Bitcoin Forum
May 29, 2024, 03:02:01 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: just a scenario - and then?  (Read 471 times)
fuzzyrob (OP)
Newbie
*
Offline Offline

Activity: 1
Merit: 0


View Profile
November 29, 2013, 10:38:09 AM
 #1

So the bitcoin currency is designed to have an upper limit of 21M bircoins probably reached in the year ~2100.

Every day people are loosing passwords to their wallets, hdd's contaning bitcoins break down, papers with btc addresses get destroyed somehow.

Is it thinkable that all bircoins are destroyed someday and because there can't be new bitcoins generated, the currency will be dead then?

I searched the forum but didn't find a similar topic.
LaverLektier
Newbie
*
Offline Offline

Activity: 2
Merit: 0


View Profile
November 29, 2013, 10:43:39 AM
 #2

Possible, but not probable imo.
I don't think you really need that many bitcoins in total, we could just 'use' Satoshis, and maybe someday miliSatoshis and so on and so on.
BiOS
Newbie
*
Offline Offline

Activity: 4
Merit: 0


View Profile
November 29, 2013, 10:56:54 AM
 #3

There is only a very little chance that all bitcois dwindle away with time. With the value of bitcoin constantly increasing people are more and more careful in keeping their bitcoins in a save place. Of course, many bitcoins will be lost in the future - maybe there are only 100k left in 2100. But this would also be a time in which your descendants receive wages and pensions in femtoBTC.       
DannyHamilton
Legendary
*
Offline Offline

Activity: 3402
Merit: 4657



View Profile
November 29, 2013, 06:15:12 PM
 #4

So the bitcoin currency is designed to have an upper limit of 21M bircoins

The upper limit is less than 21 million. The actual amount will be a bit less than 20999999.97690000

probably reached in the year ~2100.

Probably closer to the year 2140

Is it thinkable that all bircoins are destroyed someday and because there can't be new bitcoins generated, the currency will be dead then?

That would require that everyone in the world lose all of their bitcoins simultaneously.  Otherwise the remaining bitcoins are just spread thinner and thinner.
WayTooGosu
Newbie
*
Offline Offline

Activity: 56
Merit: 0


View Profile
November 29, 2013, 06:20:34 PM
 #5

I do not think so, Bitcoins are not THAT old and yet over half of the possible Bitcoins that can be mined has already been mined. All 21 million will likely be mined in 10-20 years.
DannyHamilton
Legendary
*
Offline Offline

Activity: 3402
Merit: 4657



View Profile
November 29, 2013, 06:22:01 PM
Last edit: November 29, 2013, 06:32:20 PM by DannyHamilton
 #6

I do not think so, Bitcoins are not THAT old and yet over half of the possible Bitcoins that can be mined has already been mined. All 21 million will likely be mined in 10-20 years.

You are wrong, and you clearly have no idea what you are talking about.  Why would you just make a random guess at what you think might happen without any understanding of how things work?

Half of the bitcoins were mined in the first 4 years.

One quarter of the bitcoins will be mined in the second four years. (for a total of three fourths of the bitcoins after 8 years)

One eighth of the bitcoins will be mined in the third four years. (for a total of seven eights of the bitcoins after 12 years)

One sisxteenth of the bitcoins will be mined in the fourth four years. (for a total of fifteen sixteenths of the bitcoins after 16 years)

One thirtysecond of the bitcoins will be mined in the fifth four years (for a total of thirty-one thirtyseconds of the bitcoins after 20 years)

One sixtyfourth of the bitcoins will be mined in the sixth four years (for a total of sixty-three sixtyfourths of the bitcoins after 24 years)

One one-hundred-twenty-eighth of the bitcoins will be mined in the seventh four years (for a total of one hundred twenty-seven one-hundred-twenty-eighths of the bitcoins after 28 years)

And so on, and so on until the last of the fractions of bitcoin are mined somewhere around the year 2140.
hmuservices
Newbie
*
Offline Offline

Activity: 2
Merit: 0


View Profile
November 29, 2013, 06:35:28 PM
 #7

I believe bitcoins will not be fully lost.

Several new algorithms are being generated and new thinktanks are discovering many ideas to store and save coins.

Their experience and losses give us tremendous technology to store and use coins in the future.

Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!