I would hope that by that time the idea of mining just to make money will be long gone.
I'd happily run a mining rig if I only broke even on running costs and replacing the hardware when it needed it.
I think we are reaching a point in society where more and more people are realising that banks, corporations and governments don't give a shit about us and are only in it for themselves. Most people are the same, only bothered if something benefits them, but there are a lot of us who will help others without wanting something in return. Most will sit in traffic pissed off with the broken down car in front, and not give a shit about actually spending a minute helping them out, if only to move the obstruction they are getting pissed with. I would hope that in 100 years time, assuming Bitcoin and money in general is still a thing, transaction fees would be what's required to run the network, and not what miners want to line their pockets and driveways with.
Topic: After all bitcoins mined - page 3. (Read 2151 times)
when that will happen we all move to mine an other altcoin for example ethereum..
Miner will get transaction fee and if no miner i think transaction will stuck
Nothing special will happen when all the Bitcoins are mined. The price of Bitcoin is determined by current demand to transfer value (ie. real use) and expected future demand (ie. speculation). The only way this will change is if a constant stable amount of value were continuously being transferred through the system, which would require significant real use. As yet real usage is pretty insignifcant and most tra
Everything depends what the demand for Bitcoins will be then but I'm sure mining all Bitcoins would affect price a lot and it could go very high. But if the greatest amount of Bitcoins would be in hands of just few people, whales, that could be bad for everyone else. But this is still distant future so we can only speculate.
In 2140 if there's 100k txs per minute and $0.10 per tx, and the "block reward" will be $100,000.
Dont really have an idea if what will happen if all bitcoins will be mined in the future.But surely it will affect huge the price of bitcoins,it may stablelize or even play a lilttle more due to huge demand with not enough supply.Bitcoins price may rise or vice versa
What would happen after all the 21 million bitcoins mined? How the transactions would be carried?
When the mining in progress that time your transaction amount of bitcoin will move in the multiple blocks to complete the transaction with the specific number confirmations with that.
Miners will get the mining fees but its not enough to make out the electricity charge as well. In recent days you might noticed that transaction send via blockchain.info consumes some big fees amount for minimum mentioned fees also.
We just hope that the price of bitcoin is high enough so that even if the miners only live from the transaction fees, it will be enough to cover their cost and still have some profit. Or else, there will be no miners and bitcoin will be dead.
miners will mine for transaction fee only, that's why we have transaction fee, otherwise miner after the block reward end will not have anything as a reward, was very wise from satoshi to add this features
That’s a very valid question and many people have the same question in their mind. We all know that bitcoin transactions are included in a block and then need miners to confirm the block before a transactions can be confirmed.
However, after 2023, when all the bitcoin will be mined, the miners task will not end. They will have to keep running active nodes in their system to confirm the transactions and they will get the fees in return. I think the transaction time will come to minimum but fees will be higher than the current fees.
However, after 2023, when all the bitcoin will be mined, the miners task will not end. They will have to keep running active nodes in their system to confirm the transactions and they will get the fees in return. I think the transaction time will come to minimum but fees will be higher than the current fees.
it will be alla about fee, and miners now this, and they are building the value of the fee right now with the increase, without the reward miners need to have a form of revenue which derivate from a bigger transaction fee, in 2140 when the reward will end a transaction fee will have a gigantic value
When all the bitcoins will be mined which will happen in the year 2140, they will only get rewards and it is possible that the price of bitcoins would rise up to a sky level and new bitcoin miners would not be any profitable.
Year 2140 is too far away and we wouldnt able to see or witness the last bitcoin would be mined.Expected after the supply have been completely mined then prices will surely surge and the same as other members said miners would only just profiting on transactions fees.Think about the profit miners will get when there will be 21 million bitcoins transacting in daily basis. Of course there will be holders but also at least 18 - 19 million bitcoins will be in the flow. Miners may not be getting as much as they are having by mining but they'll definitely have profit with it.
When all the bitcoins will be mined which will happen in the year 2140, they will only get rewards and it is possible that the price of bitcoins would rise up to a sky level and new bitcoin miners would not be any profitable.
Year 2140 is too far away and we wouldnt able to see or witness the last bitcoin would be mined.Expected after the supply have been completely mined then prices will surely surge and the same as other members said miners would only just profiting on transactions fees.How would a technology that incentivize "hoarding" lead to more transactions? We are hoping the demand will increase to a level where hoarders
will start to sell and then more people will share the bitcoins in circulation. We should just hope that the new people buying into Bitcoin are not
doing this to "hoard" too. This is why we should all adopt a strategy that all bitcoiners should only hoard about 80% of their coins and they
should spend 20% to "oil" the network and to generate transactions.
With no more bitcoins being added into circulation, then we can only expect the price to rise. I guess that was his intention anyway, to make it like a finite resource like gold. The price would probably really high by then (and probably wouldn't be alive to see it, heh) and that would be fine since that would give miners incentive to continue work and just earn from the transaction fees. Bitcoin's high divisibility comes to work here since even if the price reaches past 10k by then, we can still transact and just use smaller amounts.
When all the bitcoins will be mined which will happen in the year 2140, they will only get rewards and it is possible that the price of bitcoins would rise up to a sky level and new bitcoin miners would not be any profitable.
Year 2140 is too far away and we wouldnt able to see or witness the last bitcoin would be mined.Expected after the supply have been completely mined then prices will surely surge and the same as other members said miners would only just profiting on transactions fees. 
If the fees increase less people will use bitcoin, which means that the bitcoin price will decrease.
When the block reward dissapears after all btc mined,the fees will have to increase in order to keep the mining profitable.
If the mining isn`t profitable,who will handle all the transactions?
This means that the bitcoin price will have to reach the sky,or bitcoin will die.
When the block reward dissapears after all btc mined,the fees will have to increase in order to keep the mining profitable.
If the mining isn`t profitable,who will handle all the transactions?
This means that the bitcoin price will have to reach the sky,or bitcoin will die.
Many use Bitcoin as asset, as store of value or investment.
For them Bitcoin price rise to the sky is just fine.
However, if Bitcoin cease to be a coin, miners (and the network security) will be in trouble: whatever big will be the price of Bitcoin, if it doesn't circulate there will not be tx fee at all. No reward, no mining, and so on..
I hope that the system will auto-adjust itself and survive. Actually Satoshi thought of this problem and we have the halving, which is a good way to prepare, slowly, everybody to what's to come.
What would happen after all the 21 million bitcoins mined? How the transactions would be carried?
This issue has been discussed for years and the solution was actually part of the make up of bitcoin, Satoshi talked about it in the bitcoin white paper. Transaction fees will reward miners for continuing to mine even after the block reward has stopped, which incase you dont know will be some time around the year 2140.
What would happen after all the 21 million bitcoins mined? How the transactions would be carried?
The transactions should be carried in the same way as now.
The difference is that now the miners get the block reward + tx fees and then they'll get only the tx fees.
It's one of the reasons the Bitcoin price (or the fees) will have to rise enough to keep the mining profitable even in those years to come.
If the fees increase less people will use bitcoin, which means that the bitcoin price will decrease.
When the block reward dissapears after all btc mined,the fees will have to increase in order to keep the mining profitable.
If the mining isn`t profitable,who will handle all the transactions?
This means that the bitcoin price will have to reach the sky,or bitcoin will die.
The main thing which most likely would happen is that the BTC price will reach one of it's biggest high's.The circulation of BTC would most probably be at the same levels,although maybe much more people will prefer holding BTC and will rather not sell their BTC
Jump to: