ICOmonster (OP)
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October 21, 2017, 04:00:05 PM |
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Hi i have a question, i hope someone could answer it
As of now, the circulating supply of Bitcoin is 16.6M
I was wondering what would happen if it reaches 21M?
Will bitcoin still work even without mining?
Or will bitcoin fall apart?
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cellard
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October 21, 2017, 04:16:53 PM |
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Hi i have a question, i hope someone could answer it
As of now, the circulating supply of Bitcoin is 16.6M
I was wondering what would happen if it reaches 21M?
Will bitcoin still work even without mining?
Or will bitcoin fall apart?
In theory, the price should be so high that it is economically viable to mine the transactions profit being only the fees of them without any newly generated coins as rewards. Some theorize that this will not hold and suggest a small % of inflation. I think it's bullshit, we don't need inflation. If someone doesn't want to keep mining and reap the profits of fees, someone else will. The system will continue self adjusting just like it does now. Inflation would never have enough consensus for a hardfork. |
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Zarbout
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Live Stars - Adult Streaming Platform
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October 21, 2017, 05:04:30 PM |
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I had the same idea. Who will confirm the transactions without mining fees? and what will be bitcoin price then?
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HabBear
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October 21, 2017, 05:12:21 PM |
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Bitcoin would still work.
Miners would get paid differently, because there would be no more block rewards. They'd get paid only by fees. Fees may increase as a result, but in theory the value of Bitcoin should increase as well so the % of a transaction devoted to a fee may not have as much change.
If supply is stagnant there will be a greater effect on value given the same amount of demand. This is when the value of bitcoin could really take off. Unfortunately all bitcoin won't be mined until the year 2140. BUT, given the process of halving block rewards (and therefore the creation of Bitcoin) we'll have mined nearly all of bitcoin well before (like many many decades before) the last satoshi is unlocked.
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bitart
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October 21, 2017, 06:52:32 PM |
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I had the same idea. Who will confirm the transactions without mining fees? and what will be bitcoin price then?
Don't worry mining fees will exist every time. Just remember a few months ago, when BCH and BTC were 'fighting' and miners were hopping from and to the different chains to mine. This caused high fees on the BTC chain, so the miners earned the block reward and serious profit from fees as well. This amount of profit from the fees should be enough for the miners if the block reward disappears. |
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ICOmonster (OP)
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October 22, 2017, 01:47:43 AM |
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Bitcoin would still work.
Miners would get paid differently, because there would be no more block rewards. They'd get paid only by fees. Fees may increase as a result, but in theory the value of Bitcoin should increase as well so the % of a transaction devoted to a fee may not have as much change.
If supply is stagnant there will be a greater effect on value given the same amount of demand. This is when the value of bitcoin could really take off. Unfortunately all bitcoin won't be mined until the year 2140. BUT, given the process of halving block rewards (and therefore the creation of Bitcoin) we'll have mined nearly all of bitcoin well before (like many many decades before) the last satoshi is unlocked.
Well if that's the case. the concept of bitcoin of being decentralize and low transfer fee will be gone... i think a new coin will rise and replace bitcoin 50 years before it happens.. |
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SUDARMONO
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October 22, 2017, 02:16:47 AM |
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that's one of the questions that almost all bitcoin users use when bitcoin gets mined, I think bitcoin will still work even it will be something rare and increasingly expensive like antiques, such as economic theory the more difficult things can be done then the more expensive it is one of the trade laws.
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odolvlobo
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October 22, 2017, 03:13:42 AM |
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PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
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tiger2monkey
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October 22, 2017, 03:21:23 AM |
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After bitcoins are all mined (reaches it max supply), miners will not get reward from generating new coins, but they will get transaction fees. It will take a while for bitcoins to reach its max supply. By that time, bitcoins will be worth more and the transaction fees may be more than enough to keep miners motivated to secure the network.
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skyflakes88
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▰▰ ARENA SPACE ▰▰
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October 22, 2017, 03:22:01 AM |
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bitcoin halving it is..
i think when the supply is out the demand will begin to shoots up high because there is no bitcoin to be found you'll only gain it when you buy it or someone had paid you bitcoins.. it will become a need so everyone will need it this will cause its price to continuously grow its value..
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VitKoyn
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October 22, 2017, 03:22:33 AM |
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Hi i have a question, i hope someone could answer it
As of now, the circulating supply of Bitcoin is 16.6M
I was wondering what would happen if it reaches 21M?
Will bitcoin still work even without mining?
Or will bitcoin fall apart?
I think when all of Bitcoin are in curculation it is possible that transaction fees will rise because of increase in the demand for transactions. Without mining Bitcoin transactions won't work but mining all the Bitcoin supply doesn't mean bitcoin miners will stop mining, miners still can make profit from transaction fees but the issue is, is transaction fees enough for miners to make profit from it? But It is too early to think about it, some experts said that all Bitcoins will be mined in 2140. |
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Mahender kumar
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October 22, 2017, 03:23:51 AM |
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I had the same idea. Who will confirm the transactions without mining fees? and what will be bitcoin price then?
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rjbtc2017
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October 22, 2017, 03:30:37 AM |
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Hi i have a question, i hope someone could answer it
As of now, the circulating supply of Bitcoin is 16.6M
I was wondering what would happen if it reaches 21M?
Will bitcoin still work even without mining?
Or will bitcoin fall apart?
Hi, your question is searchable and it's has been answered many times. The summary of answer is this: 1. Miners will still work and will still have a profit or reward and that is the transaction fees. In which i think is still profitable. 2. Bitcoin will not fall apart, it will continue to grow on transactions and volume. |
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Nerman
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October 22, 2017, 03:32:41 AM |
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I had the same idea. Who will confirm the transactions without mining fees? and what will be bitcoin price then?
Well no one would know of course we are hoping that it will be worth hundred of thousands or millions but it is possible that bitcoin could be worthless. Also there are other coins that miners can mine. It is still years and years before every bitcoin is mine so as long as we are on a bull ride, i will ride it. |
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kier010
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October 22, 2017, 03:35:59 AM |
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bitcoin will circulate when all supply are mined and the demand will also be high and the value will be high too. the fee will also increase to pay miner for confirming transaction but it will take years to mine all the supply.
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OrangeII
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October 22, 2017, 03:42:53 AM |
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if bitcoin is still used, maybe the bitcoin price will be to the moon. but if not, maybe slowly, bitcoin price will reach its lowest point. well, it could be the price of bitcoin to be completely stable.
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Esmeral
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October 22, 2017, 04:01:17 AM |
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Then the bitcoin supply will run out, BitCoin can only deflate, ie increase the value
The marvelous bitcooin that currencies do not have is the quantitative limit
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Esmeral
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October 22, 2017, 04:02:23 AM |
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I did not think about it, that time was in 2140 when BitCoin could have gone into the museum and was in the history books.
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gunhell16
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October 22, 2017, 04:08:10 AM |
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bitcoin has reached the cap and it cannot be mine anymore year a go already and as bitcoin now has limited supply but continue on demand nad be known more in the worll. it will surely hit the moon ! and this is good for bitcoin holders !
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Esmeral
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October 22, 2017, 04:08:16 AM |
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if bitcoin is still used, maybe the bitcoin price will be to the moon. but if not, maybe slowly, bitcoin price will reach its lowest point. well, it could be the price of bitcoin to be completely stable.
HAHA, many people also think that bitcoin will go to the moon when the supply reaches its maximum. Only 21 million bitcoins have been created, but the world has 7 billion |
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