patrickgt3 (OP)
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October 30, 2017, 10:10:26 PM |
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What will happen if all 21 Million BTC are mined? Or 20.999.999....
Who confirms transactions then?
How high will be fees?
Where they put the transactions? They have to find a new block for this as far as I know.
Would be nice if someone could explain this.
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jonval21
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I love the Cryptocurrency world
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October 30, 2017, 10:29:38 PM |
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right now exist a fee market, the transactions well be done with a fee that depends of supply and demand.
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hahahafr
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October 30, 2017, 10:32:43 PM |
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You should not be worried about this because you are probably not going to be alive when all bitcoins would be mined. it has been created in order to have all of them mined by 2120, so there is no way that you could be alive to see all bitcoins being mined like crazy.
But i dont think that it is going to be bad for it, well, we dont even know if bitcoin will still be online in some years, so who knows about that? it is too soon to talk about that.
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patt0
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Betting Championship betking.io/sports-leaderboard
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October 30, 2017, 10:48:44 PM |
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I'm not sure it works exactly like that. I think miners have two incentives from supporting the network right now. One is to discover new blocks and get the reward from it, and the other is collecting the fees from the transactions. I think transactions fees will still be collected by miners even if all bitcoins are mined. So the question actually is, will the fees alone be enough for the miners to keep providing their service.
To be honest I think there will be no problem at all. First that will only happen in more than 100 years from now, so two things probably happened by then. One, is that mining hardware have evolved enough, and it's not so costly tu support the network, second, bitcoin price is so high that the fees are more than enough to keep them active.
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kr105
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October 30, 2017, 10:51:02 PM |
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As far as I understand from the information I read, if the entire Bitcoin calculated to be 21 Million is enamelled, the Bitcoin block award for the Bitcoin miners will be reduced to zero. In 2140, 21 million Bitcoin limit is estimated to be reached. After 2140, miners will be rewarded only with transaction fees for their approval transactions. I think the transaction fees will be low if the number of Bitcoin users is reached too much. This means that transaction fees will never be zero.
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patrickgt3 (OP)
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October 30, 2017, 11:06:38 PM |
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The miners will get money from transaction fees you say. But to confirm a transaction they have to put it into a new block. But when all Bitcoins are mined they wont find new blocks. So where do they put the transaction in?
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Za1n
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October 30, 2017, 11:15:23 PM |
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I'm not sure it works exactly like that. I think miners have two incentives from supporting the network right now. One is to discover new blocks and get the reward from it, and the other is collecting the fees from the transactions. I think transactions fees will still be collected by miners even if all bitcoins are mined. So the question actually is, will the fees alone be enough for the miners to keep providing their service.
To be honest I think there will be no problem at all. First that will only happen in more than 100 years from now, so two things probably happened by then. One, is that mining hardware have evolved enough, and it's not so costly tu support the network, second, bitcoin price is so high that the fees are more than enough to keep them active.
I lean toward this assessment as being the case in the future as well. If Bitcoin survives that long, the fees will be more than enough to incentivize miners to keep the network secure. Also, the current amount of hash rate securing the network is actually quite excessive, so in the future you only need enough to make it cost prohibitive to keep the attackers at bay. Anyway, as been mentioned, I doubt many of us will still be here in 100 years to worry about it and with 100 years worth of forks in between, it's hard to even imagine what Bitcoin would even look like by then. |
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aardvark15
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October 30, 2017, 11:30:05 PM |
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What will happen if all 21 Million BTC are mined? Or 20.999.999....
Who confirms transactions then?
How high will be fees?
Where they put the transactions? They have to find a new block for this as far as I know.
Would be nice if someone could explain this.
Mining will need to continue in order to confirm transactions. Miners will still need to be paid so their payment will need to come solely from fees. You can imagine that fees will need to be higher than they are now but it will be a gradual process as mining gets harder. It will probably be the end of the century before all Bitcoins are mined so we won’t be around to see that happen anyway. |
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Tyrantt
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October 30, 2017, 11:46:18 PM |
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As much as I understand it, nothing that much will change. Original block miners will still be getting transaction fees and the tx confirmations will be going on just as they are going on now. But as someone said already, we'll all probably be dead by now. So at all, they'll probably compete to mine as much bitcoins as they can so they collect more from the fees.
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Need some spare btc for a new PC that can at least run Adobe Dreamweaver.
