Luuk (OP)
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June 19, 2015, 08:15:02 AM |
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Just a newb question, what happens when the 21 million coins gets mined out. What will keep the blockchain moving after this point and just to confirm there will never be more then 21 million coins?
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NorrisK
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June 19, 2015, 08:20:00 AM |
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Transaction fees Will be the mining reward. High use of the bitcoin network Will be required to adequately pay the miners. On the other hand, You Will probably not live by that Time anymore, so You dont need to worry too much.
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Luuk (OP)
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June 19, 2015, 08:29:49 AM |
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Transaction fees Will be the mining reward. High use of the bitcoin network Will be required to adequately pay the miners. On the other hand, You Will probably not live by that Time anymore, so You dont need to worry too much.
So the mining power thrown at bitcoin will be radically reduced at that point but it won't matter as 51% attacks would be useless since no new coins will be produced. |
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winspiral
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Free WSPU2 Token or real dollars
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June 19, 2015, 08:34:42 AM |
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Transaction fees Will be the mining reward. High use of the bitcoin network Will be required to adequately pay the miners. On the other hand, You Will probably not live by that Time anymore, so You dont need to worry too much.
So the mining power thrown at bitcoin will be radically reduced at that point but it won't matter as 51% attacks would be useless since no new coins will be produced. no, never radically because coin mining deacrease slowly...and the market will regulate all the existing coins... |
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Luuk (OP)
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June 19, 2015, 08:40:48 AM |
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Transaction fees Will be the mining reward. High use of the bitcoin network Will be required to adequately pay the miners. On the other hand, You Will probably not live by that Time anymore, so You dont need to worry too much.
So the mining power thrown at bitcoin will be radically reduced at that point but it won't matter as 51% attacks would be useless since no new coins will be produced. no, never radically because coin mining deacrease slowly...and the market will regulate all the existing coins... Thanks for the answers so far. what do you mean by regulate all the existing coins... , will there be certain transaction fees incurred for just holding bitcoin that miners will get to keep things moving along or will it purely be on transaction fees on when you transfer coins for whatever purpose? I plan to pass some coins to my kids, so I know this will be something they will have to deal with in there lifetime. |
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NUFCrichard
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June 19, 2015, 08:58:37 AM |
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Transaction fees Will be the mining reward. High use of the bitcoin network Will be required to adequately pay the miners. On the other hand, You Will probably not live by that Time anymore, so You dont need to worry too much.
So the mining power thrown at bitcoin will be radically reduced at that point but it won't matter as 51% attacks would be useless since no new coins will be produced. no, never radically because coin mining deacrease slowly...and the market will regulate all the existing coins... Thanks for the answers so far. what do you mean by regulate all the existing coins... , will there be certain transaction fees incurred for just holding bitcoin that miners will get to keep things moving along or will it purely be on transaction fees on when you transfer coins for whatever purpose? I plan to pass some coins to my kids, so I know this will be something they will have to deal with in there lifetime. You 'might' be jumping the gun a bit, Bitcoin won't be mined out for another 125 years! I don't know what life expectancy is now, but 125 seems optimistic! A long long time before we get to that point, Bitcoin will either be globally used, or not be used at all. If it is the internet currency, then people will mine for transaction fees, and they cann be pretty big and worth mining for. If not, then people will turn off and the difficulty will fall greatly. We will see at the next halving what happens, a more extreme version can be expected when the jump is from 1 to 0 per mined block. |
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Kakmakr
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June 19, 2015, 09:15:58 AM |
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Transaction fees Will be the mining reward. High use of the bitcoin network Will be required to adequately pay the miners. On the other hand, You Will probably not live by that Time anymore, so You dont need to worry too much.
