should now be will miner be making money from only transaction fee. I think they should be. Let us expect bitcoin price to increase. Also some coins are spamming the network which add to transaction fee. There will likely be more of them in the future.Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. I do not think this would be possible. It will strongly be opposed by the bitcoin community. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. For what reason? PoW is better than PoS. Not only that miners will benefit. The miners will pay for electricity. This will help increase employment in electricity companies. Unlike PoS.Title: Re: I’m worried about the future of Bitcoin Post by: Ambatman on October 04, 2024, 08:30:31 AM I don't know if it would possible to picture a Bitcoin that's not POW or more than 21million.
If there's any changes, it seize been called Bitcoin. Yes it would get to zero when all block are mined but as long as transactions are made Then there would be incentives for miners to continue but we can't tell if the fee would be enough then but that's in the future. Quote Bitcoin's hard cap makes the coin unique. One of the differences between Bitcoin and altcoins is the the limit. Bitcoin is unique from altcoins because it's Bitcoin. Hardcap is just one of its defining feature. Title: Re: I’m worried about the future of Bitcoin Post by: Rruchi man on October 04, 2024, 08:47:15 AM Is it possible that Bitcoin could increase its total supply in the future? Any tamper on the total amount of Bitcoin would be a red flag because it would raise a lot of questions about the nature of Bitcoin that we've trusted over the years, and people would be interested to know who increased the supply and to know if it is really free from control.And in my opinion speculating about any further than that is wrong because of the way technology advances, we may have something far better than Bitcoin 20 years from now. This is a fact.@OP, worry about now; leave worry about the future for later. Title: Re: I’m worried about the future of Bitcoin Post by: Catenaccio on October 04, 2024, 08:51:34 AM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. After heard about it, did you make any research to figure out the fact?How is the 21 million bitcoin cap defined and enforced (https://blog.lopp.net/how-is-the-21-million-bitcoin-cap-defined-and-enforced/) Controlled supply (https://en.bitcoin.it/wiki/Controlled_supply) Can Bitcoin's hard cap of 21 Million be changed? (https://river.com/learn/can-bitcoins-hard-cap-of-21-million-be-changed/) Bitcoin miners earn bitcoin in two things: Bitcoin block reward that halves every four years, and you have to know 4 years is estimation, it's exactly 210,000 blocks. With average block time is 10 minutes, the estimation gives you 4 years. Another earn source of Bitcoin miners is Bitcoin transaction fees that can be low or high, depends on Bitcoin users who are ready to pay high or low transaction fees. Quote Is it possible that Bitcoin could increase its total supply in the future? It is possible but nobody wants it to happen.Quote Could Bitcoin switch to PoS like Ethereum? Nobody wants it too because Bitcoin network with Proof of Work is decentralized, and switching to Proof of Stake will make it centralized.Title: Re: I’m worried about the future of Bitcoin Post by: betswift on October 04, 2024, 09:00:16 AM Is it possible that Bitcoin could increase its total supply in the future? Any tamper on the total amount of Bitcoin would be a red flag because it would raise a lot of questions about the nature of Bitcoin that we've trusted over the years, and people would be interested to know who increased the supply and to know if it is really free from control.And in my opinion speculating about any further than that is wrong because of the way technology advances, we may have something far better than Bitcoin 20 years from now. This is a fact.@OP, worry about now; leave worry about the future for later. Yeah, as it was said, there is no incentive to get a bigger total amount - it would destroy the hard cap that has been set and trust would go lower than ever for BTC, which would be the worst scenario for the crypto space in general, in my opinion. Title: Re: I’m worried about the future of Bitcoin Post by: Hatchy on October 04, 2024, 09:01:58 AM For what reason? PoW is better than PoS. Not only that miners will benefit. The miners will pay for electricity. This will help increase employment in electricity companies. Unlike PoS. I think at the time the last block will be mined, miners will only earn from transaction fee. I don't see any how the reward will become zero. Maybe there will be a surge in transaction fees . Though op ask a good question but then he should understand that Bitcoins price is driven by its scalability and limited supply and no there will not be a way to increase the supply. If ever this happens, it will reduce the trust alot of us has in Bitcoin. And screw PoS. Look how the eth network is more like a mess. We can't compare it in any way to that of the PoW used by Bitcoin. Title: Re: I’m worried about the future of Bitcoin Post by: FortuneFollower on October 04, 2024, 09:08:21 AM For what reason? PoW is better than PoS. Not only that miners will benefit. The miners will pay for electricity. This will help increase employment in electricity companies. Unlike PoS. I think at the time the last block will be mined, miners will only earn from transaction fee. I don't see any how the reward will become zero. Maybe there will be a surge in transaction fees . Though op ask a good question but then he should understand that Bitcoins price is driven by its scalability and limited supply and no there will not be a way to increase the supply. If ever this happens, it will reduce the trust alot of us has in Bitcoin. And screw PoS. Look how the eth network is more like a mess. We can't compare it in any way to that of the PoW used by Bitcoin. Yeah, and the reward will be not a zero, but rather something along the lines of 0,0..(zeroes)..1? As I understand it. Right now, the reward for the block is around 3,1 BTC. But the fees, as you said, would become the main source of income for miners, maybe. Title: Re: I’m worried about the future of Bitcoin Post by: TheUltraElite on October 04, 2024, 09:13:59 AM so the reward miners will receive will always approach zero. Reward for miners comes from the block subsidy and the transaction fee. Even if teh block subsidy is miniscule, the later will not be zero.Quote To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. No, read what I wrote above.Quote Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? Would have happened already when the number of miners were small. Did it happen? No.Quote Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Why are we even thinking about it? The supply is one of the fundamental aspects that keep it scarce.Quote Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. Nope. Because there is no problem in the first place.Title: Re: I’m worried about the future of Bitcoin Post by: SquirrelJulietGarden on October 04, 2024, 10:30:15 AM Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? Would have happened already when the number of miners were small. Did it happen? No.Future Bitcoin Supply (https://newhedge.io/terminal/bitcoin/future-bitcoin-supply) Bitcoin Equivalent Network Time (https://bitcointalk.org/index.php?topic=5331087) Bitcoin difficulty estimator (https://newhedge.io/terminal/bitcoin/difficulty-estimator) Title: Re: I’m worried about the future of Bitcoin Post by: Oluwa-btc on October 04, 2024, 11:03:28 AM Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct You're right about the halving and the fluctuations of price and unstable network too but looking at the general trends of Bitcoin in the future it's sure to deliver the miners to major rewards and profits, tho some people say the rewards come from the transactions fee but we can't really tell of it,and the rate of miners would be increasingly more which will be led to the general supply of Bitcoin in the future because alot of investors will want to hold and invest in it but this is something we shouldn't worry about cause the rewards won't turn out to be Zero. Title: Re: I’m worried about the future of Bitcoin Post by: kryptqnick on October 04, 2024, 11:04:42 AM As pooya87 mentioned, miners don't just get the block reward (which is getting halved), but also transaction fees (which can be quite a lot). So as long as people keep using Bitcoin, and as long as BTC price grows over time, I think there will be enough incentive to do this kind of work. Also, let's not forget that miners can quit, and then the difficulty rate readjusts, so it's not an issue if some miners leave over time because of being unsatisfied with rewards.
There's no need to increase the total supply, as Bitcoin is highly divisible into sats. I don't think there will be a consensus on moving to PoS like Ethereum did in the near future because it's a protocol many feel strongly negatively about. Title: Re: I’m worried about the future of Bitcoin Post by: fikrett on October 04, 2024, 11:05:55 AM Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct You're right about the halving and the fluctuations of price and unstable network too but looking at the general trends of Bitcoin in the future it's sure to deliver the miners to major rewards and profits, tho some people say the rewards come from the transactions fee but we can't really tell of it,and the rate of miners would be increasingly more which will be led to the general supply of Bitcoin in the future because alot of investors will want to hold and invest in it but this is something we shouldn't worry about cause the rewards won't turn out to be Zero. The reward will never be zero, but they go to fees rather than the block reward. Thus, we can't say for sure how it will be handled, but the thing that is certain is that everything should be fine. Title: Re: I’m worried about the future of Bitcoin Post by: icalical on October 04, 2024, 11:09:02 AM Miners' rewards would be lower every halving, but through the historical balance of supply and demand, the Bitcoin price usually go up not to mention that they are also getting income from transaction fee. A few miners drop out, but this is all part of an automatic adjustment that regulates mining profitability for those still online, a shifting difficulty level that will keep the network going with less miners on it.
As for increasing the supply of Bitcoin, this is not likely. Bitcoin's hard cap of 21 million forms a fundamental part of its value. Changing this would disrupt its appeal of scarcity and undermine trust in a way that the decentralized community would not go for. Moreover, unlike Ethereum, it is not in Bitcoin's philosophy to migrate toward Proof of Stake. While Proof of Work in Bitcoin has held up over the years, Proof of Stake is arguably more secure, decentralized, and perhaps more energy-efficient. Title: Re: I’m worried about the future of Bitcoin Post by: Alpha Marine on October 04, 2024, 04:31:17 PM When the supply of something is reduced and the demand stays the same or increased, the value of that thing will definitely increase. That's what halving does. Halving reduces the supply of bitcoin and the reduced supply, increases the price value of bitcoin because the demand either remains the same or increases. This means even if the reward miners get per block mined reduced, the value of the bitcoin they get increases.
Miners made about $300 in 2012 even though the reward was 25btc back then. Today they make just over 3btc and the reward is over $180k. This figure will increase with the increase in bitcoin price. So there is no way they'll make zero dollars as long as bitcoin is not equal zero. Bitcoin price at this stage will always be reasonable. In four years time when the reward will be halved to 1.5625, bitcoin price might get to over $200k after that. Title: Re: I’m worried about the future of Bitcoin Post by: CryptoHeadlineNews on October 04, 2024, 05:24:06 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. There is nothing to be worried about the price of Bitcoin, because despite the reward for mining each block is divided into half every halving, the beautiful thing about it is that it has always remained profitable to miners who are lucky enough to successfully mine a full block reward, of which I will be displaying below to demonstrate how truly profitable it has been despite the half reward each 4yrs, as a result of it crossing a new All-Time-High. https://www.talkimg.com/images/2024/10/04/if72l.jpeg https://www.talkimg.com/images/2024/10/04/if45T.jpeg You could see that the image above shows the previous and present mining reward for Bitcoin and it's value in dollars, of which you could noticed that despite the current mining reward is been divided into 3 BTC, it's value in dollar is still very huge (i.e approx. $180,000) Quote Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. The answer is NO, the total supply of Bitcoin is fixed (i.e 21million BTC) and as such it can't be altered by not even by Satoshi Nakamoto the anonymous creator, or present group of developers, as it's price is now controlled by demand and supply Title: Re: I’m worried about the future of Bitcoin Post by: adultcrypto on October 04, 2024, 05:38:04 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? Indeed such time will come but it is a very long time now. Even though it is not clear how it will be when we get to that point, the likely thing that will happen is that miners will be rewarded through transaction fees which might be a little higher than we have today. What is certain is that the bitcoin network will not collapse when the block reward gets to zero. Like I said, people will just be charged fees to get their transactions confirmed and I know there will also be competition among miners in terms of charging fair price. Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct Title: Re: I’m worried about the future of Bitcoin Post by: RockBell on October 04, 2024, 05:58:35 PM Given that the price of bitcoin has historically increased, this trend is very likely to continue. After all, other assets have kept appreciating. Even if all the 21 million bitcoins are mined, miners will still be rewarded with transaction fees. Bitcoin's hard cap makes the coin unique. One of the differences between Bitcoin and altcoins is the the limit. I don't think increasing the supply limit of Bitcoin will ever be considered. POW makes Bitcoin decentralized and secured, so it's still the best option. The price of bitcoin have been know to have been on increase for years now and to some extent that should be enough to encourage people to actually invest. Because I don't think this trend is going to stop any moment from now. And after everything even the miners are benefiting the most just that the number of miners is very important and the 21 Million is not a bad number doh but I feel that miners spend a lot to actually set everything up. Everything about bitcoin is unique and it is very valued because been the first in everything from the beginning is what makes the difference. I don't think I will also agree for the increase of the supply of bitcoin, and there are people that will actually want the supply of bitcoins to increase but of what use when is not everyone that can still be able to afford one bitcoin so to me is still very okay this wat and those that want to buy we definitely see and buy their will always be a seller that is what the market is all about. Title: Re: I’m worried about the future of Bitcoin Post by: coolcoinz on October 04, 2024, 06:11:57 PM Even if we consider OP's option that the reward goes to 0 causing a collapse, which won't happen, but let's play a game that it does. You have until around the year 2140 until it does. All of us who are posting here today will be dead over 40 years before that happens. Should we really care?
