Greentext (OP)
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September 21, 2016, 06:31:39 PM |
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What will happen when the Bitcoin limit is reached? Will transactions still be possible, but miners simply won't be awarded anything for confirming blocks? Say I created an altcoin that's cap was 50 coins and the genesis block awarded all the coins in existence, would it still theoretically work minus the fact that miners wouldn't gain anything from mining?
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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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achow101
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Just writing some code
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September 21, 2016, 06:36:46 PM |
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Bitcoin limit? You mean when all Bitcoin's have been mined? In that case, miners will be making money off of transaction fees. The transaction fees of all transactions in a block goes to the miner.
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DannyHamilton
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September 21, 2016, 07:41:21 PM
Last edit: September 21, 2016, 11:06:25 PM by DannyHamilton |
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achow101 has done a good job of answering your question.
However, are you aware that the last 0.00000001 BTC won't be mined until approximately the year 2140 (long after you are dead and gone)? Why are you so concerned about what future generations will do with their money? Even if the transaction fees weren't the answer, future generations will figure out for themselves how to manage transfer of value. I have faith in their abilities. It really isn't something we need to worry about.
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Decoded
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give me your cryptos
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September 21, 2016, 11:02:01 PM |
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achow101 has done a good job of answering your question.
However, are you aware that the last 0.00000001 BTC won't be mined until approximately the year 2140 (long after you are dead and gone)? Why are you so concerned about what future generations will do with their money? Even if the transaction fees weren't the answer, future generations will figure it out or themselves how to manage transfer of value. I have faith in their abilities. It really isn't something we need to worry about.
Morbid but true. Bitcoin, by 2140, will need to have a massive amount of value for the current transaction fees to make miners profit. However if the price is so high, no one will want to pay that high of a tx fee. Some things need to change. |
looking for a signature campaign, dm me for that
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cpfreeplz
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September 21, 2016, 11:08:30 PM |
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achow101 has done a good job of answering your question.
However, are you aware that the last 0.00000001 BTC won't be mined until approximately the year 2140 (long after you are dead and gone)? Why are you so concerned about what future generations will do with their money? Even if the transaction fees weren't the answer, future generations will figure it out or themselves how to manage transfer of value. I have faith in their abilities. It really isn't something we need to worry about.
Morbid but true. Bitcoin, by 2140, will need to have a massive amount of value for the current transaction fees to make miners profit. However if the price is so high, no one will want to pay that high of a tx fee. Some things need to change. What? It will change... if 1 satoshi I now worth 1 cent then obviously miners will take 1 satoshi as a fee and not have a problem with it. The problem is when people have no fee or such as low fee. Would you include a transaction with a 1 satoshi/byte when there are so many transactions that you could include that have, say, 20/byte? No of course not! |
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X7
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Let he who is without sin cast the first stone
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September 22, 2016, 05:13:52 PM |
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You're talking about something 130+ years out, but from what I understand the transaction fees by then will cover any cost. (Bitcoin will either be worth a whole lot by then, or not much at all)
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For what shall it profit a man, if he shall gain the world, and lose his own soul?
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NattyLiteCoin
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September 26, 2016, 01:51:22 AM |
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Energy will likely be free in 2140.
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KabaaL
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September 26, 2016, 10:21:18 AM |
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Energy will likely be free in 2140.
BITCOINS to  |
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kanazawa
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September 30, 2016, 07:19:28 PM |
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DannyHamilton, that's the same thing I ask everyone who seems "worried" about the future of Bitcoin (but with a scatologic predictions). I mean, we have more than 100 year until the doomsday o Bitcoin and people are so worried. The next generation will have more programming and engineering in favour by their side. In 1980 I was a metalhead kid with no predictions about computer... my teachers said computer was something linked with cold war, etc... like the cellphone.... when I bought my first "brick phone" any nerd in the world would imagine a smartphone, etc.... C'mon, let's use our heads to something more realistic, more touchable...
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kn_b_y
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October 01, 2016, 12:00:35 AM |
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I think the block reward is going to become an irrelevance well before 2140.
The miners are currently collecting fees of 0.3-0.4 coins per block, and it's rising over time. And this amount is what the block reward will be in about twenty years time. So the cross-over point (when fees outstrip block rewards) is probably going to come sooner than then - and most of us will still be alive.
It might happen that 2nd layer stuff (payment channel networks such as lightning) and block size increases (which few will be able to argue against as network rates and storage capacity get higher) will exert a downward pressure on fees. But despite this, as demand increases I'm sure the fees will increase well beyond the current value if bitcoin manages to remain the most strongly backed crypto-currency.
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