21 million Bitcoin

[ToQcHista]

Hi gusy  

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

[1714729103]

1714729103

[1714729103]

1714729103

[unsoindovo]

Hi gusy  

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

When all btc will be mined, probabilly you will not still be in this world   ;-)

[ToQcHista]

Hi gusy  

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

When all btc will be mined, probabilly you will not still be in this world   ;-)

i don't undestand.

what talking ?

it will be bad that will create 21 million ?

i thought that bitcoin price increase

[Borisz]

Hi gusy  

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

When all btc will be mined, probabilly you will not still be in this world   ;-)

i don't undestand.

what talking ?

it will be bad that will create 21 million ?

i thought that bitcoin price increase

Check out https://en.bitcoin.it/wiki/Controlled_supply#Projected_Bitcoins_Long_Term, if you look at the years, the last blocks will be mined at around year 2140 or so.
We will most likely not know what will happen then.

[Amph]

Hi gusy  

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

When all btc will be mined, probabilly you will not still be in this world   ;-)

i don't undestand.

what talking ?

it will be bad that will create 21 million ?

i thought that bitcoin price increase

it should increase in theory, if bitcoin is not dead by that time

the point is that, the miners will mine for fees, and this mean that the price must be high for the miners in order that it's worth it

but still a long time before that will happen

[ToQcHista]

Hi gusy  

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

When all btc will be mined, probabilly you will not still be in this world   ;-)

i don't undestand.

what talking ?

it will be bad that will create 21 million ?

i thought that bitcoin price increase

Check out https://en.bitcoin.it/wiki/Controlled_supply#Projected_Bitcoins_Long_Term, if you look at the years, the last blocks will be mined at around year 2140 or so.
We will most likely not know what will happen then.

Possible to will Cancell btc when reach 21 bitcoin?

i thought that bitcoin price increase .

[ToQcHista]

Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive

really this 2140 years cancel bitcoin if nothing will change ?

[Jeremycoin]

Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive

really this 2140 years cancel bitcoin if nothing will change ?

You should worried about your grand-grand child
What do you mean with "cancel bitcoin"?

[ToQcHista]

Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive

really this 2140 years cancel bitcoin if nothing will change ?

You should worried about your grand-grand child
What do you mean with "cancel bitcoin"?

Which year will destroy btc ? in 2140 ?

but  14 million btc that now right create.

[ToQcHista]

Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive

really this 2140 years cancel bitcoin if nothing will change ?

You should worried about your grand-grand child

 
not

[Jeremycoin]

Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive

really this 2140 years cancel bitcoin if nothing will change ?

You should worried about your grand-grand child
What do you mean with "cancel bitcoin"?

Which year will destroy btc ? in 2140 ?

but  14 million btc that now right create.

Yes, it's 2140 according to this link from this quote

Check out https://en.bitcoin.it/wiki/Controlled_supply#Projected_Bitcoins_Long_Term, if you look at the years, the last blocks will be mined at around year 2140 or so.
We will most likely not know what will happen then.

With 6930000 Blocks

[TheRealSteve]

Yes, it's 2140 according to this link from this quote

That is an incorrect figure.  That was the ideal year if every block took exactly 10 minutes starting from the genesis block.  If the network hash rate is higher than anticipated, that year will be lower - if the network is lower than anticipated, that year will be higher. 

I recently made a correction to that table and was considering removing the projected years - seeing it cited once again makes me think I really should do so

As for the topic of this thread - asked a dozen times, answered a dozen times, doesn't hurt to get new answers but I don't think there has been any new socioecological insight into 'what happens' when the last one is mined. ( Just as a quick recap: 1. you'd need a crystal ball and 2. any impact would be felt long before the last non-zero block reward as the block reward will be relatively low long before then. )

[Borisz]

That is an incorrect figure.  That was the ideal year if every block took exactly 10 minutes starting from the genesis block.  If the network hash rate is higher than anticipated, that year will be lower - if the network is lower than anticipated, that year will be higher. 

Please correct me if I'm wrong, but the mining difficulty is retargeted so that on average a block is found every 10 minutes. So it is regardless of the network hashrate. If the hashrate goes up even by 1000 times, the difficulty increases so that 1 block will be found in 10 minutes. Of course, until the difficulty increase happens you may be finding blocks sooner or later, but on long time average it should be 10 minutes.

I recently made a correction to that table and was considering removing the projected years - seeing it cited once again makes me think I really should do so

You made a correction? Where can I find it?

[TheRealSteve]

Please correct me if I'm wrong, but the mining difficulty is retargeted so that on average a block is found every 10 minutes. So it is regardless of the network hashrate.

Yes, but that difficulty is only adjusted ever 2016 blocks.  So when 2016 blocks should take 14 days, in reality they might take, say, 12 days.

If the hashrate goes up even by 1000 times, the difficulty increases so that 1 block will be found in 10 minutes.

If it were to go up by a factor of 1000 in a single event, you're right, that would have very little impact- e.g. it would go from 14 days to 0.0014 days or about 20 minutes, and after that it would take 14 days again.
In reality, it goes up (or down) by a few percent, and does that for every block, and thus every difficulty adjustment and every reward halving.

Of course, until the difficulty increase happens you may be finding blocks sooner or later, but on long time average it should be 10 minutes.

'Should' being the key word there

I recently made a correction to that table and was considering removing the projected years - seeing it cited once again makes me think I really should do so

You made a correction? Where can I find it?

There was a single satoshi too many in some of the values - probably as a result of a floating point error in the original editor's output.  You can find some further discussion about that particular topic in the Talk page.

[Kprawn]

I think OP was asking in a "what if" scenario .... even though he will not be there when it happens... 

The price will most probably increase, if there are still people using it and mining it, but at the rate technology improve, we predict that Bitcoin would not be in use, because it would be replaced with a much better technology.

So in theory... 21 million Bitcoins can be mined, but I would bet against that ever happening. 

[Hazir]

The exact number of Bitcoins is not important. Whether the end result is 1 million or 100 billion makes little real difference.

The important aspect here is the process, not the quantity.

New Bitcoins enter the system in an orderly, predictable way.
Outside forces cannot arbitrarily flood the currency with new money (no inflation).
An incentive is provided for people to apply their hash power to make the currency more secure.
Eventually, Bitcoin has to be self-supporting through transaction fees. Hence the tapering off of blockchain rewards.

Again, I think that we never reach bottom of bitcoin. We or our grandchildren that is. So there is no really wise to think about it as we only can spin hypothesis.

[Minerkev]

Quantum computer will destroy btc :O)

[ToQcHista]

already is 14 million bitcoin and coming soon will become 21 million .


https://blockchain.info/charts/total-bitcoins

[vrm86]

already is 14 million bitcoin and coming soon will become 21 million .


https://blockchain.info/charts/total-bitcoins

Consider block reward halvings, that would make last bitcoin to be mined in about 2140.

[TheRealSteve]

soon

no, though that might depend on your definition of soon

will become 21 million .

No, but close enough for most purposes.  In fact, if we're putting block 2,100,000 as being close enough (~20979500 BTC supply and already past the knee of the controlled supply), that's still not estimated to be somewhere between the years 2040 and 2050.

https://blockchain.info/charts/total-bitcoins

Keep in mind that only shows a current view on a slightly misleading scale.  See the full scale:
https://blockchain.info/charts/total-bitcoins?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
Notice the corner at around 10,000,000?  That's where the reward was halved.  Reward halving is why the first 10M took 'only' ~4 years, while the next 10M will take ~14 years.  You're basically looking at only the green part of this curve: