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intrader
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July 02, 2016, 07:59:07 PM
 #21

I have not even got a clue what you are talking about, how is bitcoin not mineable?  
He talking about the future.
There are only 21 million bitcoins that can ever be mined, Once all 21 million have been mined, there will never be any new bitcoins,the last bitcoin will be mined at 2140
rickadone
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July 02, 2016, 08:14:21 PM
 #22

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Mining reward will be zero by 2140 A.D. based on the block reward halving frequency of four years.

So we all will not be living by that time, but miners keep on mining even they don't get block reward as fee will be enough to keep mining. As by that time i think even 10000 satoshi fee will be valued more than a dollar so making mining still profitable by that time. Bitcoin network is self balancing for its existence this is really a great feature for sustanibility of bitcoin. That's why we all love bitcoin..
I don't see the point for us to even be thinking of what will happen to miners by then because just as you said, we won't even be here when that happens and given the amount of time left for that year to come, that's quite a lot. There are nearly endless possibilities that can occur in that span of time.
useless4
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July 02, 2016, 08:37:32 PM
 #23

I have not even got a clue what you are talking about, how is bitcoin not mineable? 
He talking about the future.
There are only 21 million bitcoins that can ever be mined, Once all 21 million have been mined, there will never be any new bitcoins,the last bitcoin will be mined at 2140
thats a really long time to go to be honest and we shouldnt be worried about last bitcoins being mined in my opinion, sooner or later all bitcoins will be mined and we cannot avoid it

i think bitcoin network will be huge then, more and more will get interest in bitcoins to be honest and a lot of people will use bitcoins every day, i hope that by then bitcoin will become a currency of the whole world

 
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panju1
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July 03, 2016, 03:39:21 AM
 #24

I have not even got a clue what you are talking about, how is bitcoin not mineable? 
He talking about the future.
There are only 21 million bitcoins that can ever be mined, Once all 21 million have been mined, there will never be any new bitcoins,the last bitcoin will be mined at 2140
thats a really long time to go to be honest and we shouldnt be worried about last bitcoins being mined in my opinion, sooner or later all bitcoins will be mined and we cannot avoid it

i think bitcoin network will be huge then, more and more will get interest in bitcoins to be honest and a lot of people will use bitcoins every day, i hope that by then bitcoin will become a currency of the whole world

Bitcoin will be hugely popular and worth a lot, or it will be dead and worthless.
In either case, the problem of no block reward will be solved.  Smiley
drwtsn32
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July 03, 2016, 04:04:39 AM
 #25

How bitcoin maintain its network when bitcoin no longer mineable?

Miners will continue to work and secure the network , instead of getting block rewards they will gain the transaction fees instead.

Who cares really ? None of us will be alive at that point.


So the transaction fee will probably rise, right?
Hence, the price of bitcoin will rise too.
drwtsn32
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July 03, 2016, 04:09:35 AM
 #26

I have not even got a clue what you are talking about, how is bitcoin not mineable?  
He talking about the future.
There are only 21 million bitcoins that can ever be mined, Once all 21 million have been mined, there will never be any new bitcoins,the last bitcoin will be mined at 2140


And then they will just going to circulate all the existing bitcoins around the world alongside the skyrocketing of the price.
But that's on 2140. None of us will be living by then.
And probably another better cryptocurrency is up on those days.
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