Even our children won't be there to see it happen. It's like worrying about The Sun burning out, which will inevitably happen, but that's such a distant problem we should rather focus on other things. Things that may impact the way we transact and how the next generation will. What will happen 2 generations from now is up to them. Hopefully the planet will still be habitable by then ;) Title: Re: I’m worried about the future of Bitcoin Post by: Asiska02 on October 04, 2024, 06:37:03 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? You can’t tell if the possibility or impossibility of bitcoin price increase will continue or now. We have seen what factors causes the market to increase in price and also those same factors that are causing the price to decline. If they continue to stand, we won’t think of a time the market will stop rising because it won’t as long as those factors are still active and contributing positively to its growth. By the time the market will get to that point where their are no miners, we will not be alive to witness it. With the number of bitcoins left to mined and the years it’ll take for that to happen, it should be about almost a century from now. Should we bother to talk about that when we won’t even be there to witness it? You should know that even if there are no blocks to mine, the miners will still be active to approve transactions and get incentives of transaction fees as theirs. Quote Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. In my opinion, that will disrupt the whole network. That is what has made it stand out amongst the rest. If there’s any changes to its total supply, the uniqueness of it will not stand again. I just feel that is not something that will even happen but just don’t want to be so sure of it as one can’t tell what the future entails. Title: Re: I’m worried about the future of Bitcoin Post by: zillion007 on October 04, 2024, 07:24:07 PM bitcoin will take care of itself , is not going anytime soon
Title: Re: I’m worried about the future of Bitcoin Post by: passwordnow on October 04, 2024, 09:29:14 PM @OP, don't be worried with the future of Bitcoin. It is here to stay and about the fees? well, that's going to take a lot of time and considering the halving, it's estimated up to 2140 that the last supply will be mined. And let's say that BTC is still around at that year, as pooya said, as long as there are people that continues to transact bitcoin, it is no longer the miners doing it to mine but to confirm transactions and they'll still get paid.
And for the supply of BTC, there's no need to add the cap of it. 21M BTCs are already enough to cover everything and that's why the impact of halving makes it harder to acquire in the next years to come. There have been talks about scaling it up but I don't know with that and everything seems to be taken care of and it's all fine. So why worry with something that you have no control about? worry about it when it comes but for the meantime, we don't have to worry about it and focus on yourself and accumulation while we're still able to do so. Title: Re: I’m worried about the future of Bitcoin Post by: lionheart78 on October 04, 2024, 11:35:57 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? It does not need for the price of Bitcoin to rise infinitely, all it needs is for mass adoption where people will transact with Bitcoin. If ever the plan happens (people using Bitcoin for day to day transaction) miner reward will be possibly way greater than the initial 50 BTC reward per 10 min. Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct If there is a consensus for Bitcoin total supply increase then it is possible since it is only a code, but I doubt that the consensus will agree on that. Anything is possible on the Bitcoin Network as long as there is a consensus or agreement among the majority of the network participants. Title: Re: I’m worried about the future of Bitcoin Post by: ImThour on October 04, 2024, 11:44:30 PM This is how the demand and supply works mate, which takes up the price of Bitcoin per Dollar. If you think Bitcoin Miners will be going in a disadvantage in the long run, you are completely wrong. I can confirm that there is a time or period in the market where they do take loss or even sell their mined Bitcoins to recover operational costs but in the long run, it's a win-win for all of us.
Title: Re: I’m worried about the future of Bitcoin Post by: Dailyscript on October 04, 2024, 11:52:25 PM You should be worried about yourself if you do not have Bitcoin in your portfolio. While people are busy rushing into the train you are busy wondering where the train would land. Buddy, Bitcoin is the asset of the future, what you see happening today is what should happen in Bitcoin as it is what we would be talking about in the future. Dont forget this day, someday in the future, most people will regret why they never bought Bitcoin today. Mark my words.
For what reason? PoW is better than PoS. Not only that miners will benefit. The miners will pay for electricity. This will help increase employment in electricity companies. Unlike PoS. I think at the time the last block will be mined, miners will only earn from transaction fee. I don't see any how the reward will become zero. Maybe there will be a surge in transaction fees . Though op ask a good question but then he should understand that Bitcoins price is driven by its scalability and limited supply and no there will not be a way to increase the supply. If ever this happens, it will reduce the trust alot of us has in Bitcoin. And screw PoS. Look how the eth network is more like a mess. We can't compare it in any way to that of the PoW used by Bitcoin. That by the way though. I agree with you here. There won't be a time when the reward will become zero, not now not even in the future. Perhaps OP should check the number of transactions per hour. Not even the Iran war can cause a decline in transactions. As long as there are more transactions the last block will be mined and a reward will be distributed. Title: Re: I’m worried about the future of Bitcoin Post by: AmoreJaz on October 04, 2024, 11:58:15 PM This is how the demand and supply works mate, which takes up the price of Bitcoin per Dollar. If you think Bitcoin Miners will be going in a disadvantage in the long run, you are completely wrong. I can confirm that there is a time or period in the market where they do take loss or even sell their mined Bitcoins to recover operational costs but in the long run, it's a win-win for all of us. Definitely, they are not only in the accumulation stage but at some point, they need to sell also to recover their operational cost. Unless, they have other sources of income aside from mining of btc. It means, they have other assets to fall back into whenever the price is not good in the market. Would be very hard for miners to just accumulate and see the price going up. For sure, they are also selling some of their stash if they see their opportunity particularly when the price seems to be bullish in the market. Remember, they also need to sustain their mining operations. Title: Re: I’m worried about the future of Bitcoin Post by: markm on October 05, 2024, 12:22:50 AM You can check out IXCoin, and its sibling I0Coin, if you want to see an actual experiment of what could happen to bitcoin when its block subsidies finally run out.
IXCoin was created specifically to empirically observe such a case, then because IXCoin developer saw fit to assign a "pre-mine" for bribing exchanges to list it and other developers to launch explorers and exchanges and so on for it, I0Coin was created without pre-mine (zero premine, hence I zero coin) to make a supposedly cleaner case/experiment. Both are still alive to this day, IXCoin with a miner reward pool anyone can optionally donate to that pays 1 IXC per block reward if that pool still has any coins left and I0Coin with its reward having halved down to 0.001 or so by now. -MarkM- EDIT: Both also are among the highest difficulty coins out there... Though folk don't seem to actually care about "security" nowadays it often seems. Title: Re: I’m worried about the future of Bitcoin Post by: Abiky on October 05, 2024, 01:11:03 AM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct Not impossible. History has shown us BTC goes up after each halving event. A new ATH is achieved before the next halving. If this keeps up, miners will be able to stay in the "profit zone" even after the block reward subsidies. I believe all of the BTC will be mined by 2140. What will happen beyond that point is a wild guess. Neither of us will be alive by then. I'm certain Bitcoin will have a bright future. Especially when governments and banks have shown huge interest in it. So there's no reason to be worried about the long-term prospects of the cryptocurrency. Of course. Don't expect BTC to switch to PoS. The algorithm is flawed by design. It makes the Blockchain centralized and less secure over time. Why do you think ETH is dominated by whales and big exchanges? If Bitcoin goes PoS, it will be the end of it. Institutional investment firms and those with a lot of money will be able to influence the future direction of the project. At its current state, these players can only control the supply but not the network (secured by classical PoW). Hope it stays that way forever. :) Title: Re: I’m worried about the future of Bitcoin Post by: MusaMohamed on October 05, 2024, 05:38:54 AM Not impossible. History has shown us BTC goes up after each halving event. The chart shows this.https://pbs.twimg.com/media/GYly4tlW4AA6y32?format=jpg&name=900x900 (https://x.com/therationalroot/status/1840128631579816330) Quote A new ATH is achieved before the next halving. This cycle, Bitcoin makes its new all time high before its halving, a first time in its history. In previous cycles, a new all time high only appears many months after its halving.Quote If this keeps up, miners will be able to stay in the "profit zone" even after the block reward subsidies. I believe all of the BTC will be mined by 2140. What will happen beyond that point is a wild guess. I don't know, 2140 is too far from now. I believe and hope that Bitcoin will continue its existence till 2140 and after that too, or at least next 40 or 50 years, to give me enough time to invest in it and get profit, as well as my children can get benefit from my successful investment too.Title: Re: I’m worried about the future of Bitcoin Post by: AFR002eeN on October 05, 2024, 08:07:57 AM if the price or fees don't rise enough, it could result in lower miner profitability, potentially reducing the number of miners and compromising the security of the network. It is possible that mining could become less profitable for smaller miners, but this would likely result in mining centralizing rather than the network collapsing altogether.
