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Author Topic: What will happen after the last bitcoine is mined?  (Read 438 times)
Dimon8
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July 11, 2018, 10:24:03 AM
 #1

Hello community. After the last bitcoin is extracted, will it become a mass payment unit in the world? Its price on crypto-exchanges will be stable? Share your thoughts, I'm very interested.
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July 11, 2018, 10:51:44 AM
 #2

There would be many possibilities when the last Bitcoin is mined. Many are hoping for Bitcoin to go mainstream and it is possible. Bitcoin has the most trust with respect to all cryptocurrency that exist so it may be. The price, on the other hand will not be stable. Based from the law of supply and demand, the higher the demand and the lower the supply, the higher the price. Since the supply is constant and the demand is varying, the price should be varying as well.
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July 11, 2018, 11:12:38 AM
 #3

The last bitcoin is mined means there are 21 million  bitcoins are there in the market at different hands.Through the block chain technology it will be crystal clear that who are all possessing each bitcoins in the market..In such a situation the simple market theory is applicable, the supply and demand. Whenever the supply of bitcoin is stopped or stand still naturally its demand will increase in the market so its price can increase considerably

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July 11, 2018, 11:46:18 AM
 #4

As of now, nobody knows for sure. One thing I'm certain of is that the miners' incentive would solely rely on the tx fees on the block, and if there aren't enough fees to make money, plus the fact that bitcoin didn't boom too much, it will slowly die and everyone would just transfer their funds into newer assets. It is entirely debatable what will happen 122 years from now, but in the short-medium term, it is more likely that people will get the hang of bitcoin and the cryptocurrencies given that it is starting to ring some bells in their local governments. The next 5-10 years would be the most crucial stage in which bitcoin would face. It's either people would like it or people wouldn't, and would just move into another cryptocurrency of their choosing.




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July 11, 2018, 11:48:07 AM
 #5

There would be many possibilities when the last Bitcoin is mined. Many are hoping for Bitcoin to go mainstream and it is possible. Bitcoin has the most trust with respect to all cryptocurrency that exist so it may be. The price, on the other hand will not be stable. Based from the law of supply and demand, the higher the demand and the lower the supply, the higher the price. Since the supply is constant and the demand is varying, the price should be varying as well.
It is true that once all Bitcoin is depleted, transaction costs will be the sole source of income for miners. The main concern is whether the transaction costs will be enough to keep the finance of the miners afloat.

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July 11, 2018, 01:27:13 PM
 #6

When the BTC was fully mined, it was certainly at that time that the transaction fee value was high, but at that time, the price of BTC was high.
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July 11, 2018, 07:11:28 PM
 #7

Bitcoin will be recognized as a worldwide means of payment much earlier than its last token will be produced. As soon as the last bitcoin is produced, nothing significant will happen. The price will probably increase even faster, since the number of bitcoins will be strictly limited.
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July 11, 2018, 10:58:12 PM
 #8

I dont think bitcoin mining will end just because last bitcoin is mined. Most altcoins like Dash and the rest have been mined since it inception and no sign it is going to mined it last coins, so why bitcoins.
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July 12, 2018, 07:58:50 AM
Last edit: August 17, 2018, 03:25:13 PM by Tytanowy Janusz
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 #9

Nothing will change.

