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Author Topic: What happens to Bitcoin in the long term?  (Read 623 times)
aria.newman
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September 06, 2020, 06:40:28 AM
 #61

Regarding what will happen to bitcoin in the future, I cannot understand one thing. Here's an article about Bitcoin price prediction. Please tell me why in the first section they write that you need to sell bitcoins, and in the third section that you need to buy bitcoins.
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September 06, 2020, 09:45:18 AM
 #62

When the number of miners decreases, the reward for completing block will increase, it was anticipated from the beginning by Satoshi Nakamoto, so we don't have to worry about the sustainability of this ecosystem, BTC blockchain has running more than 10 years until now, it will be last forever and so on.

That's true, it will last forever as long as there are miners and they would not stop as mining is still profitable although not for everyone.

Even people with less knowledge on technicalities of bitcoin are still investing because they are seeing a lot of money coming, honestly, I believe that 50% of the total investors does not even know how bitcoin network works but they believe on its future because they got recruited from people who are proven successful themselves, but eventually I'm expecting that they will dig more to learn more.

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MCobian
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September 06, 2020, 10:17:09 AM
 #63

A very interesting question, what happened after so many halvings. Of course the rewards that miners will get will be less, but because
the price of Bitcoin is getting more expensive. Even though the miners get the amount of Bitcoin decreases, the Bitcoin value is getting
higher. This becomes complex when it comes to taking into account the higher mining equipment maintenance fees and also electricity
costs that are getting more expensive. If Bitcoin mining is no longer profitable, I'm sure miners will move using other coins that feel
more profitable.

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September 06, 2020, 10:33:31 AM
 #64

Regarding what will happen to bitcoin in the future, I cannot understand one thing. Here's an article about Bitcoin price prediction. Please tell me why in the first section they write that you need to sell bitcoins, and in the third section that you need to buy bitcoins.
When will People like you whos Selling their articles for free while Hijacking others thread?can't you make it simpler?
an besides you are out of context here because prediction is what you are asking?
It is growing in price and this is obvious. This is exactly what happens with bitcoin.
It will in time,This is the start of another Bitcoin Era after the pandemic ends ,Market will take place again and people who supports crypto will take their prizes.
there are times when people are pushing FUD but if we are really truthful in our investments then try to make it worth it.

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Mart1ncrypto
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September 09, 2020, 10:45:37 AM
 #65

Regarding what will happen to bitcoin in the future, I cannot understand one thing. Here's an article about Bitcoin price prediction. Please tell me why in the first section they write that you need to sell bitcoins, and in the third section that you need to buy bitcoins.
When will People like you whos Selling their articles for free while Hijacking others thread?can't you make it simpler?
an besides you are out of context here because prediction is what you are asking?
It is growing in price and this is obvious. This is exactly what happens with bitcoin.
It will in time,This is the start of another Bitcoin Era after the pandemic ends ,Market will take place again and people who supports crypto will take their prizes.
there are times when people are pushing FUD but if we are really truthful in our investments then try to make it worth it.

Good day. Didn't understand how it is possible to hijacking others thread? Sorry, I'm new to this forum, I don't understand what you are talking about.
ILuckyGuyI
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September 09, 2020, 02:45:55 PM
 #66

Question regarding the viability of bitcoin in the long term. From my understanding, the security of bitcoin comes from miners who verify the blockchain. What happens when there is so much halving that the reward for mining bitcoin is extremely low and the cost of verifying the blockchain for the miners exceeds the reward of their bitcoin?

If it weren't for the miners earn lots of money from transaction fees, then there would occur some problems I think. As long as the balance between the money that they earn (from fees etc.) and mining reward is protected, there will be no big deal for a long time. Besides, Bitcoin has been in the market for more than 10 years. It can be seen easily that Bitcoin has a strong system.

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Ayiranorea
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September 09, 2020, 03:33:36 PM
 #67

When the number of miners decreases, the reward for completing block will increase, it was anticipated from the beginning by Satoshi Nakamoto, so we don't have to worry about the sustainability of this ecosystem, BTC blockchain has running more than 10 years until now, it will be last forever and so on.

That's true, it will last forever as long as there are miners and they would not stop as mining is still profitable although not for everyone.

Even people with less knowledge on technicalities of bitcoin are still investing because they are seeing a lot of money coming, honestly, I believe that 50% of the total investors does not even know how bitcoin network works but they believe on its future because they got recruited from people who are proven successful themselves, but eventually I'm expecting that they will dig more to learn more.
Agreed, for sure the network will continue for years and years. People who are good to invest are pouring the money developing their own mining farms. These people doesn't have much of technical knowledge. As in the quote majority of the miners fall under this category, upon the same the chance of miners stopping to mine won't happen. If one leaves two will be ready to get into mining. Whether it is long term or short term, the growth and the network gets stronger with time.

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September 11, 2020, 08:22:05 PM
 #68

I don't think there will be a problem for miners until the last Bitcoin is mined. If I am not wrong, the last Bitcoin will be mined in 2140. So, there is a lot of time until that year. Bitcoin will continue to be better and we will see new record prices in the future.

