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Author Topic: What is going to happen when we reach the 21 Million BTC supply limit?  (Read 941 times)
WaveFront
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November 05, 2017, 08:00:06 PM
 #1

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D
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November 05, 2017, 10:01:58 PM
 #2

When the supply of a product becomes "fixed" and folks still want to get some, they will economically (maybe physically too) fight to acquire it.  Everything is for sale provided the price is high enough.  I am not currently selling my BTC, but if someone offered me enough I would change my mind.  We will almost certainly see a time when transactions will be in Satoshi's and it will be the extreme investor that will be trading daily in multiple full BTC; a decade from now.  10 years flies by quickly so hold on to your seats and enjoy the ride.  Even if you start now you will be an early adopter compared to 10 years from now.  I can hardly imagine what my BTC will be worth per coin then.  If I am right my heirs are going to have it made!

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asdlolciterquit
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November 05, 2017, 10:14:46 PM
 #3

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D

well, we all know that btc is a deflation coin. So, what happen to the price is pretty clear.

The good question is: why i have to mine if i can't have any btc as reward? you say right: transaction!

And the solution to not make transaction really expensive is to put more and more of in in every single block.


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BabyBoss
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November 05, 2017, 10:28:16 PM
 #4

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D
I think in that situation there is big possibilities that bitcoin is more strictly when it comes in transactions. Maybe the more bitcoin you want the more identity and more money you will going to gives just only to get bitcoin.

Creepings
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November 05, 2017, 11:28:42 PM
 #5

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D
I think in that situation there is big possibilities that bitcoin is more strictly when it comes in transactions. Maybe the more bitcoin you want the more identity and more money you will going to gives just only to get bitcoin.

The mining of 21 million bitcoin supply limit will greatly affect the bitcoin price and especially, the Miners. We all know that the miners have to ways to earn bitcoin, it is the block rewards and the fees. If bitcoin was all mined, the block rewards will be gone and the only way they can earn bitcoin is through fees. I don't know if the miners will be happpy about that. The other one is the price which I think may have a good price pumps since the limit is reached and the demand will surely increase.
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November 06, 2017, 12:41:10 AM
 #6

There are two different ways you can code a cryptocurrency coin. First of all, it can have a fixed end such as Bitcoin. This is when a final number of Bitcoins are mined and then there is no more reward upon completing blocks. However, on the other hand some cryptos will never be fully mined, only splitting into smaller and smaller portions over time, with some always remaining to be mined.


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dihari
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November 06, 2017, 12:56:16 AM
 #7

There are two different ways you can code a cryptocurrency coin. First of all, it can have a fixed end such as Bitcoin. This is when a final number of Bitcoins are mined and then there is no more reward upon completing blocks. However, on the other hand some cryptos will never be fully mined, only splitting into smaller and smaller portions over time, with some always remaining to be mined.
It's make sense. I think it's fair to keep the miners stay working even the total supply almost reach with that split.
 Nobody know what will happen if no one mining bitcoin anymore because of no blocks to solve anymore.

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November 06, 2017, 11:06:12 AM
 #8

It would take around the year 2140 for bitcoin's last block to be mined.Its true that mining would get difficult at that time.Now bitcoin miners get bitcoin as block reward and transaction fee as bonus.After 21 million coins get mined,there would be no bitcoins as reward and only transaction fee would be their profit.So,transaction fee would be very high at that time.But since bitcoin's price would also be very high,it would not be considered more.Also,due to technological developments,micro chips may be used for mining which would cut off the electricity more.

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November 06, 2017, 11:06:58 AM
 #9

When the supply of a product becomes "fixed" and folks still want to get some, they will economically (maybe physically too) fight to acquire it.  Everything is for sale provided the price is high enough.  I am not currently selling my BTC, but if someone offered me enough I would change my mind.  We will almost certainly see a time when transactions will be in Satoshi's and it will be the extreme investor that will be trading daily in multiple full BTC; a decade from now.  10 years flies by quickly so hold on to your seats and enjoy the ride.  Even if you start now you will be an early adopter compared to 10 years from now.  I can hardly imagine what my BTC will be worth per coin then.  If I am right my heirs are going to have it made!

btc will not last that long,

because its just a tulp mania.

