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Author Topic: After 21M have been released, then what?  (Read 1121 times)
Felted911
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February 22, 2017, 03:47:12 PM
 #1

So, I've been doing a bunch of research and trying to find the answer to this question.  Keyword searches have failed to find anyone discussing this topic, but I would imagine it has been discussed in the past.  Looking to be pointed the right direction here.

After all 21M bitcoins have released to the public (miners), what incentive will miners have to continue the mining process?  
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February 22, 2017, 03:48:43 PM
 #2

Likely the bitcoin protocol will be changed by then or one BTC has enough price that miners can make do with just tx fees

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February 22, 2017, 03:56:26 PM
 #3

Miners will receive only the transaction fees included in the blocks he mined. If they think it is not worth it, it will end up reducing the difficulty of mining and opening up the possibility of other people mining, it will self-regulate.
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February 22, 2017, 04:04:31 PM
 #4

Miners only rely on TX fees, but i'm sure by time 21M bitcoin have been mined, bitcoin either successful and process hundred million of transaction everyday or dead Roll Eyes
Maybe community might agree to do something crazy such as change PoW or miners can continue mining forever with tiny amount (maybe one satoshi by 2140)

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February 22, 2017, 04:23:25 PM
 #5

Miners only rely on TX fees, but i'm sure by time 21M bitcoin have been mined, bitcoin either successful and process hundred million of transaction everyday or dead Roll Eyes
Maybe community might agree to do something crazy such as change PoW or miners can continue mining forever with tiny amount (maybe one satoshi by 2140)
Miners completely depend upon the transaction fee for their earning. As a part we can some other digital currencies growing potentially without limits of coin generation. Importantly after 21m the price will be very high, even a single satoshi will be in much demand.

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February 22, 2017, 04:28:44 PM
 #6

Then it will just be circulation. If all happened the way we want it like thousands of dollars per bitcoin then we will be trading by satoshis. If not then the top holders will be waiting for that until bitcoin becomes so rare that finding one to buy is so difficult.
Remember those 21 million are not all alive. Some are buried and cannot be found anymore.

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February 22, 2017, 04:50:24 PM
 #7

Miners only rely on TX fees, but i'm sure by time 21M bitcoin have been mined, bitcoin either successful and process hundred million of transaction everyday or dead Roll Eyes
Maybe community might agree to do something crazy such as change PoW or miners can continue mining forever with tiny amount (maybe one satoshi by 2140)

Considering transaction volume nowadays become increased and the fees also increased to reach confirmed transaction as default (ok, it's also can use zero fee, but need some conditions or waiting for a long long time). Here's the miners will earn they reward, plus the price will increased as demand > supply.
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February 22, 2017, 04:55:00 PM
 #8

All the coins will be out in the open and then to keep the network moving the miners will be working for transaction fees, it will be a great time to be around to see how it all works out, sadly unless we have a time machine we won't be able to see this outcome.


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February 22, 2017, 05:01:08 PM
 #9

Let me tell you what is supposed to happen, and then you decide for yourself if it will work or not. We currently have 2 rewards, namely Block

rewards and miners fee and the miners gets both. So in future when the Block rewards falls away, the miners fees are supposed to fill that gap.

By then, there should be more users and much more transactions and these tx's should make up for the Block rewards that stopped. Now, we

see things like the Lighting Network, that would dramatically reduce tx's on the Blockchain, and this in my opinion is not a good idea. Yes, miners

might run nodes that might generate lots of income, but that is not guaranteed to fill the gap.  Roll Eyes

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February 22, 2017, 05:40:28 PM
 #10

So, I've been doing a bunch of research and trying to find the answer to this question.  Keyword searches have failed to find anyone discussing this topic, but I would imagine it has been discussed in the past.  Looking to be pointed the right direction here.

After all 21M bitcoins have released to the public (miners), what incentive will miners have to continue the mining process?  

The answer to that is very simple it means that the price of bitcoin will sky rocket and the miners will have to make more money by charging higher transaction fees and for those who are having enough bitcoin kept will make enormous wealth. Aside from that, other alt coin will now be a favorite as it will now be the one that is affordable by people who want to trade crypto-currency which in this case bitcoin will no longer be affordable.