Title: Re: I’m worried about the future of Bitcoin Post by: DisabledAF on October 05, 2024, 01:20:33 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? You're right that Bitcoin’s mining rewards get smaller every 4 years, which might make it seem like miners could eventually stop if they aren’t making enough. However, in the future, miners will mostly earn money from transaction fees, not just the block rewards. So, as long as people are using Bitcoin and making transactions, miners will still have a reason to keep mining.Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct As for increasing the total supply of Bitcoin, it’s very unlikely. Bitcoin’s limit of 21 million coins is a core part of what makes it valuable, and changing it would cause a lot of trust issues. Switching to Proof of Stake (PoS), like Ethereum, would also be a big change that most Bitcoin supporters wouldn’t want. It’s possible, but it would face a lot of resistance and could hurt Bitcoin's value. Title: Re: I’m worried about the future of Bitcoin Post by: Fivestar4everMVP on October 05, 2024, 01:48:51 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? Well, your understanding is not correct, non of the things you mentioned is possible with bitcoin aside from that a time will come in the future when it will no longer be possible to mine bitcoin, because all 21 million bitcoins have been mined and it all have entered into circulation. But even at this point, miners can still make money from bitcoin transaction fees - you should know that miners are the ones that confirm transactions on the blockchain, and which ever fees we pay go to them. So, when that time comes that Bitcoin can no longer be mined, miners will have to depend on making money from the fees those transacting in bitcoin pay for their transaction to pass through the blockchain.Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct And so you know, bitcoin can never be switched to POS, and it's totally supply can never be increased either. Title: Re: I’m worried about the future of Bitcoin Post by: SquirrelJulietGarden on October 05, 2024, 02:25:32 PM Well, your understanding is not correct, non of the things you mentioned is possible with bitcoin aside from that a time will come in the future when it will no longer be possible to mine bitcoin, because all 21 million bitcoins have been mined and it all have entered into circulation You did not understand it correctly.After all 21M bitcoins in total supply appears from Bitcoin blocks, Bitcoin miners will still be able to mine bitcoin through confirming Bitcoin transactions. They will no longer get Bitcoin block subsidy but it's wrong to say they will no longer be able to mine bitcoin. If after 2140, no more bitcoins can be mined by miners, they will all shut down their mining rigs and Bitcoin blockchain will stop working, network will die too. How is the 21 Million Bitcoin Cap Defined and Enforced? (https://blog.lopp.net/how-is-the-21-million-bitcoin-cap-defined-and-enforced/) Future Bitcoin Supply. (https://newhedge.io/terminal/bitcoin/future-bitcoin-supply) Title: Re: I’m worried about the future of Bitcoin Post by: Antotena on October 05, 2024, 04:59:43 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct Fact check me, I remember some months ago here in this forum when miners were making thousands in thousands of dollars worth of Bitcoin from transaction fees because of Ordinal inscription on Bitcoin network that were taking all the block space and the money the were making was even bigger than the mining block reward they get from Bitcoin comfirmation, so it's not really until Bitcoin price continue to go up before they make money but it's expected but it doesn't mean it will happen. Expectations is different from the reality, I don't think it's the way a lot of us are expecting the price to continue to go up but definitely the price of today wouldn't be the same in the next 5 years and don't be surprised if we go lower if things goes south for Bitcoin. I just know that the transaction fees will definitely be enough for the miners in the future and not really dependent on block rewards. Title: Re: I’m worried about the future of Bitcoin Post by: Forsyth Jones on October 05, 2024, 09:07:31 PM Are you really more concerned about miners than the transaction fees (fiat-based) we will pay in the future when bitcoin is super-hyper-mega valued? lol
Miners will continue to receive financial incentives anyway, as long as there are people using the bitcoin network to power the network. If the block reward is reduced to zero sats when the last halving occurs arond 2140, their only incentive is the transaction fees they already receive in addition to the block reward. I don't expect bitcoin to switch to PoS, because not only is it not in the interest of the community, but we all know that with PoS, it would be more vulnerable to centralization. Title: Re: I’m worried about the future of Bitcoin Post by: SquirrelJulietGarden on October 06, 2024, 04:31:36 AM Are you really more concerned about miners than the transaction fees (fiat-based) we will pay in the future when bitcoin is super-hyper-mega valued? lol It's chicken and eggs story!You can not only wonder about eggs but at the same time you don't care about chickens. Because without eggs, no more chickens; and oppositely without chickens, no more eggs. If Bitcoin miners stop working, you will not be able to spend your bitcoins because no miners means no confirmation for your transaction; and no receiver, no trade partner will accept unconfirmed transaction as a payment of a trade. Quote Miners will continue to receive financial incentives anyway, as long as there are people using the bitcoin network to power the network. Yeah, they will continue to receive their income in both Bitcoin block subsidy and Bitcoin transaction fees. The first income source, Bitcoin block subsidy will continue coming to Bitcoin miners till 2140, and the second income source, Bitcoin transaction fees will continue coming to Bitcoin miners in all confirmed Bitcoin blocks and transactions in future even after 2140.Title: Re: I’m worried about the future of Bitcoin Post by: pooya87 on October 06, 2024, 05:44:00 AM Both are still alive to this day, I wouldn't use the term "alive" to describe them. I couldn't find any I0Coin explorer or exchange. That is a dead coin. IXCoin has an explorer and basically is on no exchange (is on Yobit, which isn't even counted as an exchange) and there is no trade volume. Nobody uses it either, I did a quick check and in 2024 (over the past 10 months) the only time anybody used this coin was on 2024-08-10 when someone spammed the blocks with 13 tx/block for about 18 times! 99% of the other blocks are completely empty (only coinbase tx) and 1% have 1-2 txs in them and a handful of blocks over the past 10 months have slightly higher than that. The mining isn't consistent either which is clear from the number of blocks found per day chainz.cryptoid (https://chainz.cryptoid.info/ixc/#!overview) EDIT: Both also are among the highest difficulty coins out there... I believe that is because IXCoin is being merge mined by bitcoin miners. So what you see is actually part of Bitcoin's hashrate/difficulty that is keeping this dead coin artificially alive for virtually no cost.In other words it is not like people are actually mining them the same way they are mining other PoW coins like bitcoin. Title: Re: I’m worried about the future of Bitcoin Post by: Smartprofit on October 06, 2024, 07:50:56 AM We don't know the future. Currently, many countries are creating a new form of money - central bank digital currencies (CBDC). In fact, creating a CBDC is tantamount to creating a digital concentration camp, since CBDCs allow the government to completely control all the citizens' money flows. As a result, a situation arises where the money no longer belongs to the people.
Central bank digital currencies are antagonists to Bitcoin. Can Bitcoin coexist with CBDCs? I don't have an answer to this question.... Will humanity have enough energy to develop artificial intelligence, industry, agriculture, and in addition, Bitcoin? After all, electricity is a limited resource. I don't have an answer to this question either.... Will Bitcoin developers be able to resist pressure from those in power if they start convincing them that Bitcoin needs to be transferred to a new consensus algorithm (PoS)? I don't know the exact answer to this third question either... The future is unknown to us. Title: Re: I’m worried about the future of Bitcoin Post by: Plaguedeath on October 06, 2024, 08:43:01 AM Are you really more concerned about miners than the transaction fees (fiat-based) we will pay in the future when bitcoin is super-hyper-mega valued? lol That's why we have lightning network, so we don't need to worry with high fees in the future. What is more concerning is does Bitcoin will be super hyper mega valued in the future? limited supply doesn't entirely mean the price will keep increasing, limited supply is pointless if we have zero demand.Central bank digital currencies are antagonists to Bitcoin. Can Bitcoin coexist with CBDCs? I don't have an answer to this question.... The only way CBDCs become an antagonist to Bitcoin if it's price keep rising every four years regardless it's centralized or decentralized. CBDCs price are pegged with fiat, so they will not be able to replace Bitcoin.Title: Re: I’m worried about the future of Bitcoin Post by: uneng on October 06, 2024, 02:00:19 PM What is more concerning is does Bitcoin will be super hyper mega valued in the future? limited supply doesn't entirely mean the price will keep increasing, limited supply is pointless if we have zero demand. Demand for Bitcoin is constantly increasing along its cycles. Historical data has been positive for Bitcoin, and the scarcity factor just adds more value to BTC along the years. If it will continue happening continuously we can't guarantee, but Bitcoin just reached its current position because adopters saw on it a real and practical usage for their lives.If it was just a trend or ponzi, like many have already said, I think demand would have already fallen apart. Moreover, it wouldn't have been adopted by mainstream sectors of society and popular figures of financial world. Bitcoin isn't only a profitable investment, but also a mean to protect your money against seizure. And there will be always demand for that kind of protection in the world. Title: Re: I’m worried about the future of Bitcoin Post by: ml9999 on October 06, 2024, 02:20:02 PM No, even once no new bitcoin is being mined, miners will still receive the transaction fees. Also, unlike with most other cryptos, bitcoin's hard supply cap means that it will only become more and more scarce, therefore the price will most likely keep increasing forever.