1 - mining will continue - miners will be payed throught transaction fees
2 - There is nothing like "last bitcoin" its just slogan for not educated people - each 4 years mining reward from distribution pool is decrised by half. That means that in next 100+ years reward will be decrised to less than 1 sat - what means that it wont be payed. Total amount of bitcoins will be 21 mil than. But bitcoin is open sours code with proof of work (miners decides about code improvement). I'm sure that when peyment will be lesser than 1 sat easiest way to still get peyment will be changing the definition of satoshi. From 1/100 mln btc to 1/1bil btc - current 1 sat wil be 10 sat 1 btc will remain 1 btc so it wont change price. That will give another 4 years of mining with payment from distribution pool - which miner wont agree?  Smiley (i think they wont even bother about it - less than 1 sat per block...).
3- it wont affect price. Few years before that mining reward from distribution pool will be unnoticable for price (close to 1 sat per block is 52 000 sat per year which is 0.0005 btc per year for all miners - in last year of payment form distribution pool). Amount of lost bitcoins (wrong transfers, lost keys) each year will soon overlap distribution so situation with decrising amount of bitcoin each year will soon appear or even it is now.
4- if reward from transaction wont pay miners than some miners will quit what will decrise dificulty for others - nothing will change, we will just waste less energy
5 - imagince antminers in next 100 years - i bet that 1 device will handle to compute all transactions - others will just work as dificulty increase - network wont suffer
6- i dont think that it is a topic to talk about at all- in next 100+ years technology will change that much, and code will be change that much that even if you will educte yoursef and prepear for it future will be totally different.
7- i dont think that in next 100 yers bitcoin will remain proof of work - it may become proof of something what is not invented yet - if it wont evolve, it will be doomed to extinction - like everything in nature/economy/etc.
8- price wont become stable - at liest becaouse of that- distribution is stable x/block which mean x bitcoin each 10 min. It is not a thing that is a reason for bitcoin to pump 10000% than dump 80% in one year.
9- bitcoin will be more stable when it will hit 1 000 bil or 10 000 bil marketcap - it will need much more money to move price. We need big players with huge capital for that.  Imagine if bitcoin has marketcap of 100$ - even I would be able to pump it 10000% - even if there is a new supply 10 btc each block (all 16 mln bitcoins are worth 100$ so those 10 each block won't stop me). Things are changing with bigger marketcap.




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July 12, 2018, 08:23:47 AM
 #10

This has been asked many times and there are materials on the web that you can search.

1. We are not alive by that anymore. (assumed date 2140)
2. We don't know if bitcoin still has that demand on that date.
3. If ever it has, the price would be amazing and will make every holder rich.
4. Miners will mine to confirm transactions.

 
 

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July 12, 2018, 08:46:57 AM
 #11

As of now, nobody knows for sure. One thing I'm certain of is that the miners' incentive would solely rely on the tx fees on the block, and if there aren't enough fees to make money, plus the fact that bitcoin didn't boom too much, it will slowly die and everyone would just transfer their funds into newer assets. It is entirely debatable what will happen 122 years from now, but in the short-medium term, it is more likely that people will get the hang of bitcoin and the cryptocurrencies given that it is starting to ring some bells in their local governments. The next 5-10 years would be the most crucial stage in which bitcoin would face. It's either people would like it or people wouldn't, and would just move into another cryptocurrency of their choosing.
What do we need to focus more is of course what is near to happen rather than what will happen 122 years from now. We don't even know if Bitcoin will be in the top 10 by that time. You are right looking at Bitcoin from 5 to 10 years from now as we really don't know what it still holds to in the future but we should watch out closely and monitor it. But I doubt BTC will not dominate in the market in the next 5 years or so, it is way too early for a new king to be crowned in the market.

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July 12, 2018, 12:05:00 PM
 #12

Currently, the miners get payed by block rewards + transaction fees. Block rewards are halved every 210,000 blocks, so this part of the miner's profit is diminishing as time goes by.

The reason transaction fees have been introduced in the first place is to prepare for the future when transaction fees would be the main source of income for the miners. If you take a look at the current situation, it is not so hard to find examples where the total sum of transaction fees approaches and even surpasses the block reward.

Bitcoin is designed from the start to be non-inflationary. Today, there is still a sizable inflation (a couple of percent yearly inflation rate), but, year after year, the inflation rate of bitcoin steadily goes down. A non-inflationary currency is "doomed" to appreciate in value, and so are the transaction fees.

