The real scary part is, if the miners do not sell their coins, technically speaking someone can have all the bitcoin in the world.
The irony of owning all the bitcoins is that it makes them worthless.
Topic: Anybody know what happens when Bitcoin hits 21M circulating supply? (Read 671 times)
August 27, 2020, 03:09:20 PM
The irony of owning all the bitcoins is that it makes them worthless.
August 27, 2020, 02:15:06 PM
The real scary part is, if the miners do not sell their coins, technically speaking someone can have all the bitcoin in the world. Think about it, let's say you are a miner, you can pay the bills and the costs from your pocket, after the 21 million is over and there is no more new bitcoins, that means the only thing you are mining for is the fee's right?
Well, when you keep going for that fee, you are taking other people's money and not new bitcoins, if you do not sell them, eventually you can have ALL of them as well. Obviously it is not possible with the time table and how it would take longer than one life time to be able to do that, but I really dislike the fact that it is technically possible for something like that to happen, it should have been covered over with a protection for something like that.
Well, when you keep going for that fee, you are taking other people's money and not new bitcoins, if you do not sell them, eventually you can have ALL of them as well. Obviously it is not possible with the time table and how it would take longer than one life time to be able to do that, but I really dislike the fact that it is technically possible for something like that to happen, it should have been covered over with a protection for something like that.
This problem could be solved by creating an extremely small demurrage fee. The problem is that even if that demurrage fee is only 1 satochi per block (one satochi from each wallet go back to be mined each block), this become 0.0005256 bitcoins per year, a value that is not low enough.
August 26, 2020, 01:30:01 PM
The real scary part is, if the miners do not sell their coins, technically speaking someone can have all the bitcoin in the world. Think about it, let's say you are a miner, you can pay the bills and the costs from your pocket, after the 21 million is over and there is no more new bitcoins, that means the only thing you are mining for is the fee's right?
Well, when you keep going for that fee, you are taking other people's money and not new bitcoins, if you do not sell them, eventually you can have ALL of them as well. Obviously it is not possible with the time table and how it would take longer than one life time to be able to do that, but I really dislike the fact that it is technically possible for something like that to happen, it should have been covered over with a protection for something like that.
Well, when you keep going for that fee, you are taking other people's money and not new bitcoins, if you do not sell them, eventually you can have ALL of them as well. Obviously it is not possible with the time table and how it would take longer than one life time to be able to do that, but I really dislike the fact that it is technically possible for something like that to happen, it should have been covered over with a protection for something like that.
August 26, 2020, 12:41:22 AM
Hi guys! So, yeah, as you must know already, all crypto has a finite supply meaning its not going to be mineable forever I guess, but what actually happens when bitcoin hits 21 million max besides it not being mineable anymore? Does this increase the value quicker? Let me know if you know, i dont know the answer and would love to hear what you have to say
It will still be POW but miners will only receive the fees involved instead of coins additionally. In theory if nothing changes demand ways then the price should increase because there's less downward pressure on the price by miners selling their coins. Of course we'll all be dead by then anyway.
August 25, 2020, 08:05:41 PM
Money Supply
While the number of bitcoins in existence will never exceed slightly less than 21 million, the money supply of bitcoins can exceed 21 million due to Fractional-reserve banking.
While the number of bitcoins in existence will never exceed slightly less than 21 million, the money supply of bitcoins can exceed 21 million due to Fractional-reserve banking.
If thats can happen whats the point of 21 million coins limit, halving and etc...?
August 02, 2018, 04:29:56 AM
The servers to mine cryptocurrency are rapidly increasing over in China and in Asia which means that bitcoin supply is increasing at an alarming rate with time compared to the past so it is predicted that bitcoin will hit 21 million coins by the end on 3 to 5 years which is a relatively accurate estimate
but whatever happens, this supply never goes out of the number. Officially, bitcoin is just about twenty one lac in this world. No more bitcoin is ever developed. This number is revolving around the word and the prices are getting influence from this number. But now, as you are saying, I am really shocked but happy as well that number might be increasing with time, coping up needs of everyone. August 01, 2018, 08:12:28 AM
Hi guys! So, yeah, as you must know already, all crypto has a finite supply meaning its not going to be mineable forever I guess, but what actually happens when bitcoin hits 21 million max besides it not being mineable anymore? Does this increase the value quicker? Let me know if you know, i dont know the answer and would love to hear what you have to say
I believe that the price will increase because there will be a shortage in terms of volume of the market so the price will keep on increasing even more if majority of the people will prefer to invest.