Title: Re: I’m worried about the future of Bitcoin Post by: milewilda on October 06, 2024, 03:14:59 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct Why would worry too much on something that will happen on 2140? COnsidering that this would really be the last halving on which rewards would be cut off since there's no block would be mined.? If we do speak about miner rewards then it would be surely that be focusing too much on the fees on where Bitcoin transactions would be made. Assuming that Bitcoin will really be able to reach up this year then we can also that tell that price or value might really be that on the top or peak price on which all of us that are living now, wont really be able to see if this stuff happens or not. As for increasing the total supply then it cant be possible but who knows if it would be something that could be minted out but as far as we do all know that it cant be just that possible. If you are really that too mindful about the risks and possibilities then it will really be always recommended that you should really be that investing into amount on which you can afford to lose. Never make yourself going all in with Bitcoin investment and also its not really that somehting healthy that you would really be stressing yourself on minding about on what Bitcoin would look like and somehting happens into those future years on which we do even know that we are already dead that time. Title: Re: I’m worried about the future of Bitcoin Post by: Rengga Jati on October 06, 2024, 10:38:37 PM if the price or fees don't rise enough, it could result in lower miner profitability, potentially reducing the number of miners and compromising the security of the network. It is possible that mining could become less profitable for smaller miners, but this would likely result in mining centralizing rather than the network collapsing altogether. What fees? Do you mean Bitcoin transfer fees?If you refer to Bitcoin value, it is always increasing although it follows 4 years-cycle. Well, it doesn't solely about the Bitcoin value but it is also about the Bitcoin adoption. As long as Bitcoin adoption continues, people must keep interesting in Bitcoin. This will keep the interest of miners. Moreover, the price of Bitcoin never disappoints the holders, there will be always many people to try mining Bitcoin. For small miners, the equipment and electricity will be quite expensive. It may be hard for them to spend capital on these things. But for big miners, it seems no problem because they also target for bigger number of Bitcoin. Title: Re: I’m worried about the future of Bitcoin Post by: markm on October 06, 2024, 11:08:19 PM Both are still alive to this day, I wouldn't use the term "alive" to describe them. I couldn't find any I0Coin explorer or exchange. That is a dead coin. IXCoin has an explorer and basically is on no exchange (is on Yobit, which isn't even counted as an exchange) [snip] chainz.cryptoid (https://chainz.cryptoid.info/ixc/#!overview) Actually both IXCoin and I0Coin are on FreiExchange, as is DeVCoin, though DeVCoin dropped below 1 satoshi price so was also implemented on FreiXlite. All three are also on Horizon (https://MakeMoney.Knotwork.com/horizon/assets/) and Stellar (https://MakeMoney.Knotwork.com/stellar/). If enough DMD (https://bit.diamonds) can be put toward building buy-sides all might hopefully yet also be set up on the DMD Diamond platform once DMDv4 comes out but experience trying to build decent buy-side order-books on Stellar has made it seem like that last could be a slow process, probably best left until after the order-books on Stellar are closer to par with the "treasury based" computed values (http://galaxies.mygamesonline.org/digitalisassets.html) used by the Galactic Milieu (https://MakeMoney.Knotwork.com/) as a work-around around the problem of there not being enough players actively constantly doing market-making and arbitrage to provide sufficiently "efficient" spot markets to allow use of "price discovery via spot markets" to be reasonably feasible. -MarkM- Title: Re: I’m worried about the future of Bitcoin Post by: Yatsan on October 07, 2024, 07:54:25 AM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct In fact Bitcoin's block fees are halved every four years, resulting in a reduction in the number of new Bitcoins issued. This design is intended to create failure. It mimics precious metals like gold. However, you are right that this raises questions about the sustainability of mining incentives as wages fall. Of course, it is an interesting side note: block fees decrease. Transaction fees will increasingly be a percentage of revenue for the mining industry. With strong enough demand for Bitcoin, these fees can compensate for reduced block fees. Even assuming you can't predict future price movements, so long as Bitcoins continue to gain traction, this demand should drive the price up high enough that enough people will maintain interest in mining. Your question in respect of the general nature and transition to Proof of Stake (PoS), Bitcoin has a supply limit of $21 million and if you alter that would go against the main principles. It leads to degradation in trust in the network. For a PoS migration, the Bitcoin community will probably do this because of security concerns and governance, which is based on functionality. It all depends on a number of factors, including technological development, the regulatory environment, and market needs. It's a very interesting space to explore. And such conversations are important for understanding how these forces develop. if the price or fees don't rise enough, it could result in lower miner profitability, potentially reducing the number of miners and compromising the security of the network. It is possible that mining could become less profitable for smaller miners, but this would likely result in mining centralizing rather than the network collapsing altogether. What fees? Do you mean Bitcoin transfer fees?If you refer to Bitcoin value, it is always increasing although it follows 4 years-cycle. Well, it doesn't solely about the Bitcoin value but it is also about the Bitcoin adoption. As long as Bitcoin adoption continues, people must keep interesting in Bitcoin. This will keep the interest of miners. Moreover, the price of Bitcoin never disappoints the holders, there will be always many people to try mining Bitcoin. For small miners, the equipment and electricity will be quite expensive. It may be hard for them to spend capital on these things. But for big miners, it seems no problem because they also target for bigger number of Bitcoin. And it is fees for Bitcoin transfers that are critical for internet stability, especially as block fees collapse with time due to halving. Because blogging fees have crashed. Transaction fees are expected to produce the lion's share of miner's revenue. You are right that adoption is key as Bitcoin continues to gain momentum around the world. More and more people will use the internet. This results in higher transaction volumes. And later the transaction fees are higher. This may help block them from being underpaid. This often incentivizes mining to protect the network. Even though mining fees are decreasing. As discussed, I believe it can be a challenge for small-scale miners. As the equipment is costly as well as electricity The state is getting overwhelmed by large-scale mining operations that absorb vast sums of capital. However, if Bitcoin turns out to be volatile and demand goes up then It would be found that these giants of mining will continue to earn a profit from mining even if fees go very low. Hence, it seems that the long run sustainability of this Bitcoin network is very much dependent on a fine balance between the adoption process. Mining Industry Efficiency and Resurging Transaction Fees: This would be an interesting area to watch, especially as we get closer to the next chapter. Title: Re: I’m worried about the future of Bitcoin Post by: MusaMohamed on October 07, 2024, 12:51:24 PM The only way CBDCs become an antagonist to Bitcoin if it's price keep rising every four years regardless it's centralized or decentralized. CBDCs price are pegged with fiat, so they will not be able to replace Bitcoin. CBDC is another form of fiat currency and we know fiat currencies don't increase their purchasing power. Its purchasing power only decreases with time and there is nothing like value or purchasing power increases every four years. Because governments and central banks don't burn their money supply every four years or don't halve their new supply every four years.They do oppositely all theses, by speeding up their printing fiat currency rate or minting CBDC rate. With this trend, value and purchasing power of CBDCs will drop a lot with time. Exchange rates between CBDCs can change and increase but it's not because of less inflation, CBDC burn, but it is correlation of economies and changes in purchasing powers of 2 CBDCs. Like during same 4 years, US dollar has its purchasing power decreases 20% but if Venezuela Bolívar loses its purchasing power more than 20% like 1000%, you can exchange 100 USD to get more Bolivar than 4 years ago, but it doesn't mean US dollar's purchasing power now is better than 4 years ago. Title: Re: I’m worried about the future of Bitcoin Post by: Cryptomultiplier on October 07, 2024, 03:49:51 PM if the price or fees don't rise enough, it could result in lower miner profitability, potentially reducing the number of miners and compromising the security of the network. It is possible that mining could become less profitable for smaller miners, but this would likely result in mining centralizing rather than the network collapsing altogether. What fees? Do you mean Bitcoin transfer fees?If you refer to Bitcoin value, it is always increasing although it follows 4 years-cycle. Well, it doesn't solely about the Bitcoin value but it is also about the Bitcoin adoption. As long as Bitcoin adoption continues, people must keep interesting in Bitcoin. This will keep the interest of miners. Moreover, the price of Bitcoin never disappoints the holders, there will be always many people to try mining Bitcoin. For small miners, the equipment and electricity will be quite expensive. It may be hard for them to spend capital on these things. But for big miners, it seems no problem because they also target for bigger number of Bitcoin. The future of Bitcoin has seen several capitalist invest in owning mining farms because they can afford the cost of energy and internet services and it is nearing a time where more countries will adopt BTC and the use of cryptocurrency for normal everyday exchange or for payment on purchase of transactions. Title: Re: I’m worried about the future of Bitcoin Post by: alastantiger on October 07, 2024, 06:15:02 PM To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? The value of Bitcoin going back to zero isn't a problem as there will be still some people that'll keep using the Bitcoin despite because when Bitcoin wasn't worth anything, we still had people making use of Bitcoin and miners mining always that they have been awarded for believing in Bitcoin. Miners don't have to worry about all Bitcoin getting mined because they have other means of getting paid for keeping Bitcoin Blockchain active. Miners are the ones that confirms your transaction and you pay them fees, they'll always get something not minding how Bitcoin price is doing. POS is centralized and that isn't what is better for Bitcoin, POW is better and working okay. Bitcoin switching will make the price to fall because it has gone in a complete different direction from its original plan. Increasing Bitcoin total supply is not possible on the current Blockchain unless a hard fork happens making the new Bitcoin to not be the original and this will make many people to stop investing in Bitcoin including myself. Title: Re: I’m worried about the future of Bitcoin Post by: Abiky on October 08, 2024, 01:06:33 AM We don't know the future. Currently, many countries are creating a new form of money - central bank digital currencies (CBDC). In fact, creating a CBDC is tantamount to creating a digital concentration camp, since CBDCs allow the government to completely control all the citizens' money flows. As a result, a situation arises where the money no longer belongs to the people. Central bank digital currencies are antagonists to Bitcoin. Can Bitcoin coexist with CBDCs? I don't have an answer to this question.... Will humanity have enough energy to develop artificial intelligence, industry, agriculture, and in addition, Bitcoin? After all, electricity is a limited resource. I don't have an answer to this question either.... Will Bitcoin developers be able to resist pressure from those in power if they start convincing them that Bitcoin needs to be transferred to a new consensus algorithm (PoS)? I don't know the exact answer to this third question either... The future is unknown to us. Bitcoin is decentralized, so it will co-exist with CBDCs whenever governments like it or not. As long as the Internet exists, don't expect Bitcoin to go anywhere soon. What if governments decide to use BTC as the "One World Currency" instead of making CBDCs from scratch? Sounds crazy, but not impossible. They may not control the network, but they will control the coins in circulation. If institutional investment companies and exchanges keep accumulating BTC, this will be a "piece of cake". I dunno. Just speculating here. For what I know, "the future is not set". We as the community are the ones responsible of the path Bitcoin will take in the long run. Decentralization must be preserved at all costs. Otherwise, it will be the end of financial privacy and freedom. I wouldn't worry about energy being a "limited resource", though. There are already talks about using nuclear power plants at a large scale worldwide. Governments will probably give the "green light" for the development of Fusion reactors, which are much safer than existing Fission reactors. Despite all that, I'm sure BTC will carry along as usual. Not even Quantum Computing will pose a threat to it. Bitcoin will ultimately adapt itself to the latest trends, thanks to its open source nature. Talk about being sound money. :D Title: Re: I’m worried about the future of Bitcoin Post by: MusaMohamed on October 08, 2024, 11:21:05 AM Bitcoin is decentralized, so it will co-exist with CBDCs whenever governments like it or not. As long as the Internet exists, don't expect Bitcoin to go anywhere soon. Beyond normal Internet, we have Satellite Internet like Starlink and beyond Starlink, we have other things like [Total privacy Bitcoin]: off grid Transactions LoRaWan/goTenna (https://bitcointalk.org/index.php?topic=5230202.0)Quote What if governments decide to use BTC as the "One World Currency" instead of making CBDCs from scratch? Sounds crazy, but not impossible. They may not control the network, but they will control the coins in circulation. If more and more countries add Bitcoin to their national treasuries, Bitcoin will become stronger and grow up to be more like "The end game" like Michael Saylor said recent months. It is a very bullish scenario with many assumptions but like you, I don't think it is impossible.Expect more governments appear here https://bitcointreasuries.net/ and will hold their bitcoins as national treasury, not seize from criminals and dump it on the market. Title: Re: I’m worried about the future of Bitcoin Post by: Princess Leah on October 08, 2024, 10:43:14 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? I see you're very new here, well I joined the forum this year as well but I've enhance my knowledge about Bitcoin by paying attention to the vital informations concerning Bitcoin from older members, well I don't know if you've started your Bitcoin investment journey but if you've not, all I can say is that you should worry more about starting your portfolio or buying more Bitcoin if you've started already, instead of getting worried about the price.Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct So far, Bitcoin have made about four circles over the years if am not mistaken and within that period the price of Bitcoin has fallen and risen again, that's just it's nature and it's called Volatility, it's something that's bound to occur for Bitcoin to keep existing therefore people who are seriously interested in investing on Bitcoin should be ready to witnesses the fall of it's and rise. But the price fall is nothing to worry much about so far the investor is investing for a longer period and has money to buy continously. Title: Re: I’m worried about the future of Bitcoin Post by: Abiky on October 10, 2024, 01:33:14 AM Beyond normal Internet, we have Satellite Internet like Starlink and beyond Starlink, we have other things like [Total privacy Bitcoin]: off grid Transactions LoRaWan/goTenna (https://bitcointalk.org/index.php?topic=5230202.0) Yes. I'm well aware of that. The thing is, governments can censor the Internet whenever they want to. You could say, VPNs and Tor bypasses such censorship. But what if they prevent people from using these protocols? Then running a node to support the Bitcoin blockchain, or simply sending/receiving BTC across the Internet becomes a difficult task to achieve. And don't let me get started on lack of electricity. Without it, Bitcoin won't work. It's why physical assets are (and will always be) "King" during emergencies or times of censorship. I'm yet to see if "physical Bitcoins" (paper wallets, metal wallets, or coins holding the private key/seed) will work. The problem would be settling transactions on-chain to finalize them. I'm sure developers will figure out a workaround. Right? :D If more and more countries add Bitcoin to their national treasuries, Bitcoin will become stronger and grow up to be more like "The end game" like Michael Saylor said recent months. It is a very bullish scenario with many assumptions but like you, I don't think it is impossible. Expect more governments appear here https://bitcointreasuries.net/ and will hold their bitcoins as national treasury, not seize from criminals and dump it on the market. Governments had their own Gold reserves in the past. To have their own BTC reserves is nothing. Especially if many consider Bitcoin to be Gold's sucessor. I sure hope every country in the world adopts BTC. I'd bet early adopters like me, will become filthy rich by the time this happens. Just keep "hodling" no matter what. Thanks for the link, btw. It'll be of great use to me. :) Title: Re: I’m worried about the future of Bitcoin Post by: Zigabel on October 10, 2024, 09:45:50 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? The supply isn't going to be increased to the point it will loose its value, instead of all of it is finally mined completely, then there's going to be a limitation of supply as it's been reduced after every halving, at that point value is even going to be higher as there will be limited supply in the market, only when the supply is above demand value drops but in the reverse value does increases.Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct Title: Re: I’m worried about the future of Bitcoin Post by: taufik123 on October 11, 2024, 09:06:39 AM The supply isn't going to be increased to the point it will loose its value, instead of all of it is finally mined completely, then there's going to be a limitation of supply as it's been reduced after every halving, at that point value is even going to be higher as there will be limited supply in the market, only when the supply is above demand value drops but in the reverse value does increases. To be able to mine everything still takes a long time, Bitcoin will be completed in the mine in 2140 or about 118 years from now. Of course, we will not be in that year and only our generation can know it. Right now, the circulating supply is still 19.77 Million BTC, there is still 1.23 Million BTC left. If they are worried about the future of Bitcoin, they have not understood how Bitcoin has grown to date. https://www.talkimg.com/images/2024/10/11/8d9iI.png Some of the circulating BTC supply will also not move at all, assuming that the wallet with BTC does not move due to the loss of the seed key or the wallet left by the owner due to death and so on, it will be BTC that does not move so that the actual circulating supply is less than 21 million BTC, Of course this will make Bitcoin even rarer in the future. Title: Re: I’m worried about the future of Bitcoin Post by: FortuneFollower on October 11, 2024, 11:16:40 AM The supply isn't going to be increased to the point it will loose its value, instead of all of it is finally mined completely, then there's going to be a limitation of supply as it's been reduced after every halving, at that point value is even going to be higher as there will be limited supply in the market, only when the supply is above demand value drops but in the reverse value does increases. To be able to mine everything still takes a long time, Bitcoin will be completed in the mine in 2140 or about 118 years from now. Of course, we will not be in that year and only our generation can know it. Right now, the circulating supply is still 19.77 Million BTC, there is still 1.23 Million BTC left. If they are worried about the future of Bitcoin, they have not understood how Bitcoin has grown to date. https://www.talkimg.com/images/2024/10/11/8d9iI.png Some of the circulating BTC supply will also not move at all, assuming that the wallet with BTC does not move due to the loss of the seed key or the wallet left by the owner due to death and so on, it will be BTC that does not move so that the actual circulating supply is less than 21 million BTC, Of course this will make Bitcoin even rarer in the future. With how halving works, we will never see the mining reward be zero, however, it may be more beneficial just to get the fees for it rather than the reward for the block ;D But, as you said, not in our generation we would be worried about how it would be. Title: Re: I’m worried about the future of Bitcoin Post by: Belarge on October 12, 2024, 05:15:09 AM Well, your understanding is not correct, non of the things you mentioned is possible with bitcoin aside from that a time will come in the future when it will no longer be possible to mine bitcoin, because all 21 million bitcoins have been mined and it all have entered into circulation Bitcoin have been in existence over the decades, the patient holders of bitcoin are self made whales in the space, this category knows specifically how to handle the system and turning things to their favour. We have an understanding when it comes to Bitcoin, we also have different opinions and knowing the special forces to trigger for the purpose to stand top. We have all crave for exactly big winnings in the system, just have to get good use of these projects, and knowing our approach towards the system. Bitcoin future is in safe hands, it means good news for everyone of us that have been patient all these years on this particular project, forever stuck in huge profits. We dont rush to the market, we allow the market to come to us because winning becomes straight and easy for us.Title: Re: I’m worried about the future of Bitcoin Post by: YUriy1991 on October 12, 2024, 06:40:40 AM Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. There is no need to worry about the future of Bitcoin and Don't be discouraged by the issue even though PoS is considered more energy efficient, everything has been neatly structured by Satoshi, there is no reduction or increase in the supply anymore and only 21 million Bitcoins. Title: Re: I’m worried about the future of Bitcoin Post by: bangjoe on October 12, 2024, 09:19:30 PM Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. There is no need to worry about the future of Bitcoin and Don't be discouraged by the issue even though PoS is considered more energy efficient, everything has been neatly structured by Satoshi, there is no reduction or increase in the supply anymore and only 21 million Bitcoins. We will not know what bitcoin will be like in the future, which is certain that he is and also does not need to be worried at all because bitcoin is believed to always increase in price in each cycle it is a very strong belief in our hearts, especially miners, bitcoin will always increase along with fiat money that continues to be printed by the government. Will not move to PoS it is too much risk and may experience a crash if done like that, I think he is still new and does not know Bitcoin has an amount that cannot be added anymore. Title: Re: I’m worried about the future of Bitcoin Post by: dzungmobile on October 13, 2024, 09:21:48 AM We will not know what bitcoin will be like in the future, which is certain that he is and also does not need to be worried at all because bitcoin is believed to always increase in price in each cycle it is a very strong belief in our hearts, especially miners, bitcoin will always increase along with fiat money that continues to be printed by the government. We can not know about future, never but we can predict something in future based on what we know about Bitcoin. Its algorithm Proof of Work, decentralized network from miners to Bitcoin nodes, and its magic design to give Bitcoin holders complete control of their bitcoins through Bitcoin Private Keys.Another fact we know is it's harder for governments to shut down Bitcoin network than altcoins with centralized power of founders. Another fact we know about it, is its 21M bitcoins max cap and inflation rate of Bitcoin decreases with time. It's big attractive specification of Bitcoin while we know all fiat currencies are inflationary and their inflation rates increase with time, while their purchasing powers drop with time. Quote Will not move to PoS it is too much risk and may experience a crash if done like that, I think he is still new and does not know Bitcoin has an amount that cannot be added anymore. From a better algorithm PoW, to a bad algorithm PoS, no true Bitcoiners want this algorithm change.Title: Re: I’m worried about the future of Bitcoin Post by: Tipeform$ on October 13, 2024, 11:36:47 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? How do you think the Bitcoin supply will increase? I think it is impossible that Bitcoin supply will never increase. And there will be no pos like ethereum so if you have all these doubts about bitcoin then you can push all these doubts aside and accept bitcoin. Your perception is not correct at all. If the supply of bitcoins is increased then bitcoins will not collapse and may collapse completely.Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct Title: Re: I’m worried about the future of Bitcoin Post by: SickDayIn on October 14, 2024, 12:01:59 AM Good questions as a beginner, I highly recommend you check out one of the forum member's @Tyke https://bitcointalk.org/index.php?action=profile;u=124124 (http://@Tyke https://bitcointalk.org/index.php?action=profile;u=124124) book on the History of Bitcoin. You will learn a lot from it and answer these types of questions.
https://bitcointalk.org/index.php?topic=5509920.0 Title: Re: I’m worried about the future of Bitcoin Post by: LogitechMouse on October 14, 2024, 07:10:08 AM I'm also at your position a few years ago where I sometimes ask a question here in the forum. I'm still at the learning stage even though I'm into crypto for years already. Take note that even those successful businessmen are still learning continuously and that's for their self-growth.
I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? The rewards of the miners will not reach zero because the last Bitcoin block will be mined in the year 2140 which will be the next generation already. TBH, we don't even know if a thing called Bitcoin right now will be the same at that time or worse, we might see a cryptocurrency better than Bitcoin at that time. Who knows? :D It will never reach zero because they will still earn through the transaction fees. Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. As for the total supply increase, this article that I just searched will explain it all: LINK (https://seekingalpha.com/article/4462218-could-bitcoin-supply-increase)Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. It's a bit technical since coding is involved but to answer your question: Quote It is possible that Bitcoin's supply could be increased in the future, especially if a lot of network participants agree that changing the supply is a good idea. As for Bitcoin switching to POS, that's the most absurd thing to do. Not Bitcoin please.But it's most likely that the majority of participants in the network would not want a supply increase, considering that Bitcoin is often considered a scarce store of value. I don’t know if my understanding is correct It's okay to ask questions here through making a thread, but if you want an answer to a question that you can obviously research online then it would be better to do it. :)Title: Re: I’m worried about the future of Bitcoin Post by: FortuneFollower on October 14, 2024, 07:42:33 AM Good questions as a beginner, I highly recommend you check out one of the forum member's @Tyke https://bitcointalk.org/index.php?action=profile;u=124124 (http://@Tyke https://bitcointalk.org/index.php?action=profile;u=124124) book on the History of Bitcoin. You will learn a lot from it and answer these types of questions. https://bitcointalk.org/index.php?topic=5509920.0 The link for Tyke himself got off a bit for some reason, however, thanks for the info to read in the future! I do think it will be a great addition for the OP to get some knowledge from. Title: Re: I’m worried about the future of Bitcoin Post by: Easteregg69 on October 14, 2024, 08:50:35 AM I buy for a dollar per day.
Pass it on. DCA bot. Title: Re: I’m worried about the future of Bitcoin Post by: Easteregg69 on October 14, 2024, 08:53:22 AM Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. Maxi. Title: Re: I’m worried about the future of Bitcoin Post by: Scarlett_23 on October 14, 2024, 11:32:33 AM There is nothing to worry about the future of Bitcoin. Bitcoin miners receive hefty transaction fees as well as block rewards. Bitcoin has become very popular day by day and many investors have come forward to invest. Due to which its price is increasing day by day. However, every four years the minor's prize is halved. But after Halving it also tends to reach ATH. After many years when the mine is finished the miners will not get bitcoins but they will earn from transactions on the network.
Title: Re: I’m worried about the future of Bitcoin Post by: MusaMohamed on October 14, 2024, 02:11:10 PM There is nothing to worry about the future of Bitcoin. Bitcoin miners receive hefty transaction fees as well as block rewards. In last two years 2023 and 2024, there are months when Bitcoin miners got abundant money from Bitcoin transaction fees with hypes on Ordinals and Runes. These greed hype waves usually happen in bull market and in rest of 2024 and 2025, that will be bullish time for Bitcoin, I believe that Bitcoin miners will have some very good months when Ordinals and Runes back to congest Bitcoin mempools.Inscriptions, Mempools, and Miners (https://insights.glassnode.com/the-week-onchain-week-39-2023/) Quote Bitcoin has become very popular day by day and many investors have come forward to invest. Due to which its price is increasing day by day. However, every four years the minor's prize is halved. But after Halving it also tends to reach ATH. It has been true so far but it can change in future market cycles.Title: Re: I’m worried about the future of Bitcoin Post by: Rikafip on October 14, 2024, 03:42:18 PM To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Price of everything else is constrantly rising, so why not bitcoin as well? :PCould there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? Its possible, but we are more than 100 years away from miners getting barely anything from mining so I wouldn;t worry much about that if I were you. And even then, fee they get from transaction might compensate for fewer amount of bitcoin they gonna get as a mining reward. Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Possible yes, probable no. At least not in the near future. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. That's the last thing that you should worry about. Title: Re: I’m worried about the future of Bitcoin Post by: South Park on October 15, 2024, 10:07:14 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? The supply of bitcoin will not go up and bitcoin will not go POS, so those two options are not on the table at all and you can forget about them, what you are forgetting is that the miners are not only getting the block reward but they are also getting the bitcoin each user pay to get their transaction confirmed, so at some point this number will get higher than the block reward and as the price of bitcoin keeps increasing, this will cover the expenses of the miners, in which case the scenario of bitcoin collapsing as miners lack any incentive to mine it will not happen any time soon.Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct Title: Re: I’m worried about the future of Bitcoin Post by: EarnOnVictor on October 16, 2024, 08:45:47 AM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? Your concern is genuine but nothing of such would happen. Bitcoin has come to stay and miners will never be without rewards. You can imagine the amount of money these miners are making, it's crazy, and the fact that the price of Bitcoin is high and will keep increasing is a good one for them.Besides, mining should be voluntary, the reward is an appreciation, so if they are true to the Bitcoin core purpose, they will never neglect the network. The true miners are the ones who started the mining process, their reward was nothing or little at that time, but at a point, they become rich, that's the spirit. That spirit that made more Bitcoin available without choosing the reward as the main goal is what would ever sustain the network. If at all some miners are tired due to reduced pay, I am sure that many more would do it sacrificially. Bitcoin will not collapse, relax. Title: Re: I’m worried about the future of Bitcoin Post by: FortuneFollower on October 16, 2024, 09:30:32 AM Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. That's the last thing that you should worry about. I totally agree. BTC goes its own way, it doesn't need to become the second ETH or something along the lines of it ::) Title: Re: I’m worried about the future of Bitcoin Post by: Lida93 on October 16, 2024, 11:36:16 AM Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. Have you thought about why since the creation of ethereum and as a number one leading altcoin it has not done so greatly proportionate to the number of years it has existed. Simple, it due to its POS nature, and a switch by bitcoin from POW to POS (which I don't see it happening) would mean that bitcoin will lose its independent status and value to which other cryptocurrencies follow suit at every moves it makes and become like every other cryptocurrencies. I understand your fears and it's mutual for some of us that care much about the future of bitcoin. However, I am optimistic that bitcoin won't lose it thrust to becoming POS, it's just not possible.Title: Re: I’m worried about the future of Bitcoin Post by: FortuneFollower on October 16, 2024, 12:01:26 PM Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. Have you thought about why since the creation of ethereum and as a number one leading altcoin it has not done so greatly proportionate to the number of years it has existed. Simple, it due to its POS nature, and a switch by bitcoin from POW to POS (which I don't see it happening) would mean that bitcoin will lose its independent status and value to which other cryptocurrencies follow suit at every moves it makes and become like every other cryptocurrencies. I understand your fears and it's mutual for some of us that care much about the future of bitcoin. However, I am optimistic that bitcoin won't lose it thrust to becoming POS, it's just not possible.Yeah, it would lose track of being decentralized, in my opinion, if such a swap would happen. Hence why it wouldn't because BTC feels great the way it is currently, in my opinion. Title: Re: I’m worried about the future of Bitcoin Post by: Adams0001 on October 16, 2024, 02:26:42 PM Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. There is no need to worry about the future of Bitcoin and Don't be discouraged by the issue even though PoS is considered more energy efficient, everything has been neatly structured by Satoshi, there is no reduction or increase in the supply anymore and only 21 million Bitcoins. We will not know what bitcoin will be like in the future, which is certain that he is and also does not need to be worried at all because bitcoin is believed to always increase in price in each cycle it is a very strong belief in our hearts, especially miners, bitcoin will always increase along with fiat money that continues to be printed by the government. Will not move to PoS it is too much risk and may experience a crash if done like that, I think he is still new and does not know Bitcoin has an amount that cannot be added anymore. You are correct, we should not be concerned about the future; we know what will happen, thus we should stop predicting it because bitcoin is a solid coin that anybody believes will climb despite any challenges. If you think bitcoin will fall in the future before the time comes, they should have found another alternative that will solve the problem because nothing is impossible in my opinion. Did you know or bitcoin can be spear everywhere and becoming fait money and be using it to purchase anything will like because I believe that all the government that doesn't like bitcoin to operate in their country will surely agree one day if they see how it is increasing, because is very hard to move to a country that doesn't know about bitcoin and many people are investing on it, so I don't believe that bitcoin can't be available one day because how people are coming everyday and be interesting on bitcoin investment to get profit, so that is how I believe that he will stay ever except they is not network to access it anymore, just continue investment and stop thinking wat will happen in the feature since he as not yet exist. Focus on what is happening now, and all is about investment and trading. Title: Re: I’m worried about the future of Bitcoin Post by: Shishir99 on October 16, 2024, 02:35:03 PM I don't really know what is going to happen after a hundred years because we are talking about something that will happen after a century. There will be times when the miners will get the transaction fee as their block reward. The transaction fee is not too low. If you check the reward they received during the blockchain congestion, it was almost the same as the block reward.
I want to believe that Bitcoin price will be at least 10x or more in a hundred years and the transaction fee will be a lot higher than today. Or probably there will be other solutions as the developers will continue to think about the upcoming problems that Bitcoin may face. Title: Re: I’m worried about the future of Bitcoin Post by: armanda90 on October 16, 2024, 03:07:29 PM I don't really know what is going to happen after a hundred years because we are talking about something that will happen after a century. There will be times when the miners will get the transaction fee as their block reward. The transaction fee is not too low. If you check the reward they received during the blockchain congestion, it was almost the same as the block reward. Predicting what happen after hundred years I don't think worth it because we are speculating only for few years later around ten until twenty years, its difficult for predicting until longer time what happen with bitcoin because our life around 60 until 80 years only and take benefit during our life with bitcoin investment. Actually hundred years later have over for miner take benefit for mining bitcoin but for investor still get advantage increasing their assets trough bitcoin price pump and dump. I want to believe that Bitcoin price will be at least 10x or more in a hundred years and the transaction fee will be a lot higher than today. Or probably there will be other solutions as the developers will continue to think about the upcoming problems that Bitcoin may face. However, in my opinion most important think around until our age only for bitcoin possibility if want make as investment assets, what for predicting until hundred years later with bitcoin future if our self have gone and believing one day later present with new technology for digital currencies transaction replacing bitcoin. Title: Re: I’m worried about the future of Bitcoin Post by: AmoreJaz on October 16, 2024, 08:42:55 PM Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. Have you thought about why since the creation of ethereum and as a number one leading altcoin it has not done so greatly proportionate to the number of years it has existed. Simple, it due to its POS nature, and a switch by bitcoin from POW to POS (which I don't see it happening) would mean that bitcoin will lose its independent status and value to which other cryptocurrencies follow suit at every moves it makes and become like every other cryptocurrencies. I understand your fears and it's mutual for some of us that care much about the future of bitcoin. However, I am optimistic that bitcoin won't lose it thrust to becoming POS, it's just not possible.There's a reason why the current tech of btc is still popular today. And switching it to another tech would not guarantee that it would sustain its popularity of usage. But of course, we can't say that this can survive in the coming years. Remember, every tech has its expiration. So we will see how things will evolve in terms of this type of tech. Title: Re: I’m worried about the future of Bitcoin Post by: Koadharber on October 16, 2024, 09:14:33 PM Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. There is no need to worry about the future of Bitcoin and Don't be discouraged by the issue even though PoS is considered more energy efficient, everything has been neatly structured by Satoshi, there is no reduction or increase in the supply anymore and only 21 million Bitcoins. We will not know what bitcoin will be like in the future, which is certain that he is and also does not need to be worried at all because bitcoin is believed to always increase in price in each cycle it is a very strong belief in our hearts, especially miners, bitcoin will always increase along with fiat money that continues to be printed by the government. Will not move to PoS it is too much risk and may experience a crash if done like that, I think he is still new and does not know Bitcoin has an amount that cannot be added anymore. You are correct, we should not be concerned about the future; we know what will happen, thus we should stop predicting it because bitcoin is a solid coin that anybody believes will climb despite any challenges. If you think bitcoin will fall in the future before the time comes, they should have found another alternative that will solve the problem because nothing is impossible in my opinion. Did you know or bitcoin can be spear everywhere and becoming fait money and be using it to purchase anything will like because I believe that all the government that doesn't like bitcoin to operate in their country will surely agree one day if they see how it is increasing, because is very hard to move to a country that doesn't know about bitcoin and many people are investing on it, so I don't believe that bitcoin can't be available one day because how people are coming everyday and be interesting on bitcoin investment to get profit, so that is how I believe that he will stay ever except they is not network to access it anymore, just continue investment and stop thinking wat will happen in the feature since he as not yet exist. Focus on what is happening now, and all is about investment and trading. Title: Re: I’m worried about the future of Bitcoin Post by: Abiky on October 16, 2024, 11:00:12 PM There is no need to worry about the future of Bitcoin and Don't be discouraged by the issue even though PoS is considered more energy efficient, everything has been neatly structured by Satoshi, there is no reduction or increase in the supply anymore and only 21 million Bitcoins. PoW can be as energy efficient as PoS. It all depends on what energy source miners use to sustain their operations. If the majority uses renewable energy, then there will be zero carbon emissions in the mining process. No need to switch to PoS. It's just that the term has been "politicized" to go along with governments' green energy agenda. Propaganda has made PoW look more energy intensive than PoS. But again, PoW can be made to consume less energy over time. I'm not worried about the future of Bitcoin, assuming it continues to grow in mainstream adoption and popularity. It's been doing fine for the past 15 years. I'm confident it will do well another 10-20 years in the future. It might even survive way beyond the block halving event of 2140. If prices continue to rise, miners will be able to live off transaction fees. Neither you or I will be alive by the time that happens. Just sit back and relax. Title: Re: I’m worried about the future of Bitcoin Post by: Ale88 on October 16, 2024, 11:47:55 PM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? First of all, we'll all be long dead before bitcoin approaches the zero-rewards era so for you (and us) this is just a theoretical problem. But in reality it's not a problem at all because, theoretically, at that point the miners would still earn rewards thanks to the network fees and the value of bitcoins should be high enough to sustain the mining costs.Title: Re: I’m worried about the future of Bitcoin Post by: Shishir99 on October 17, 2024, 05:54:14 AM However, in my opinion most important think around until our age only for bitcoin possibility if want make as investment assets, what for predicting until hundred years later with bitcoin future if our self have gone and believing one day later present with new technology for digital currencies transaction replacing bitcoin. Do not forget that people take Bitcoin as a long-term investment. So, even though we think that it is enough to think about the next twenty or thirty years, some people like to think about a little more about their investment. Average people may invest a couple of thousand dollars. But when someone makes some huge investments like a hundred thousand dollars or more, it is expected that they will think about its future. They may think about their children and even grandchildren who will take the