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Author Topic: What will happen if all 21 Million BTC are mined?  (Read 855 times)
pjwaffle
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October 31, 2017, 08:36:51 AM
 #21

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.


Yes, I agree with you. I also don't know what happen when all bitcoin is mined. I think we should focus on trading now to earn money instead take care which has not happened yet! Cheesy

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Stac
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October 31, 2017, 08:39:31 AM
 #22

Once all the 21 million bitcoins are mined then there will not be any more bitcoins and the miners will have to depend on the transaction fees, they might either raise the transaction fees to sustain their financial stability, and when all the bitcoins are mined the whole world will be using bitcoins as the main medium of exchange which will increase of bitcoins as the transaction fees will also increase accordingly. If the block size increases then the transactions can done will low fees and when block size increases and reaches the maximum size then there will not be any more bitcoins unless and until a new block to be created for more bitcoins.

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October 31, 2017, 08:40:15 AM
 #23

Its seems like the code needs to be rewritten to add more blocks after the last part of the 21 million coin have been mined. I’m sure one of the endless hard forks will work it all out.

Please stop posting garbage. Under the current network rules in place there will already be more blocks generated even after the 21 million coins have been mine. The coinbase will be 0, but the fees would still be there.
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October 31, 2017, 08:46:08 AM
 #24

no more BTC, its mean BTC price will go to the moon, that will make u rich if u have many BTC when that moment comes
i also read, i know where. say "bitcoin production can added if half or more users agree with it

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October 31, 2017, 08:46:10 AM
 #25

if? don't you mean when*?

All 21,000,000 Bitcoin *will* be mined at some point after the year 2100... according to current calculations. However, quantum computing could make it happen much faster.

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October 31, 2017, 08:52:50 AM
 #26

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.

wow i did not realize that the full amount of mined bitcoin would take so long.
I suppose when they are all mined the miners will continue to confirm transactions for the fees,
But who knows how much those fees will be?

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October 31, 2017, 08:57:47 AM
 #27

I think it is not easy to min all 21 bitcoin at least for now. 2 factors affect mining bitcoin. Firstly, bitcoin is hard to min, it is need a strong system and strong financial to handle it. Secondly, many government ban bitcoin and it is really hard to works everything out. In some countries, government ban bitcoin negatively and you would go to the jail if you do any bitcoin stuff, or some countries, the weather is one of the factors made mining bitcoin is really hard. 21 million bitcoin will be mined one day but it will be in a far future.
airdagon
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October 31, 2017, 09:37:10 AM
 #28

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.
If bitcoins have been mined properly, there will be no new bitcoins. But there is only one way to get bitcoin back again, given the system changes in the protocol to increase the digital bitcoin return back to the standard one step ahead of gold, because if no changes to the bitcoin protocol will no longer exist. coupled with the shortcomings of all this will be confirmed by the miners.
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October 31, 2017, 09:38:48 AM
 #29

Less miners, more fees, more demand, less supply. BTC price goes up like it always does.
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October 31, 2017, 09:46:52 AM
 #30

For all bitcoins to be mined in the blockchain it would take 100+ years from now for all of the remaining bitcoins to be mined. Miners would just confirm some transactions without getting some reward from mining the block. it's still the same but, with no rewards for every block.

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October 31, 2017, 09:52:01 AM
 #31

I don't know and i don't really sure what's actually wil happen, but i thought you shouldn't need to worried about that because when that happen i don't think you still allive my prediction it'll be happen around 2080 or maybe 2100 but i don't think that's will going to be baf for it well. I actually just don't know. Maybe the prices will going high and when that time btc prices is be stable, the fees will be increased, less miners and other.
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October 31, 2017, 09:56:31 AM
 #32

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.
As far as I know, already 16 million bitcoins in turnover, so that up to 21 to wait is not so long. But I don't think that the system will change much - the remuneration to the miners will also be high because the price of bitcoin will be high
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October 31, 2017, 10:22:20 AM
 #33

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.

i think, the dev team who made this bitcoin have thinking it. every possible vuln and every single thing that will attack em.
so, they make a new system when all the block has been mined, in my opinion the system will move from PoW  to another like PoS or any , and the miner still work but just for confirm transaction not for minted block.
because when all the block is mined, automatically miner is done and will be gone, for simply its unused
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October 31, 2017, 10:40:46 AM
 #34

Consider what things do so long, have a long time, the development of Bitcoin has just begun, the value will be higher and higher.

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October 31, 2017, 10:47:19 AM
 #35

I guess it would be the case that transaction fees would (theoretically) rise, once all BTC are mined?
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October 31, 2017, 10:48:07 AM
 #36

Bitcoin has already seen massive hikes in price in just the past few months. While no one is entirely sure how Bitcoin will continue to spread to the larger financial world, it seems likely that a limited supply of the currency may cause prices to continue to increase. There are also stockpiles of inactive coins that are held around the world, the largest supply of which belongs to the person or group who founded Bitcoin, Satoshi Nakamoto. Perhaps this supply, consisting of roughly one million Bitcoins, is intentionally being saved for a time when the global supply is facing increased levels of demand.
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October 31, 2017, 10:52:03 AM
 #37

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.


that's right, it doesn't matter if all bitcoin mined at what will happen next after bitcoin all mined. on that year (2120) we all not alive to know what will exactly happens on that date, but im sure before that date, bitcoin are already implemented/accepted in the whole globe and using as a legal digital currency/assets to spend wherever you are.
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October 31, 2017, 10:57:00 AM
 #38

I think the price of the bitcoin will be more expensive because they get the max number of bitcoin. They will also give a high fee im every transaction that will be made.
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November 30, 2017, 06:55:38 PM
 #39

It is also difficult to build some assumptions because the blocks that are being built grow with time. This can cause very low rates - payments for transfers within the system. If the cost of one transaction is very low and a large number of people and equipment participate in the construction of blocks, the possible earnings may be too small, but the miners will still have to deal with operations.

On the other hand, the blocks theoretically can reach their maximum size, as a result of which they will not fit all the ongoing transactions. Then the surplus operations will be removed from the network, and each of them will be worth more and more. This scenario is very tempting for miners, as they can get very serious profits, but it is unpleasant for ordinary users, because they then have to pay a lot of money to make each operation in the block so that their transfer is not superfluous.

The total limited number of Bitcoin will somehow lead eventually to a lack of reward for searching and composing blocks. When all 21 million coins are mined, their number will not increase, although the demand for them is likely to continue to grow. Operations in the system will continue to occur, regardless of how many participants in the system will be, these operations will require confirmation and, most likely, users will have to pay to them for miners who simply continue to calculate the blocks on their old equipment.

Of course, the miners in such a scenario can stay afloat only if the price of one Bitcoin retains the current trend and will continue to grow. However, with a high probability, we can say that with any outcome and any events inside the system, users will have the opportunity to earn money, to use the available equipment for their intended purpose. Farms, computers, ASIC-devices will lose their relevance only in the event that the entire Bitcoin ceases to exist, which in the foreseeable future is most likely not worth it
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November 30, 2017, 06:58:00 PM
 #40

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.


Makes sense, I am not aware how much bitcoin supply is available for mining. If that's the case, we won't be alive if all bitcoin will be mined in the future and we can't even speculate what might happen if all bitcoins are mined. Maybe developers or who ever it is will do something if ever all bitcoins are mined.
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