BTC - 19qm3kH4MZELkefEb55HCe4Y5jgRRLCQmn ♦♦♦ ETH - 0xd71ACd8781d66393eBfc3Acd65B224e97Ae1952D
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rjbtc2017
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October 31, 2017, 12:01:50 AM |
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This has been asked for a million times and already answered many time, please next time use search engines to find your answer. The simple answer here is:
if 21 millions of bitcoin already mined miner will get bitcoin via transaction fee on processing transactions. I do not think that 21 million will be easily done, there is a chart of how much bitcoin per year will be generated (i think it was just an explanation ).
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ahmedjamal1998
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October 31, 2017, 12:07:01 AM |
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You shouldn't actually worried about what would happen when all bitcoins are mined. You won't be alive at that time most probably as that shouldn't happen before the 22nd century. As all coins would be mined, miners earnings will depend solely on the transaction fees. I can't tell how much fees would be at that time because theoretically if things go as we want, bitcoin will be the main currency used by humans so fees won't be compared to USD. Where they put the transactions? They have to find a new block for this as far as I know.
Still in blocks in the blockchain of course but there won't be rewards for finding blocks. |
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posi
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October 31, 2017, 07:30:50 AM |
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Only 2 things will happen after bitcoin have reach the 21 million. (1) There will a huge increase in price of bitcoin because bitcoin will be like diamond that time. (2) There be some sort of high transaction network fee because miner will only rely on the network transaction fee.
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ZaynDale
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T H E G O L D E N I C O
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October 31, 2017, 07:34:40 AM |
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Nothing will happen if 21 million Bitcoins are already mined but coins will continue to circulate around the world. Though coins cannot be used anymore if the owner ever lost his wallet and that's why Bitcoin value will continue to in demand because owners and investors are keeping their coins and today only less than half of coins that's been circulated are locked down in the wallets and the time they're gonna spend it is unknown.
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Yankeestyle
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October 31, 2017, 08:11:29 AM |
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Nothing will happen if 21 million Bitcoins are already mined but coins will continue to circulate around the world. Though coins cannot be used anymore if the owner ever lost his wallet and that's why Bitcoin value will continue to in demand because owners and investors are keeping their coins and today only less than half of coins that's been circulated are locked down in the wallets and the time they're gonna spend it is unknown.
Nothing will happen if 21 million Bitcoins are as of now mined yet coins will keep on circulating far and wide. Despite the fact that coins can't be utilized any longer if the proprietor at any point lost his wallet and that is the reason Bitcoin esteem will keep on popular on the grounds that proprietors and financial specialists are keeping their coins and today just not as much as half of coins that has been circled are secured down in the wallets and the time they're going to spend it is obscure |
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fiulpro
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October 31, 2017, 08:12:35 AM |
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After the complete mining of 21 million bitcoins, the bitcoins will start developing more since their number will bow be fixed now the bitcoins will increase in price tremendously, since now supply willbe exhausted people will have to pay more bucks to own it...
They may reach millions easily at that time its not impossible at all, with high price you will have to pay high transaction fees then again forks will come more frequently then because now they will aim at making better right now the focus is divided between making it better and between producing them whatever happens it will be very beneficial for people who are holding bitcoins.
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valentin68
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October 31, 2017, 08:13:35 AM |
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The last bitcoin will never be mined. This is because the difficulty goes up exponentially, while the hashing power is limited. This was made on purpose, for the bitcoin hashing network to be forever active and the network fees to decrease. The bitcoin creator was very smart, he knew with 20-30 years in advance the bitcoin price evolution.
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Teraboy
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October 31, 2017, 08:16:58 AM |
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What will happen if all 21 Million BTC are mined? Or 20.999.999....
Who confirms transactions then?
How high will be fees?
Where they put the transactions? They have to find a new block for this as far as I know.
Would be nice if someone could explain this.
Bitcoin already lost some hundreds thousands in this time if we are calkculating all of the bitcoin that lost due to the various reasons. The miner still run the nodes but they will not receive the more bitcoin reward from the block again. They will depend on the transaction fees to keep their nodes still run to secure the network of the bitcoin itself. No reward in every block, that means the bitcoin arleady reached the total supply. |
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bitcub
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October 31, 2017, 08:23:16 AM |
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If 21 Milllion BTC were all mined. Then the price could go either go up or go down, but the main fact about this is, it will happened after a hundred years. I am running 40yrs old, I dont think I am still alive by that time.
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AGD
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Keeper of the Private Key
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October 31, 2017, 08:31:20 AM |
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