https://en.wikipedia.org/wiki/Tulip_mania

the infrastructure burdening waste of energy and the lack of legitimacy will end it.

most people that are putting their money into bitcoin do that only because they think they can leave with a higher value, similar like during the tulp mania in the netherlands in mid 17th century,

people sold a house for 3 rare tulp bulb for the same reason.

later there will be bitcoin cash bitcoin gold bitcoin platinum, bitcoin silver, bitcoin diamond, bitcoin whatevery.

during the tulpomania the traders and planets became rich not the speculants.

same will be here, the IT coders and the marketeers will earn a lot, not the speculants, they are the meatmass.


nevertheless he tulpomania left a longterm new econmic fields in the netherlands to,

that is why i like cryptoeconomics but i will not trust bitcoin

regards

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November 06, 2017, 11:16:16 AM
 #10

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
True.

The amount that are mined so far is more than 16 Millions (more than 79%)
True.

What is going to happen when the 21 Million limit is close to be reached?
Nothing special. The reward will just drop till the last satoshi is mined.
Here is a graph.




Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

It is not going to be more difficult to mine bitcoins.
The reward will go down but so might the difficulty,and with the price rise in the end the miners will make the same profit or more for at least a decade.
Once the reward is going to be some satoshi miners might quit or rely on the tx fee.

BUT they can't push the tx fees higher.
Those are determined by the amount of space in the blocks and the amount of daily transactions.
If nobody is sending coins, the tx will be close to 0. If 100 millions try to do that, the offer and demand rule will kick in and you might end with 50$ per tx fee.
But the miners have little say in this (if they act normally and don't mine empty blocks or spam the network).


btc will not last that long,
because its just a tulp mania.
regards
There was a period long time ago when this was funny. But it was so long ago I even forgot how to laugh reading this.

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November 06, 2017, 11:29:53 AM
 #11

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D
21 million reached and the bitcoin will not possible to generate the more coin, The transaction fees will be increasing a lot. This time the txfees for every transaction touch $5 for a single transaction. and that's rediculous high.
Miner will not get the reward from mining the bitcoin block. They will be pushing the transaction fees to increase a lot imo.

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November 06, 2017, 11:48:23 AM
 #12

Unless there is a change in protocol, there won't be anymore bitcoins made.

Miners would rely on transaction fees to continue operating, its not sure yet if that would be sufficient but most likely, yes.
The price of bitcoin, well, it could and would still continue to increase. There is about a million bitcoins saved by the founder itself for this case where there is a great increase in demand.
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November 06, 2017, 07:11:33 PM
 #13

When the supply of a product becomes "fixed" and folks still want to get some, they will economically (maybe physically too) fight to acquire it.  Everything is for sale provided the price is high enough.  I am not currently selling my BTC, but if someone offered me enough I would change my mind.  We will almost certainly see a time when transactions will be in Satoshi's and it will be the extreme investor that will be trading daily in multiple full BTC; a decade from now.  10 years flies by quickly so hold on to your seats and enjoy the ride.  Even if you start now you will be an early adopter compared to 10 years from now.  I can hardly imagine what my BTC will be worth per coin then.  If I am right my heirs are going to have it made!

btc will not last that long,

because its just a tulp mania.

https://en.wikipedia.org/wiki/Tulip_mania

the infrastructure burdening waste of energy and the lack of legitimacy will end it.

most people that are putting their money into bitcoin do that only because they think they can leave with a higher value, similar like during the tulp mania in the netherlands in mid 17th century,

people sold a house for 3 rare tulp bulb for the same reason.

later there will be bitcoin cash bitcoin gold bitcoin platinum, bitcoin silver, bitcoin diamond, bitcoin whatevery.

during the tulpomania the traders and planets became rich not the speculants.

same will be here, the IT coders and the marketeers will earn a lot, not the speculants, they are the meatmass.


nevertheless he tulpomania left a longterm new econmic fields in the netherlands to,

that is why i like cryptoeconomics but i will not trust bitcoin

regards

you call btc a waste of energy...but most of altcoin need to be mined, so are they a waste of energy too?

And so...how can you like cryptoeconomics? i don't understand..


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November 06, 2017, 07:21:06 PM
 #14

Unless there is a change in protocol, there won't be anymore bitcoins made.

Miners would rely on transaction fees to continue operating, its not sure yet if that would be sufficient but most likely, yes.
The price of bitcoin, well, it could and would still continue to increase. There is about a million bitcoins saved by the founder itself for this case where there is a great increase in demand.
It's the miners who will not be getting anymore bitcoins but since they are needed to confirm transaction,  that's the only way that they are going to make money. But with the value of bitcoins how it rise will depend on the demand of the people.



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November 06, 2017, 07:32:08 PM
 #15

Unless there is a change in protocol, there won't be anymore bitcoins made.

Miners would rely on transaction fees to continue operating, its not sure yet if that would be sufficient but most likely, yes.
The price of bitcoin, well, it could and would still continue to increase. There is about a million bitcoins saved by the founder itself for this case where there is a great increase in demand.

Still we may not sure about the satoshi holding bitcoin. I am sure that be is one who holds the large amount of bitcoins. Mining bitcoin will always works in the network pool because this is the only one way to use as the transaction medium.
If you want get paid fee as charge for it. Start mining to have it buddy. Transaction fees will be consume as the reward for the bitcoin miners.


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November 06, 2017, 07:32:24 PM
 #16

Unless there is a change in protocol, there won't be anymore bitcoins made.

Miners would rely on transaction fees to continue operating, its not sure yet if that would be sufficient but most likely, yes.
The price of bitcoin, well, it could and would still continue to increase. There is about a million bitcoins saved by the founder itself for this case where there is a great increase in demand.
It's the miners who will not be getting anymore bitcoins but since they are needed to confirm transaction,  that's the only way that they are going to make money. But with the value of bitcoins how it rise will depend on the demand of the people.
The price of the transaction standard. Together with the rising price of bitcoin increases the price of the transaction. The miners would not hurt himself. At a great price of bitcoin profitability of the transaction will be higher than they are now mining coins. Perhaps in the future we will have to pay $ 300 for each transaction. Honestly, I don't understand how in such circumstances there may be trade for bitcoins.
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November 06, 2017, 11:13:31 PM
 #17

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D


yes mining will have lower yield as time goes by due to increase difficulty. but it is also complimented by the fact that there are only limited supply of BTC available, thus the increase in BTC value. As long as people still acknowledge BTC as a mean to buy goods and services, I think mining is still possible.

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November 07, 2017, 12:00:42 AM
 #18

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D
First of all, the maximum number of bitcoins in circulation as of now is estimated at 16.667 million BTCs, not 21 million. Most people have confused with MAX SUPPLY and MAX CIRCULATING SUPPLY. Bitcoins is minable, thus the max supply is not yet all circulating in the market, but the mined coins are.

Once all the bitcoins are already mined, the most probable thing to happen is that transaction fees will become expensive due to high demand in transactions, while miners will take this opportunity to earn from these transactions since they are already done with mining. Furthermore, bitcoin price might also rise up tremendously because there will be a high demand while the supply is not that high anymore. Most people will hold their bitcoins and wait for its price to rise up, and if that happens, there will be a lot of bitcoin holders who will find themselves millionaires in the near future.

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November 07, 2017, 12:25:27 AM
 #19

Unless there is a change in protocol, there won't be anymore bitcoins made.

Miners would rely on transaction fees to continue operating, its not sure yet if that would be sufficient but most likely, yes.
The price of bitcoin, well, it could and would still continue to increase. There is about a million bitcoins saved by the founder itself for this case where there is a great increase in demand.
It's the miners who will not be getting anymore bitcoins but since they are needed to confirm transaction,  that's the only way that they are going to make money. But with the value of bitcoins how it rise will depend on the demand of the people.

I think the core devs might consider instituting staking of the bitcoins by  encouraging everyone to run a full node and earn some percentage at the end of the year based on his amount staked  as in the qtum project.



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November 07, 2017, 12:34:37 AM
 #20

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D
I think if all the resources of bitcoin will already be mine, the price of it will be higher. Those people who wants to have bitcoin will buy it even if its price is high. Also, theres a probability that new cryptocurrencies will rise in the future that are better than bitcoin and people will use that instead of bitcoin.

 
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