benefit of their investment. Some of us wonder why our grandparents did not buy a lot of land when it was too cheap. In the same way, our grandchildren will say the same thing. They will say why our grandparents did not buy Bitcoin when it was cheap. Title: Re: I’m worried about the future of Bitcoin Post by: fikrett on October 17, 2024, 06:13:26 AM However, in my opinion most important think around until our age only for bitcoin possibility if want make as investment assets, what for predicting until hundred years later with bitcoin future if our self have gone and believing one day later present with new technology for digital currencies transaction replacing bitcoin. Do not forget that people take Bitcoin as a long-term investment. So, even though we think that it is enough to think about the next twenty or thirty years, some people like to think about a little more about their investment. Average people may invest a couple of thousand dollars. But when someone makes some huge investments like a hundred thousand dollars or more, it is expected that they will think about its future. They may think about their children and even grandchildren who will take the benefit of their investment. Some of us wonder why our grandparents did not buy a lot of land when it was too cheap. In the same way, our grandchildren will say the same thing. They will say why our grandparents did not buy Bitcoin when it was cheap. I wouldn't go as far as to grandchildren, because, yeah, in idea, you can go as far as that to accumulate your BTC, however, I do think you can get a bit of it off from you to get at least a fraction from what you've got from the cycles changing themselves. Of course, it would be better to just continue to accumulate it, but some cream should be collected, in my opinion. Title: Re: I’m worried about the future of Bitcoin Post by: Iranus on October 17, 2024, 07:52:29 AM They may think about their children and even grandchildren who will take the benefit of their investment. Some of us wonder why our grandparents did not buy a lot of land when it was too cheap. In the same way, our grandchildren will say the same thing. They will say why our grandparents did not buy Bitcoin when it was cheap. Bitcoin is not like real estate, the existence and demand for real estate will never disappear as long as humans exist in this world. Our grandparents did not buy real estate at that time because of economic conditions and lack of knowledge. Meanwhile, there is no guarantee that bitcoin can last as long as gold and real estate. Not to mention the demand for bitcoin is not as big as real estate, so investing in bitcoin for the next generation at this time is very risky and depends on our economic conditions. If we need an asset to inherit to the next generation, I think gold and real estate are still safer options. Using bitcoin as an inheritance is only really recommended if you have more money to diversify your assets. To put it bluntly, the future of bitcoin is not guaranteed like gold or real estate, so we can invest in it for the long term but we should not be subjective in thinking that it will also last over time like other traditional assets. Title: Re: I’m worried about the future of Bitcoin Post by: martinex on October 17, 2024, 08:47:51 AM They may think about their children and even grandchildren who will take the benefit of their investment. Some of us wonder why our grandparents did not buy a lot of land when it was too cheap. In the same way, our grandchildren will say the same thing. They will say why our grandparents did not buy Bitcoin when it was cheap. Of course the question will be asked by our next generation, why didn't dad take the opportunity to buy and invest when the price of btc was still at $67,329 like it is today. I personally see both historically, investment and trading related to the growth of adoption and its price movement and one word from me BTC is indeed the best and I am not worried about the future of Bitcoin at all. Title: Re: I’m worried about the future of Bitcoin Post by: arhipova on October 17, 2024, 09:23:33 AM You forgot to take into account the concept of fees spent on sending bitcoins. Bitcoin is not meant for buying and then holding forever. It is to be used as a medium of payment. For every spend , there is some fees which goes to miners only. With time congestion on network will increase and may be the fees also which will result in higher earning for miners. So , their revenue is never going to be zero.
Title: Re: I’m worried about the future of Bitcoin Post by: FortuneFollower on October 17, 2024, 09:27:23 AM They may think about their children and even grandchildren who will take the benefit of their investment. Some of us wonder why our grandparents did not buy a lot of land when it was too cheap. In the same way, our grandchildren will say the same thing. They will say why our grandparents did not buy Bitcoin when it was cheap. Of course the question will be asked by our next generation, why didn't dad take the opportunity to buy and invest when the price of btc was still at $67,329 like it is today. I personally see both historically, investment and trading related to the growth of adoption and its price movement and one word from me BTC is indeed the best and I am not worried about the future of Bitcoin at all. One of the main BTC strengths is that people do have so much faith in it, alongside big and credible institutions, that, there is no event except the total Internet/electricity blackout that something would shackle that position, in my opinion. Title: Re: I’m worried about the future of Bitcoin Post by: Jahalexy on October 17, 2024, 09:45:13 AM Given that the price of bitcoin has historically increased, this trend is very likely to continue. After all, other assets have kept appreciating. Even if all the 21 million bitcoins are mined, miners will still be rewarded with transaction fees. Bitcoin's hard cap makes the coin unique. One of the differences between Bitcoin and altcoins is the the limit. I don't think increasing the supply limit of Bitcoin will ever be considered. POW makes Bitcoin decentralized and secured, so it's still the best option. The price of bitcoin have been know to have been on increase for years now and to some extent that should be enough to encourage people to actually invest. Because I don't think this trend is going to stop any moment from now. And after everything even the miners are benefiting the most just that the number of miners is very important and the 21 Million is not a bad number doh but I feel that miners spend a lot to actually set everything up. Everything about bitcoin is unique and it is very valued because been the first in everything from the beginning is what makes the difference. I don't think I will also agree for the increase of the supply of bitcoin, and there are people that will actually want the supply of bitcoins to increase but of what use when is not everyone that can still be able to afford one bitcoin so to me is still very okay this wat and those that want to buy we definitely see and buy their will always be a seller that is what the market is all about. This is my profits from yesterday, you're mad: https://imgur.media/gallery/cryptolog16.png Title: Re: I’m worried about the future of Bitcoin Post by: CageMabok on October 17, 2024, 10:30:54 AM I wouldn't go as far as to grandchildren, because, yeah, in idea, you can go as far as that to accumulate your BTC, however, I do think you can get a bit of it off from you to get at least a fraction from what you've got from the cycles changing themselves. Of course, it would be better to just continue to accumulate it, but some cream should be collected, in my opinion. People who have known Bitcoin and still like to keep collecting Bitcoin for them to store it better will definitely feel better and their children and grandchildren will definitely be able to benefit from it. Because a father will definitely teach his children good things especially in terms of making money and in terms of getting good benefits from something like Bitcoin. So things like this will continue as long as Bitcoin can still be bought and stored well by everyone without getting tired of collecting it over time.Title: Re: I’m worried about the future of Bitcoin Post by: Synchronice on October 17, 2024, 11:14:07 AM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? I think that when we reach to a point when the reward received from Bitcoin mining becomes unprofitable and price is already very high, then we should logically expect that Bitcoin will be very popular for that moment. Popular Bitcoin means full mempool. If we increase the block size and if there are a big number of Bitcoin transactions regularly (as it should be in the future), then miners will collect enough profit from transaction fees to keep mining.Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct It's easy for Bitcoin's price to rise infinitely because millions of coins are already lost and many people lose access to their private keys. Title: Re: I’m worried about the future of Bitcoin Post by: Swordsoffreedom on October 17, 2024, 11:47:32 AM It's easy for Bitcoin's price to rise infinitely because millions of coins are already lost and many people lose access to their private keys. Bitcoin has a finite supply and many coins have lost access, which means it will become more scarce than the original total supply of 21 million BTC. But that doesn't mean its price will increase indefinitely and without end, it would be a bit of an exaggeration to say that bitcoin price will increase forever. Everything has a limit and Bitcoin is no exception, Bitcoin will gradually stabilize and the growth rate will also slow down when it reaches the limit. This process is still ongoing and we can easily see bitcoin's growth rate slowing down over time. We no longer see bitcoins giving 10,000% or 1,000% returns, and instead bitcoins returns are decreasing as it matures and gets bigger. Once it reaches a certain limit, it will also become more stable and less volatile like gold. Title: Re: I’m worried about the future of Bitcoin Post by: Tmoonz on October 17, 2024, 12:35:27 PM Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. There is no need to worry about the future of Bitcoin and Don't be discouraged by the issue even though PoS is considered more energy efficient, everything has been neatly structured by Satoshi, there is no reduction or increase in the supply anymore and only 21 million Bitcoins. We will not know what bitcoin will be like in the future, which is certain that he is and also does not need to be worried at all because bitcoin is believed to always increase in price in each cycle it is a very strong belief in our hearts, especially miners, bitcoin will always increase along with fiat money that continues to be printed by the government. Will not move to PoS it is too much risk and may experience a crash if done like that, I think he is still new and does not know Bitcoin has an amount that cannot be added anymore. Honestly I wouldn't see any need for anyone to become worried about what will become of Bitcoin in the future, the future is unknown, and uncertainties are abound to happen it will be best we prepare for the best and even the worst to happen, Bitcoin with a total supply of 21million will really prove that the future of Bitcoin will be bright even though there is no guarantee, am also of the view that no additional Bitcoin will be created when the supply has gotten to it maximum of 21 million in circulation. The existence of Bitcoin since it's invention I must say has really given lot's of guide as regards to what it will become of in the future even there is no guarantee by definition in my school of thought. Title: Re: I’m worried about the future of Bitcoin Post by: jcojci on October 17, 2024, 01:19:13 PM They may think about their children and even grandchildren who will take the benefit of their investment. Some of us wonder why our grandparents did not buy a lot of land when it was too cheap. In the same way, our grandchildren will say the same thing. They will say why our grandparents did not buy Bitcoin when it was cheap. Of course the question will be asked by our next generation, why didn't dad take the opportunity to buy and invest when the price of btc was still at $67,329 like it is today. I personally see both historically, investment and trading related to the growth of adoption and its price movement and one word from me BTC is indeed the best and I am not worried about the future of Bitcoin at all. We focus to buy Bitcoin because we want to prepare their future so they will not face the same situation as us. We don't have to worry with what happens to Bitcoin because everything will be fine. We just need to focus to accumulate more and more Bitcoin and use DCA method to buy more. When the reward for the miners reduce, the Bitcoin price can be at a high so the miners will still profit. But if Bitcoin price is at a lower price, the miners needs to survive until they can see the profit comes to them. So no need to worry with Bitcoin future. Title: Re: I’m worried about the future of Bitcoin Post by: fullhdpixel on October 17, 2024, 08:35:20 PM I wouldn't go as far as to grandchildren, because, yeah, in idea, you can go as far as that to accumulate your BTC, however, I do think you can get a bit of it off from you to get at least a fraction from what you've got from the cycles changing themselves. Of course, it would be better to just continue to accumulate it, but some cream should be collected, in my opinion. People who have known Bitcoin and still like to keep collecting Bitcoin for them to store it better will definitely feel better and their children and grandchildren will definitely be able to benefit from it. Because a father will definitely teach his children good things especially in terms of making money and in terms of getting good benefits from something like Bitcoin. So things like this will continue as long as Bitcoin can still be bought and stored well by everyone without getting tired of collecting it over time.We need to use bitcoin a lot more because that would make it more valuable, we all use it for asset investment and not nearly enough people use it as a currency, if we could do that then we are going to end up with a good profit and we could have some good returns as well. I am not sure how long this will take, but we need to start doing that more. Title: Re: I’m worried about the future of Bitcoin Post by: Abiky on October 17, 2024, 09:49:22 PM You forgot to take into account the concept of fees spent on sending bitcoins. Bitcoin is not meant for buying and then holding forever. It is to be used as a medium of payment. For every spend , there is some fees which goes to miners only. With time congestion on network will increase and may be the fees also which will result in higher earning for miners. So , their revenue is never going to be zero. Some people prefer to "hodl" their BTC with the hopes of achieving higher returns in the future. It won't affect the network unless everyone starts doing it (which is highly impossible). Miners will earn a living from fees one way or another. The block reward is just extra money on the side. At times when network activity skyrockets, miners will earn a higher amount of fees per block (like during the Ordinals hype). I assume market prices will continue to go up, unless something catastrophic happens to either BTC or the world economy. That's when mining will become unprofitable, putting the Bitcoin blockchain at risk of a double-spend attack (aka 51% attack). The less miners on-board, the more vulnerable BTC will become. I wouldn't worry about this for a long, long time. :) Title: Re: I’m worried about the future of Bitcoin Post by: CroverNo01 on October 18, 2024, 03:44:29 AM The future of bitcoin is in safe hands, there's absolutely no room to panic because crypto is here to stay today, tomorrow and forever. In Europe, bitcoin have been generally legalized and we know the pressing forces of this project in the space. There's more to learn in the space than we could possibly think of. There are quite different sectors when we're talking about crypto, you either go for the simpler one or there we have it, complex ones settles everything.
