What will happen when we hit 21 000 000 bitcoins

[Kiki112]

When we get to 21 000 000 bitcoins, how will miners be rewarded and will anyone keep mining only for the fee rewards, how slow will our transactions be? 

[Don007]

how will miners be rewarded and will anyone keep mining only for the fee rewards, how slow will our transactions be?  

I think less people will mine indeed, allthough that reallt depends on the value of the BTC.

Miners will be rewarded by the fees paid by people who make an transaction.

[ledmaniak]

Less miners also shouldn't slow down the network as the block reward is still ~10minutes. Network difficulty should change with the amount of miners and will finally go to a certain equilibrium where it is still profitable for the miners.

[Teka]

THE MOON RACE STARTS!

Serious: A lot less people will mine but I think that if the price goes to "the moon' many will stay.

[Kiki112]

Less miners also shouldn't slow down the network as the block reward is still ~10minutes. Network difficulty should change with the amount of miners and will finally go to a certain equilibrium where it is still profitable for the miners.

but if we hit the 21m cap then no new blocks will be made?
if we keep discovering new blocks there will be more then 21m bitcoins o.O

[Teka]

Less miners also shouldn't slow down the network as the block reward is still ~10minutes. Network difficulty should change with the amount of miners and will finally go to a certain equilibrium where it is still profitable for the miners.

but if we hit the 21m cap then no new blocks will be made?
if we keep discovering new blocks there will be more then 21m bitcoins o.O

The will be no more coins but the transactions still have to be validated and that's what the miners are primarily there for. They will still make money from transaction fees.

[Kiki112]

Less miners also shouldn't slow down the network as the block reward is still ~10minutes. Network difficulty should change with the amount of miners and will finally go to a certain equilibrium where it is still profitable for the miners.

but if we hit the 21m cap then no new blocks will be made?
if we keep discovering new blocks there will be more then 21m bitcoins o.O

The will be no more coins but the transactions still have to be validated and that's what the miners are primarily there for. They will still make money from transaction fees.

that's what I said, but the transaction fees aren't big, will there be enough miners? 

[Baitty]

The value will become much higher and that is truely when Bitcoin will be at it's highest.

[mprep]

Transaction fees will increase in order to compensate them for the work.

[Baitty]

Transaction fees will increase in order to compensate them for the work.

One of the draw backs we won't be seeing 21 million Bitcoin in our live times though.

[mprep]

Transaction fees will increase in order to compensate them for the work.

One of the draw backs we won't be seeing 21 million Bitcoin in our live times though.

So no need to worry, right? Unless for our children.

[Teka]

Transaction fees will increase in order to compensate them for the work.

One of the draw backs we won't be seeing 21 million Bitcoin in our live times though.

Speak for yourself

[Baitty]

Transaction fees will increase in order to compensate them for the work.

One of the draw backs we won't be seeing 21 million Bitcoin in our live times though.

Speak for yourself

Do you plan on living 100 of more years?

[Teka]

Transaction fees will increase in order to compensate them for the work.

One of the draw backs we won't be seeing 21 million Bitcoin in our live times though.

Speak for yourself

Do you plan on living 100 of more years?

I thought the estimates were 2050 to 2070? Plus I think that the world record is 116 so yeah maybe.

[lemfuture]

mission accomplish

[knightcoin]

in the meanwhile in the hack town ...

human battery has robbery bankars ...
http://www.youtube.com/watch?v=ARYKOaBUOtU

[DanielVG]

When we get to 21 000 000 bitcoins, how will miners be rewarded and will anyone keep mining only for the fee rewards, how slow will our transactions be? 

The value of bitcoin will probably be higher and miners get the transaction fees.  Once all coins are mined they can/will get lost and that raises the value of all other coins.

[evansearle42]

When we get to 21 000 000 bitcoins, how will miners be rewarded and will anyone keep mining only for the fee rewards, how slow will our transactions be? 

Difficulty for Bitcoin would drop 95%..

[ahmedjadoon]

Nothing will happen.Because I rarely mine

[guybrushthreepwood]

how will miners be rewarded and will anyone keep mining only for the fee rewards, how slow will our transactions be?  

I think less people will mine indeed, allthough that reallt depends on the value of the BTC.

Miners will be rewarded by the fees paid by people who make an transaction.

Maybe more people will mine. I'm not an expert in mining, but will ridiculously fast rigs still be needed just to process transactions? Couldn't it open it up to more smaller miners just mining for transaction fees?