What happens when we hit 21,000,000 bitcoins?

[figmentofmyass]

Miners will still get transaction fees.

right, but for that to matter, we need a functioning fee market (based on limited capacity). there is no guarantee of mass adoption, so to maintain bitcoin as a highly secure network (vis-a-vis proof of work), we need high fees on layer 1.

otherwise, miners will be shutting down en masse as we approach supply being fully mined out, which opens all sorts of attack vectors as hash rate plummets. massive block reorganizations could be the norm in that case. this is why i'm thankful that the core devs have the foresight to deal with this issue now by bringing us closer to layer 2 solutions that will mitigate this push for cheaper fees.

[Wicked17]

This morning I was talking about this with a buddy of mine.

Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.

What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?

we can apply here the law of supply and demand. When bitcoin hit its maximum value then the miners will get nothing to mine.
The supply of the bitcoin will be fix and the value of bitcoin will go high because of the demand.

[AGD]

C'mon. Not again. Use the search function for gods sake.

[TheBitcoinBadger]

Satoshi will appear and will tell us what to do.

[mondobitcoin]

This morning I was talking about this with a buddy of mine.

Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.

What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?

I think the price of bitcoin can bump up high if it happen, the miners know it can happen sooner or later, so it is all calculated
I think it can happen not early than 10 years
Later that, the people can directing our "strenght" to other criptos

[qwertyup23]

This morning I was talking about this with a buddy of mine.

Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.

What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?

The law of demand and supply will answer your question in terms of the price. Assuming that every bitcoin is already mined, the supply now will be limited to the ones holding bitcoin and the person who has the most bitcoins might have the potential to control the price depending on his supply. Due to all of these factors, the price of bitcoins would significantly increase on the market and investing it would be the right choice. Though one disadvantage that it might result is the number of campaign signatures might decrease, or rather use another type of cryptocurrency as for their payment; but then again this is all speculation.

[bitcon]

This morning I was talking about this with a buddy of mine.

Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.

What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?

There will be never 21 000 000 bitcoins. It will divide into infinity.
And when dividing will be to small - miners will start earn from fees of transactions.

[aizen10]

This morning I was talking about this with a buddy of mine.

Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.

What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?

i think if it reached its maximum potential of 21,000,000 bitcoins, it has be another cycle of mines to be mine to have a another round on this business. and i think the creators of this bitcoin are aware on that. so they have another round to catch up us again and again to make us them more profits.

[ramsdaj28]

This morning I was talking about this with a buddy of mine.

Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.

What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?

Well, there are only two scenario when that happens. First, btc miners will stop working. Second, these btc miners might shift to different (and probably newly introduced) cryptocurrencies . But again, I think this will not be coming sooner for the algo of btc is not that easy to solve and 21m is a lot of btc, if you get my point, tho. However, miners CAN still stay on working with bitcoins BUT only earn from transaction fees.

[Karmakid]

This morning I was talking about this with a buddy of mine.

Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.

What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?

I think if we reach that mark there would be no more bitcoin to mine, I don't know what will happen to it's price if all bitcoins were mined. I hope that it will have a positive impact to those who are holding bitcoin. Or maybe another another coin would come up, I think it will just keep going. It's like an endless cycle.

[zopply]

Surely by the time it happens the price will be so high that transaction fees will also be extremely high to entice miners to continue. Either that or it will be like when  we hit the year 2000 and the y2k fiasco. MASS PANIC. time will tell!

[abdillahzidan]

Bitcoin will not be in the mine again. Besides it could be bitcoin will be a rare item because it is no longer production, legally economically when the goods are scarce while many demand may be the item will have a high selling value, but there could be the possibility of bitcoin like Rare items that will only be made in the collection. Very exciting to wait for it after bitcoin reached 21 million

[13abyknight]

It would take lots of years from now for the complete 21 million coins in supply to be mined as the difficulty increases exponentially, it becomes that much harder to mine coins. At that point, Bitcoin's price would be so high that even the transaction fees would be very high compared to today's fees. It would definitely suffice the miners to continue mining for at least the transaction fees as the price of BTC would be insanely high.

[squatter]

C'mon. Not again. Use the search function for gods sake.

It just dawned on me. You used to be able to quickly and easily do a forum-wide search by keyword. And that's the most intuitive way to search a site. Now if you try to do that, you get: "Select no more than 5 boards at a time." It's not an excuse, but I'm guessing this drives some noobs to make new threads rather than figuring out how and where to search for their question.

[giveen]

It won't happen mining the last few coins can take months because by that time difficulty would have gone really high and many won't mine the remaining coins because of less profitability.
About the price it should go high because the only way get btc after everything is mined is by buying or earning.

[wearepoor]

It won't happen mining the last few coins can take months because by that time difficulty would have gone really high and many won't mine the remaining coins because of less profitability.
About the price it should go high because the only way get btc after everything is mined is by buying or earning.

Agreed with you, by each passing day the difficulty in the mining process will be increased and there will be less profit to the miners. So the small group of miners will stay away from the mining as they will not afford it. It is expected to mine all the bitcoins by the year 2140, its a very long period. During this time, the value of bitcoins could be hit the sky.

[Barcode_]

There will be no more block rewards for the miners when 21 million bitcoins are all mined, but miners could still earn the transaction fees from the senders, with the halving event that would happen once around every 4 years, it is still a long way to fully mine out all 21 million bitcoins.

[Spinbackup]

I suppose that Bitcoin will become a kind of gold bullion for individuals with much higher price than now as well as the blockchain technology will transform into Fort Knox. If seriously, I think there are too many possible options and we cannot predict the exact one.

[kelstasy]

Law in economics, supply and demand. Bitcoins price will rise because the supply is low. Maybe there will be a promising alt coin that miners will mine.

[Welds1977]

bitcoin and bitcoin FEES to astronomical amounts.