Bitcoin is ultimate, investors and traders do actually values it to the top, because they've earned good amount from the project. It is appropriate to invest in bitcoin because gaining massively from this project all starts from the roots, we just have to overlook things and go all in for the top targets on our budgets. Title: Re: I’m worried about the future of Bitcoin Post by: SquirrelJulietGarden on October 18, 2024, 07:10:04 AM Some people prefer to "hodl" their BTC with the hopes of achieving higher returns in the future. It won't affect the network unless everyone starts doing it (which is highly impossible). Miners will earn a living from fees one way or another. The block reward is just extra money on the side. At times when network activity skyrockets, miners will earn a higher amount of fees per block (like during the Ordinals hype). More or less hodlers won't affect Bitcoin network because network is affected by hashrate from Bitcoin miners. If there are Bitcoin miners, network is lively but if there are more demands on Bitcoin transactions like in a bull run, in hypes of projects like Ordinals, Runes, Bitcoin miners will earn more from confirm transactions together with finding Bitcoin blocks.Quote I assume market prices will continue to go up, unless something catastrophic happens to either BTC or the world economy. That's when mining will become unprofitable, putting the Bitcoin blockchain at risk of a double-spend attack (aka 51% attack). The less miners on-board, the more vulnerable BTC will become. I wouldn't worry about this for a long, long time. :) The trend is up but there are one year in every market cycle with read candle. It's Bitcoin market cycle and I believe in both, uptrend in long term, and correction within each market cycle with at least one red year every four year.History doesn't lie https://charts.bitbo.io/yearly-candles/ Title: Re: I’m worried about the future of Bitcoin Post by: Xcode7 on October 18, 2024, 09:00:16 AM I wouldn't go as far as to grandchildren, because, yeah, in idea, you can go as far as that to accumulate your BTC, however, I do think you can get a bit of it off from you to get at least a fraction from what you've got from the cycles changing themselves. Of course, it would be better to just continue to accumulate it, but some cream should be collected, in my opinion. People who have known Bitcoin and still like to keep collecting Bitcoin for them to store it better will definitely feel better and their children and grandchildren will definitely be able to benefit from it. Because a father will definitely teach his children good things especially in terms of making money and in terms of getting good benefits from something like Bitcoin. So things like this will continue as long as Bitcoin can still be bought and stored well by everyone without getting tired of collecting it over time.Title: Re: I’m worried about the future of Bitcoin Post by: Shishir99 on October 18, 2024, 01:47:41 PM Of course the question will be asked by our next generation, why didn't dad take the opportunity to buy and invest when the price of btc was still at $67,329 like it is today. I personally see both historically, investment and trading related to the growth of adoption and its price movement and one word from me BTC is indeed the best and I am not worried about the future of Bitcoin at all. I am not worried as well. I think Bitcoin has good potential and it will continue to grow for a long time. But I believe everything has a limit. It's not like Bitcoin will grow infinitely. There will be a time when Bitcoin will pump a week and go down the next week and it will continue to happen for a long time just like how it has been happening. I am not a big investor and I don't really care what will happen after a 50 years. But people who is going to invest hundred thousands dollars cares about the future. They will do their research before they invest and I appreciate that. So, if they find something which could be worrisome, they will ask question regarding this. Title: Re: I’m worried about the future of Bitcoin Post by: fruktik on October 19, 2024, 05:36:28 AM First of all, we'll all be long dead before bitcoin approaches the zero-rewards era so for you (and us) this is just a theoretical problem. But in reality it's not a problem at all because, theoretically, at that point the miners would still earn rewards thanks to the network fees and the value of bitcoins should be high enough to sustain the mining costs. That's right. Our time will come someday. Why did we start raising such questions at this point in time? Did anyone really decide to live to see such times? Huh? Well, confess, who has the elixir of immortality )) But seriously, I don't even think about such things. This problem will definitely not fall on our time, and then another technology will come to replace it, which will displace blockchain.Title: Re: I’m worried about the future of Bitcoin Post by: goldkingcoiner on October 21, 2024, 08:18:17 AM Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. Not only is PoS a POS (Get it? :P) but it is also a way to completely centralise a decentralized cryptocurrency. When Ethereum became PoS, 2 addresses owned 46% of the nodes. That is de-facto de-decentralized (aka centralized). That is not something we would want for Bitcoin. Title: Re: I’m worried about the future of Bitcoin Post by: Out of mind on October 22, 2024, 09:18:39 AM The price of Bitcoin has increased more than we have seen before, and this promotion will surely continue. We know that the total supply of Bitcoin is 21 million, if this Bitcoin is fully mined it will fill it with Bitcoin transaction fees to reward the workers. Moreover, the supply created in Bitcoin will never increase, and I don't think it will even think about increasing the supply. We know that the supply of altcoins can be increased at any time, but it is not possible in Bitcoin, it is a limited supply, and it is decentralized, so Bitcoin is the best.
Title: Re: I’m worried about the future of Bitcoin Post by: Abiky on October 23, 2024, 12:12:18 AM Not only is PoS a POS (Get it? :P) but it is also a way to completely centralise a decentralized cryptocurrency. When Ethereum became PoS, 2 addresses owned 46% of the nodes. That is de-facto de-decentralized (aka centralized). That is not something we would want for Bitcoin. There's no doubt in that. I think the term is overhyped. Especially with Vitalik claiming it's the next big thing. All part of governments' propaganda against climate change. After all, PoS is marketed as "carbon neutral" while PoW is not. Some have criticized PoW coins like Bitcoin and Litecoin due to their "high energy consumption". But they've got it all wrong. Financial institutions (aka banks) are the ones that consume a lot of energy. No one criticizes them because they're part of the corrupt, monetary system endorsed by governments worldwide (Fiat). PoW can be as "carbon neutral" as centralized PoS if miners decide to use alternative energy sources (going green). No need to switch to PoS ever. But nothing's stopping you from forking off Bitcoin and creating a new PoS-based chain. That's the beauty of decentralization and open source, right? :D Title: Re: I’m worried about the future of Bitcoin Post by: EarnOnVictor on October 23, 2024, 01:00:54 AM First of all, we'll all be long dead before bitcoin approaches the zero-rewards era so for you (and us) this is just a theoretical problem. But in reality it's not a problem at all because, theoretically, at that point the miners would still earn rewards thanks to the network fees and the value of bitcoins should be high enough to sustain the mining costs. That's right. Our time will come someday. Why did we start raising such questions at this point in time? Did anyone really decide to live to see such times? Huh? Well, confess, who has the elixir of immortality )) But seriously, I don't even think about such things. This problem will definitely not fall on our time, and then another technology will come to replace it, which will displace blockchain.Title: Re: I’m worried about the future of Bitcoin Post by: Antonil on October 23, 2024, 03:30:03 AM I heard that the reward is halved every 4 years after each halving, so the reward miners will receive will always approach zero. To maintain the Bitcoin network, the price of Bitcoin must keep rising infinitely, which is impossible. Could there be a point where the value of the Bitcoin miners receive is almost zero, and the Bitcoin network collapses due to a lack of miners? Is it possible that Bitcoin could increase its total supply in the future? But that would certainly cause Bitcoin’s price to drop significantly. Could Bitcoin switch to PoS like Ethereum? That would also cause Bitcoin’s price to fall. I don’t know if my understanding is correct I don't think the supply of bitcoins can increase after 21 million bitcoins are mined. Because Bitcoin is a decentralized currency. As a result, Bitcoin cannot be reformulated in any way. Because, Bitcoin is not controlled by any specific center or individual. As a result, even after Bitcoin reaches 21 million, the number of Bitcoins will not increase and it will not be possible to mine more than 21 million. But once the supply of Bitcoin runs out, the transaction fee will be the miners' reward. Since Bitcoin is decentralized, its price will not fall easily. And Bitcoin will never switch to PoS like Ethereum. Because Bitcoin has been running on PoW since its inception. If anything changes here, it will be on the miners' reward. As now miners are being rewarded with bitcoins. They will then be rewarded with transaction fees. Title: Re: I’m worried about the future of Bitcoin Post by: fruktik on October 23, 2024, 06:11:51 AM Raising the question this time is not misrepresented, it can't hurt to know what will become of Bitcoin and since it is theoretical and practicable, why not? And even if it doesn't happen in our lifetime, that doesn't mean we can't consider what will happen in the future, that's if we care about Bitcoin and the next generation. There will always be a division in reward at every cycle, regardless, one should know that the division is no longer the issue because the majority of Bitcoin is already mined and the miners are making fortunes from it. What hurt can the few remaining 1.1 million BTC do to miners and the Bitcoin network? You know what's most interesting? We can't predict what will happen in the next few minutes. And what can happen? Absolutely any force majeure circumstance that will cause a catastrophe on a planetary scale. Then it won't matter so much what happens to Bitcoin. It will not only fade into the background, but it won't even be on the agenda at all. Why does crypto exist? Because all the conditions for it have been created. If they don't exist, then the technology will disappear and we will forget about it once and for all.Title: Re: I’m worried about the future of Bitcoin Post by: FortuneFollower on October 23, 2024, 06:54:07 AM PoW can be as "carbon neutral" as centralized PoS if miners decide to use alternative energy sources (going green). No need to switch to PoS ever. But nothing's stopping you from forking off Bitcoin and creating a new PoS-based chain. That's the beauty of decentralization and open source, right? :D That's the beauty of the space in general. Nobody stops you or regulates you to try something new out, even though it seems dumb / not working in the first place. That's how many out there were created, in my opinion ::) |