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shamzblueworld (OP)
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July 14, 2016, 02:40:23 AM |
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As it is announced already that Bitcoin will have a controlled supply of 21 million, meaning there will only be 21 million bitcoin created ever. What do you think will happen once that limit is reached? What's next after that?
Will there be no mining afterwards? And what about the value? What will cause the value to jump up or down?
What are your thoughts?
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tobacco123
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July 14, 2016, 02:46:35 AM |
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My suggestion is that you should read a little more.
The supply will gradually reduce over the time, with mining reward halving every 4 years (estimated).
During this period of time, if bitcoin is not successful, it will just die and go away.
If bitcoin is successful, the number of users increases, followed by the increase in number of transactions, and eventually the mining reward will be mainly contributed by the transaction fees, with the reward from newly mined coins fading away.
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groll
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July 14, 2016, 02:50:48 AM |
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As it is announced already that Bitcoin will have a controlled supply of 21 million, meaning there will only be 21 million bitcoin created ever. What do you think will happen once that limit is reached? What's next after that?
Will there be no mining afterwards? And what about the value? What will cause the value to jump up or down?
What are your thoughts?
21 million bitcoins left in the supply is no big deal. Bitcoin economy will just adjust to the increase of demands and users by increasing its price value. That is the only way to balance the demand and supply. So there is no need to worry about, the creator of bitcoin have already programmed things so as bitcoin not having to shut down. If bitcoin is a failure it should have died a long time ago already. |
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Relnarien
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July 14, 2016, 02:56:17 AM |
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It was not "announced" -- it was known right from the start that the total number of Bitcoins would not exceed 21 million. It was known right from the start that transaction fees would eventually become more significant once the block reward had decreased to a significant level. The issue of inflation and value were discussed and debated right from the very start. Mining cannot disappear as that is what keeps Bitcoin alive. Everything that you're asking has been explored in the Bitcoin whitepaper. In fact, even skimming through the Wikipedia entry on Bitcoin would answer the majority of your questions.
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talks_cheep
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July 14, 2016, 03:42:42 AM |
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It will take over 100 years before bitcoin halvings end, that is block reward reaches zero and only transaction fees will be counted. So, we have a bit of time before the op's hypothetical question can be asked seriously.
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ethereumhunter
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July 14, 2016, 04:17:29 AM |
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i think for next step if bitcoin can not be mining, then bitcoin will be really valued and will be the top of exchange for other cryptocurrency. and other cryptocurrency will be exchange (sell) into bitcoin and then we can withdraw into our country currency. the point is bitcoin will be act as a bridge between cryptocurrency and country currency.
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talks_cheep
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July 14, 2016, 04:23:09 AM |
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i think for next step if bitcoin can not be mining, then bitcoin will be really valued and will be the top of exchange for other cryptocurrency. and other cryptocurrency will be exchange (sell) into bitcoin and then we can withdraw into our country currency. the point is bitcoin will be act as a bridge between cryptocurrency and country currency.
I think most people here are counting on bitcoin becoming the global currency. It's a pipe dream but they don't listen due to their greed. You know what they say about greedy folks, right? |
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Chef Ramsay
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July 14, 2016, 04:33:23 AM |
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If you have a true question or plural, then be prepared to clear your thread of trolls.
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1Referee
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July 14, 2016, 05:32:47 AM |
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i think for next step if bitcoin can not be mining, then bitcoin will be really valued and will be the top of exchange for other cryptocurrency. and other cryptocurrency will be exchange (sell) into bitcoin and then we can withdraw into our country currency. the point is bitcoin will be act as a bridge between cryptocurrency and country currency.
I think most people here are counting on bitcoin becoming the global currency. It's a pipe dream but they don't listen due to their greed. You know what they say about greedy folks, right? Isn't it already a global currency? I think you mean that people here are dreaming about Bitcoin being the main currency of the world. In that aspect, you're right, it will never happen. |
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