So we are actively preparing for this future situation when all bitcoins are mined. Not that it will matter for you and me personally, as we will not be around to witness it.
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July 12, 2018, 02:39:02 PM
 #13

I don't think it will be until the last BTC is mined. At that time, the value of BTC may be gone. BTC only exists as a speculative product. Tongue

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July 12, 2018, 03:21:27 PM
 #14

The last bitcoin is mined means there are 21 million  bitcoins are there in the market at different hands.Through the block chain technology it will be crystal clear that who are all possessing each bitcoins in the market..In such a situation the simple market theory is applicable, the supply and demand. Whenever the supply of bitcoin is stopped or stand still naturally its demand will increase in the market so its price can increase considerably
As the number of new pieces generated decreases further, the maximum number of 21 Million Bitcoin is expected to be depleted in the next few decades, and during the process bitcoin will become harder to obtain so I do not think bitcoin will run out but it is very difficult to be mined can not even so many new coins as an alternative and ETH price will be higher.
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July 15, 2018, 06:48:20 AM
 #15

Hello community. After the last bitcoin is extracted, will it become a mass payment unit in the world? Its price on crypto-exchanges will be stable? Share your thoughts, I'm very interested.
Transaction fee is there and by then, there is a possibility that the miners will be earning just that, which is why I believe there would be few miners by then, and those who have been around for a while would be making something tangible from it.
Also, the protocol could end up being changed and who knows, there could be a way in which miners will not be needed any more and only the coins in circulation will be used but in that case transaction confirmation will have to be taking another turn.
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July 15, 2018, 02:23:37 PM
 #16

As of now, nobody knows for sure. One thing I'm certain of is that the miners' incentive would solely rely on the tx fees on the block, and if there aren't enough fees to make money, plus the fact that bitcoin didn't boom too much, it will slowly die and everyone would just transfer their funds into newer assets. It is entirely debatable what will happen 122 years from now, but in the short-medium term, it is more likely that people will get the hang of bitcoin and the cryptocurrencies given that it is starting to ring some bells in their local governments. The next 5-10 years would be the most crucial stage in which bitcoin would face. It's either people would like it or people wouldn't, and would just move into another cryptocurrency of their choosing.

I support your point of view and believe that you are right. When in 122 years the last miner will get, the system will work differently. Perhaps somehow, the lost bitcoins will go to the miners. I do not know exactly, but I think that by that time the blockchain will be improved.
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July 15, 2018, 11:16:54 PM
 #17

I think if all bitcoins is mined and nothing is left to mined, then more people will be demanding bitcoin than the supply and it will trigger the price to be at a higher price.

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July 16, 2018, 12:42:50 AM
 #18

Hello community. After the last bitcoin is extracted, will it become a mass payment unit in the world? Its price on crypto-exchanges will be stable? Share your thoughts, I'm very interested.

Bitcoin will have problems with securing network way before all Bitcoins get mined. Most likely before mid of this century. How that will get tackle no one knows. Monero have great solution for it with tail emission that will kick in in 2023. So plenty of time for Bitcoin to see if Monero tail emission is bringing results and is also suitable for Bitcoin.

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splacque
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July 26, 2018, 04:35:45 PM
Merited by beerlover (3)
 #19

Bitcoin will have problems with securing network way before all Bitcoins get mined. Most likely before mid of this century. How that will get tackle no one knows. Monero have great solution for it with tail emission that will kick in in 2023. So plenty of time for Bitcoin to see if Monero tail emission is bringing results and is also suitable for Bitcoin.
Most probably you have forgot about the TX fees.
In some assumptions, after ~100 years (or before the last bitcoin will be mined out), the total TX fees will be included into one block may sum-up into more than 50 BTC also (which is the original block reward). Then, why miners will go away and how bitcoin network will be unsecured ?
noah tall
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July 27, 2018, 11:25:36 AM
 #20

There would be many possibilities when the last Bitcoin is mined. Many are hoping for Bitcoin to go mainstream and it is possible. Bitcoin has the most trust with respect to all cryptocurrency that exist so it may be. The price, on the other hand will not be stable. Based from the law of supply and demand, the higher the demand and the lower the supply, the higher the price. Since the supply is constant and the demand is varying, the price should be varying as well.


With bitcoin hitting mainstream and a lot of transactions going on daily, I am sure miners will still be making so much from the transaction fees as far as I am concerned.
By the time the last bitcoin is mined anyway, we would have seen the market hit a huge one, and who knows, mining as we are already seeing it now will only be done by very few, scaling would have been solved and transactions would be faster to allow so many to go on in a day, and that in itself is a long term money making machines for the miners.

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