Topic: 21 million Bitcoin - page 2. (Read 2595 times)
what is this "block " ?
what is block reward ?
The block reward - the number of Bitcoins added to the supply when miners solve a block
The current block reward is BTC25. When we hit block 420,00, that will be halved to BTC12.5which years will about destroy bitcoin?
Odd way of phrasing, but presuming you'd still be asking about when the last bit of Bitcoin would be mined: we don't know. If mining were ideal according to the code - where each block is solved every 10 minutes - this would have been in October of 2140. Mining is not ideal, however, as increasing amounts of hashing power are added to the network. Certainly in the past 2 years each block has on average been taking less than 10 minutes, moving that date up a bit. There's no accurate way to predict what the hashing power increase (or decrease) will look like many years into the future, but if we were to assume that starting now (roughly) each block would take exactly 10 minutes, the last bit of Bitcoin would be mined in May of 2140 instead.
which years will about destroy bitcoin?
what is block reward ?
i can't undestrand.
every year halwing block ?
every year halwing block ?
The block reward - the number of Bitcoins added to the supply when miners solve a block - is halved every 210,000 blocks (approximately every 4 years). While the blockchain.info graph may appear to be linear, it only appears thus because it's only a small part of the controlled supply curve. It is displayed at a scale that is appropriate for the site, but doesn't appropriately convey how Bitcoins are added to the supply going further into the future.
i can't undestrand.
every year halwing block ?
every year halwing block ?
soon
no, though that might depend on your definition of soon 
will become 21 million .
No, but close enough for most purposes. In fact, if we're putting block 2,100,000 as being close enough (~20979500 BTC supply and already past the knee of the controlled supply), that's still not estimated to be somewhere between the years 2040 and 2050.Quote
Keep in mind that only shows a current view on a slightly misleading scale. See the full scale:https://blockchain.info/charts/total-bitcoins?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
Notice the corner at around 10,000,000? That's where the reward was halved. Reward halving is why the first 10M took 'only' ~4 years, while the next 10M will take ~14 years. You're basically looking at only the green part of this curve:
already is 14 million bitcoin and coming soon will become 21 million .
https://blockchain.info/charts/total-bitcoins
https://blockchain.info/charts/total-bitcoins
Consider block reward halvings, that would make last bitcoin to be mined in about 2140.
already is 14 million bitcoin and coming soon will become 21 million .
https://blockchain.info/charts/total-bitcoins
https://blockchain.info/charts/total-bitcoins
Quantum computer will destroy btc :O)
The exact number of Bitcoins is not important. Whether the end result is 1 million or 100 billion makes little real difference.
The important aspect here is the process, not the quantity.
New Bitcoins enter the system in an orderly, predictable way.
Outside forces cannot arbitrarily flood the currency with new money (no inflation).
An incentive is provided for people to apply their hash power to make the currency more secure.
Eventually, Bitcoin has to be self-supporting through transaction fees. Hence the tapering off of blockchain rewards.
Again, I think that we never reach bottom of bitcoin. We or our grandchildren that is. So there is no really wise to think about it as we only can spin hypothesis.
The important aspect here is the process, not the quantity.
New Bitcoins enter the system in an orderly, predictable way.
Outside forces cannot arbitrarily flood the currency with new money (no inflation).
An incentive is provided for people to apply their hash power to make the currency more secure.
Eventually, Bitcoin has to be self-supporting through transaction fees. Hence the tapering off of blockchain rewards.
Again, I think that we never reach bottom of bitcoin. We or our grandchildren that is. So there is no really wise to think about it as we only can spin hypothesis.
I think OP was asking in a "what if" scenario .... even though he will not be there when it happens... 
The price will most probably increase, if there are still people using it and mining it, but at the rate technology improve, we predict that Bitcoin would not be in use, because it would be replaced with a much better technology.
So in theory... 21 million Bitcoins can be mined, but I would bet against that ever happening.