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September 11, 2020, 08:45:37 PM
 #69

When all the 21 million BTC have been mined, as set by Satoshi Nakamoto, there will no longer be rewards from mining. But the price of BTC and by extension transaction fees will be so high that miners will live just on the fees.
If the transaction fees ends up being "so high" than normal bitcoin users won't be using bitcoin anymore due to the "high fee" they will have to pay.  I mean, if someone wants to transfer 10 USD worth of coins and they have to pay 50 USD in fee, no one will be crazy enough to use bitcoin. If bitcoin users goes down, the miners won't be able to "live just on the fees". We will (or our next generation) know  what is going to happen after 100 years. Probably we will find out alternatives or other solution or better technology might be invented that will keep mining profitable with receiving normal fees without block rewards.

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September 11, 2020, 09:05:33 PM
 #70

Actually, it still needs many years that Bitcoin is finished to mine. It may be around in more than 100 years hundred. However, it is also normal to know about the fee and others. here, we may get Darman and its friends to other people. In fact, the ways they are infecting the beanball really make me feel that great fish.
About for long term investment, I believe that the person will be there, feeling that he is totally failed.

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September 11, 2020, 10:00:57 PM
 #71

When all the 21 million BTC have been mined, as set by Satoshi Nakamoto, there will no longer be rewards from mining. But the price of BTC and by extension transaction fees will be so high that miners will live just on the fees.
If the transaction fees ends up being "so high" than normal bitcoin users won't be using bitcoin anymore due to the "high fee" they will have to pay.  I mean, if someone wants to transfer 10 USD worth of coins and they have to pay 50 USD in fee, no one will be crazy enough to use bitcoin.
We are surely be facing that such transaction fee one day, if bitcoin gets bigger than what it is now expect a fire on transaction fee that we are going to pay to make a transaction slide into the network. And if that happens only rush transaction will be made in the bitcoin blockchain, only rich people will use bitcoin to transfer money and that's only if they are going to spend less than having it done with fiat or physical transaction.

If bitcoin users goes down, the miners won't be able to "live just on the fees". We will (or our next generation) know  what is going to happen after 100 years. Probably we will find out alternatives or other solution or better technology might be invented that will keep mining profitable with receiving normal fees without block rewards.
We actually don't know what will happen to bitcoin after 5 or 10 years, I hate to conclude myself, don't want to anticipate for less disappointment let us cherish what we can make out with bitcoin, investment or currency.

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Anna138
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September 11, 2020, 10:52:36 PM
 #72

When all the 21 million BTC have been mined, as set by Satoshi Nakamoto, there will no longer be rewards from mining. But the price of BTC and by extension transaction fees will be so high that miners will live just on the fees.
If the transaction fees ends up being "so high" than normal bitcoin users won't be using bitcoin anymore due to the "high fee" they will have to pay.  I mean, if someone wants to transfer 10 USD worth of coins and they have to pay 50 USD in fee, no one will be crazy enough to use bitcoin. If bitcoin users goes down, the miners won't be able to "live just on the fees". We will (or our next generation) know  what is going to happen after 100 years. Probably we will find out alternatives or other solution or better technology might be invented that will keep mining profitable with receiving normal fees without block rewards.
There will always be a certain niche of people for whom the $ 100 Commission will seem minimal. Of course, for our average consumer minimum, this Commission seems minimal and even somewhat ridiculous. However, this is just an illusion, and in fact the limits are more extensive than it may seem. In any case, bitcoin will always be more or less relevant.

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September 11, 2020, 11:10:24 PM
 #73

Actually, it still needs many years that Bitcoin is finished to mine. It may be around in more than 100 years hundred. However, it is also normal to know about the fee and others. here, we may get Darman and its friends to other people. In fact, the ways they are infecting the beanball really make me feel that great fish.
About for long term investment, I believe that the person will be there, feeling that he is totally failed.

long-term investment is not a panacea for not being poor. A long-term investment is a tool that can become a full-fledged means of earning money in the hands of a smart person. This is not a myth, but a fairly common case in the history of cryptocurrency startups and projects on the classic blockchain

GeorgeJohn
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September 12, 2020, 01:53:47 AM
 #74

Question regarding the viability of bitcoin in the long term. From my understanding, the security of bitcoin comes from miners who verify the blockchain. What happens when there is so much halving that the reward for mining bitcoin is extremely low and the cost of verifying the blockchain for the miners exceeds the reward of their bitcoin?

I tried to flash back in order to recall the things that happened before in cryptoccurrency but I could get it right, I try to understand the concept that btc was very low rate in order to purchase but currently the value of btc now is know longer the value's before.

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September 14, 2020, 02:44:02 PM
 #75

The strongest meme in crypto is finite supply. The vast majority of the project in crypto have followed this for entirely arbitrary reason. i.e because Satoshi did it.
Sooner or later this may cause problems for bitcoin and many of the other networks that have followed it. After the next halving, a winning miner will only receive 3.125BTC. If they have spent more on energy over the period of time it takes them to win a block reward, than the market value of those bitcoins, it is not worth them mining and the network is in trouble

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September 20, 2020, 10:15:55 PM
 #76

I think Bitcoin will stay strong in the long term. Because in my opinion, a solution will be created to balance the amount of money the miners lose when the reward continues to fall down. I know the miners also earn a decent amount of money from transaction fees but it may not be enough in the long run.

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HiteshDar
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September 21, 2020, 03:52:32 AM
 #77

Bitcoin price has been trading inside a large bull pennant for the last several years. The chart pattern across the largest timeframes matches the previous pennant breakout, so similar results are expected. The main difference analysts point to, are extended Bitcoin cycles. This means that the cryptocurrency is likely to trade sideways and consolidate longer than most traders would hope or expect.
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