So the mining power thrown at bitcoin will be radically reduced at that point but it won't matter as 51% attacks would be useless since no new coins will be produced.The threat of a 51% attack has to do with the ability to double spend coins you already have and not the coins being paid as a reward for the mining being done. If it was possible to succeed and to maintain a 51% attack, you could spend the coins you own at one place and spend the same coins at another place. This is not a option, because the cost of maintaining a 51% attack, out weigh the benefits from doing it. |
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dollarneed
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June 19, 2015, 09:18:13 AM |
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i dont care about it because we are not gonna live in that era, but as we know if 21 millions have been mined of course its price gonna deflate, so all we have to do just keep earn some profit from it and always using bitcoin and spread positive issues about bitcoin to all of the world  |
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Oscilson
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June 19, 2015, 10:52:48 AM |
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So the mining power thrown at bitcoin will be radically reduced at that point but it won't matter as 51% attacks would be useless since no new coins will be produced.
Mining power will not reduce if the price of bitcoin is high and transaction fee is high. 51% is always a worry regardless of new coin minting. |
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logicalq
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June 19, 2015, 10:56:45 AM |
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It will just be the transaction fees that we pay which will keep the network running and be awarded.
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iram66680
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June 19, 2015, 11:02:03 AM |
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Since the supply will be much lower at that time, the price will increase tremendously. With the technological improvements in years from now till then, ASICs will be much more efficient and electricity will be cheap enough due to renew-ability. The block size increase will essentially increase the transaction fees thus making it more profitable.
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turvarya
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June 19, 2015, 11:04:32 AM |
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When 21 million coins have been mined, I will have been long dead, so I don't care  |
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AtheistAKASaneBrain
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June 19, 2015, 11:07:25 AM |
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By then besides us being dead, 1 BTC will be something ridiculous like 100 million current USD dollars, which means the small BTC made from mining will still be profitable, well it will not be really mining, it will just be transaction processing.
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Amph
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June 19, 2015, 11:10:31 AM |
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this would be the point where bitcoin will have to prove its survivability, i mean if the price will not be high enough to sustain the network, no one will mine anymore, therefore the network will collapse and bitcoin will die
otherwise bitcoin will reach an astronomic value that will make everyone happy
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TibanneCat
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BTC > etc
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June 19, 2015, 12:50:59 PM |
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this would be the point where bitcoin will have to prove its survivability, i mean if the price will not be high enough to sustain the network, no one will mine anymore, therefore the network will collapse and bitcoin will die
otherwise bitcoin will reach an astronomic value that will make everyone happy
right, so if bitcoin is still around by the time 21 million have been mined, it will be because mass adoption has been reached and the value is high enough to make transaction processing a profitable business |
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mercistheman
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June 19, 2015, 01:37:45 PM |
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After they improve life expectancy there will be a lot of 120 year old millionaires traveling to Mars.
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Herbert2020
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June 19, 2015, 01:39:47 PM |
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it is a long way from today but when all the bitcoin have been mined which means that block rewards become so small, then i guess there will be two scenarios:
1) bitcoin price is at a stage that it makes mining profitable or mining becomes so cheep that it doesn't matter and doesn't cost anything. then bitcoin will continue the way it is
2) the only way i can see that bitcoin can survive is that the fees are increased.
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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temroa
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June 19, 2015, 01:41:14 PM |
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after reaching 21 mil. btc the miners only work for earning tx fees.may be fees can goes up.
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Rude Boy
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June 19, 2015, 01:46:21 PM
Last edit: June 19, 2015, 04:21:27 PM by Rude Boy |
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after reaching 21 mil. btc the miners only work for earning tx fees.may be fees can goes up.
If fees goes up, what will happen to btc usage? Peoples will again move to fiat? And if miners work for earning tx fees, then no need of big mining rigs? ~Rude Boy |
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temroa
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June 19, 2015, 01:50:30 PM |
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after reaching 21 mil. btc the miners only work for earning tx fees.may be fees can goes up.
If fees goes up, what will happen to btc usage? Peoples will again move to fiat? And if miners work for earning tx fees, then ne nood of big mining rigs? ~Rude Boy then we can say that btc technology is just for some time. |
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