The price will most probably increase, if there are still people using it and mining it, but at the rate technology improve, we predict that Bitcoin would not be in use, because it would be replaced with a much better technology.
So in theory... 21 million Bitcoins can be mined, but I would bet against that ever happening.
Please correct me if I'm wrong, but the mining difficulty is retargeted so that on average a block is found every 10 minutes. So it is regardless of the network hashrate.
Yes, but that difficulty is only adjusted ever 2016 blocks. So when 2016 blocks should take 14 days, in reality they might take, say, 12 days.If the hashrate goes up even by 1000 times, the difficulty increases so that 1 block will be found in 10 minutes.
If it were to go up by a factor of 1000 in a single event, you're right, that would have very little impact- e.g. it would go from 14 days to 0.0014 days or about 20 minutes, and after that it would take 14 days again.In reality, it goes up (or down) by a few percent, and does that for every block, and thus every difficulty adjustment and every reward halving.
Of course, until the difficulty increase happens you may be finding blocks sooner or later, but on long time average it should be 10 minutes.
'Should' being the key word there 
I recently made a correction to that table and was considering removing the projected years - seeing it cited once again makes me think I really should do so
You made a correction? Where can I find it?
That is an incorrect figure. That was the ideal year if every block took exactly 10 minutes starting from the genesis block. If the network hash rate is higher than anticipated, that year will be lower - if the network is lower than anticipated, that year will be higher.
Please correct me if I'm wrong, but the mining difficulty is retargeted so that on average a block is found every 10 minutes. So it is regardless of the network hashrate. If the hashrate goes up even by 1000 times, the difficulty increases so that 1 block will be found in 10 minutes. Of course, until the difficulty increase happens you may be finding blocks sooner or later, but on long time average it should be 10 minutes.
I recently made a correction to that table and was considering removing the projected years - seeing it cited once again makes me think I really should do so
You made a correction? Where can I find it? Yes, it's 2140 according to this link from this quote
That is an incorrect figure. That was the ideal year if every block took exactly 10 minutes starting from the genesis block. If the network hash rate is higher than anticipated, that year will be lower - if the network is lower than anticipated, that year will be higher. I recently made a correction to that table and was considering removing the projected years - seeing it cited once again makes me think I really should do so
As for the topic of this thread - asked a dozen times, answered a dozen times, doesn't hurt to get new answers but I don't think there has been any new socioecological insight into 'what happens' when the last one is mined. ( Just as a quick recap: 1. you'd need a crystal ball and 2. any impact would be felt long before the last non-zero block reward as the block reward will be relatively low long before then. )
Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive
really this 2140 years cancel bitcoin if nothing will change ?
really this 2140 years cancel bitcoin if nothing will change ?
You should worried about your grand-grand child
What do you mean with "cancel bitcoin"?
Which year will destroy btc ? in 2140 ?
but 14 million btc that now right create.
Check out https://en.bitcoin.it/wiki/Controlled_supply#Projected_Bitcoins_Long_Term, if you look at the years, the last blocks will be mined at around year 2140 or so.
We will most likely not know what will happen then.
Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive
really this 2140 years cancel bitcoin if nothing will change ?
really this 2140 years cancel bitcoin if nothing will change ?
You should worried about your grand-grand child
not
Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive
really this 2140 years cancel bitcoin if nothing will change ?
really this 2140 years cancel bitcoin if nothing will change ?
You should worried about your grand-grand child
What do you mean with "cancel bitcoin"?
Which year will destroy btc ? in 2140 ?
but 14 million btc that now right create.
Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive
really this 2140 years cancel bitcoin if nothing will change ?
really this 2140 years cancel bitcoin if nothing will change ?
You should worried about your grand-grand child
What do you mean with "cancel bitcoin"?
Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive
really this 2140 years cancel bitcoin if nothing will change ?
really this 2140 years cancel bitcoin if nothing will change ?
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