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February 22, 2017, 08:11:42 PM
 #11

Then we are done and can go home.  Cheesy

By that time the transaction fees will be significantly larger and mining will only take place for the transaction fees.

In 2013, typical fees were 0.01 BTC per block. Now, in Feb 2017, they are around 1.0 BTC per block, as much as 100x as much as they were in 2013.

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February 22, 2017, 09:10:22 PM
 #12

If you look at the recent price changes for transaction you can very well understand that miners will feed off every transactions made by the users when all the coins are mined. It will hurt bitcoin without any doubt as no one will be transacting using a higher fees when there are other alts with lower transaction fees.
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February 22, 2017, 11:10:09 PM
 #13

I think there will be a big celebration of some sort?
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February 23, 2017, 12:01:04 AM
 #14

Might as well gets trashed by mods.


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February 23, 2017, 12:18:44 AM
 #15

Interesting, I never think that day, we will be all dead, it may be the most widespread currency in the world. It may be dead too. Who knows? God knows only.
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February 23, 2017, 12:30:59 AM
 #16

So, I've been doing a bunch of research and trying to find the answer to this question.  Keyword searches have failed to find anyone discussing this topic, but I would imagine it has been discussed in the past.  Looking to be pointed the right direction here.

After all 21M bitcoins have released to the public (miners), what incentive will miners have to continue the mining process?  
Bitcoin will never touch 21 million but after all of the mining phase of bitcoin will have gone and the miners just get their reward from the transaction fees. and if there are the blocksize improvement in the future and they're no need to increasing the transaction fees. the large block can take more transaction and more fees will come to the miners without increasing the transaction fees.

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February 23, 2017, 12:57:49 AM
 #17

miner still have return,
miner can return from fee sending tx id, every sending fee receive to minner
if total suply bitcoin 21 million, bitcoin price incraese, so miner can still competitif return

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February 23, 2017, 03:32:58 AM
 #18

There are long time to consider this, at that time the price will be a number your can't image Wink
So the tx fee will be enough to protect bitcoin network.
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February 23, 2017, 03:47:42 AM
 #19

Then we are done and can go home.  Cheesy

By that time the transaction fees will be significantly larger and mining will only take place for the transaction fees.

In 2013, typical fees were 0.01 BTC per block. Now, in Feb 2017, they are around 1.0 BTC per block, as much as 100x as much as they were in 2013.

We are at "Percentage of total Bitcoins mined": 77.04% and the remaining 4 millions will experience another Halving which lowers the 12 BTC reward down to 6 BTC. So 6x as of now to exspect but I am not sure if one can estimate numbers in such ways.
And if 6 BTC even can fuel the existing miner infrastructure, don't know either.
If using Bitcoin gets expensive we are loosing a serious advantage in comparison to competition out there.

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February 23, 2017, 08:14:00 AM
 #20

Then we are done and can go home.  Cheesy

By that time the transaction fees will be significantly larger and mining will only take place for the transaction fees.

In 2013, typical fees were 0.01 BTC per block. Now, in Feb 2017, they are around 1.0 BTC per block, as much as 100x as much as they were in 2013.

We are at "Percentage of total Bitcoins mined": 77.04% and the remaining 4 millions will experience another Halving which lowers the 12 BTC reward down to 6 BTC. So 6x as of now to exspect but I am not sure if one can estimate numbers in such ways.
And if 6 BTC even can fuel the existing miner infrastructure, don't know either.
If using Bitcoin gets expensive we are loosing a serious advantage in comparison to competition out there.
Bitcoin should be more worth by the next halving, so you get just 6.25 instead of 12.5, but the price went up to even it out and also your fees are higher and more worth. Of course you have to put some of your earnings aside shortly before the halving and make some losses after the halving, but the price will adapt quickly.
But maybe fees will get so high, that it will not be interesting to use Bitcoin as any other thing then store of value, used by the rich, so an occasional big fee will be no problem.

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