August 01, 2018, 08:03:27 AM
You can check this link if you want though but then again that 21 m i think its more a hoax , many experts say it but despite the different conclusion still long live bitcoin.
Link: https://www.investopedia.com/news/what-happens-bitcoin-after-all-21-million-are-mined/
The information is quite useful no matter how fluctuating it is, the more stable it is. In this market it is difficult to predict the market up or down. But one thing that does not change is that it will be sesame and stable forever. The future is stronger and more developed. Link: https://www.investopedia.com/news/what-happens-bitcoin-after-all-21-million-are-mined/
July 28, 2018, 04:03:33 AM
Hi guys! So, yeah, as you must know already, all crypto has a finite supply meaning its not going to be mineable forever I guess, but what actually happens when bitcoin hits 21 million max besides it not being mineable anymore? Does this increase the value quicker? Let me know if you know, i dont know the answer and would love to hear what you have to say
After all the coins are mined, the miners will stop getting block reward and will only get transaction fee's. But the increase in demand will also increased the price of Bitcoin that must be sufficient for the miners to to continue validating transactions and adding blocks, there can be few miners that will leave the network reason being the high demand of energy in mining. July 28, 2018, 03:11:08 AM
The servers to mine cryptocurrency are rapidly increasing over in China and in Asia which means that bitcoin supply is increasing at an alarming rate with time compared to the past so it is predicted that bitcoin will hit 21 million coins by the end on 3 to 5 years which is a relatively accurate estimate
Your statement is completely false. Please read this: https://en.bitcoin.it/wiki/Controlled_supply
July 27, 2018, 06:17:28 PM
it will take around 100 years or more to complete the circulating supply so by that time bitcoin price will touch more than a million
July 27, 2018, 03:02:25 PM
Bitcoin may be able to bit 21 million coins by the end of 2 years and the reason for this is that there is a lot of demand for bitcoin in the market which is increasing with time the rule for bitcoin is that the demand and the supply must be proportional for it to function and so the demand indicates this
Are you mad? It won't happen in 2 years! It's estimated that we'll rich 21 million in 2140. MAny people think that since we mined 17 million in 8 years it's going to be downhill from here. The truth is totally different as we are mining less and less every year and the closer to the end the less coins will be mined every year, mainly due to halvings.
What will happen? Most likely there will be other cryptos because I don't believe that BTC will be able to survive another 120 years with outdated sha 256.
July 27, 2018, 02:17:49 PM
To date, 17 174 637 BTC has been produced. This is a huge amount and every year to produce bitcoins at the mine will become more difficult and its price will increase. But the increase in price will not be relative to the speed of production of blocks. The increase is gradual with UPS and downs as all markets live.
July 27, 2018, 12:31:34 PM
The servers to mine cryptocurrency are rapidly increasing over in China and in Asia which means that bitcoin supply is increasing at an alarming rate with time compared to the past so it is predicted that bitcoin will hit 21 million coins by the end on 3 to 5 years which is a relatively accurate estimate
July 15, 2018, 12:50:03 PM
I suppose hitting 21M will be followed by a surge in bitcoin's price as such a huge event will be on of the biggest newsmakers and therefore will attract more people to the sphere and conequently increase the demand.
July 15, 2018, 12:01:44 PM
If all bitcoins have been mined then its price will be incredibly high because with its low number of maximum supply it is still in-demand due to its features.
July 15, 2018, 10:26:26 AM
Hi guys! So, yeah, as you must know already, all crypto has a finite supply meaning its not going to be mineable forever I guess, but what actually happens when bitcoin hits 21 million max besides it not being mineable anymore? Does this increase the value quicker? Let me know if you know, i dont know the answer and would love to hear what you have to say
It only means that the market price will keep on increasing even more because there will be a shortage in mining so the price will obviously increase even more due to a huge demand in the market.
Most likely,that would be the scenario. Transaction fee would increase too, and miners would rely solely on this for payment for their services.Bitcoin would be expensive on that time and theres a chance for ther cryptocurrency to shine as an alternative too.
July 15, 2018, 09:23:44 AM
Hi guys! So, yeah, as you must know already, all crypto has a finite supply meaning its not going to be mineable forever I guess, but what actually happens when bitcoin hits 21 million max besides it not being mineable anymore? Does this increase the value quicker? Let me know if you know, i dont know the answer and would love to hear what you have to say
For sure price will increase and the value will go bigger quickly,but i doubt we are going to experience this in our time.because the more bitcoin mined the slower this can get so meaning when we reach the 20 million bitcoin then this mining will take much longer time to mined again
July 15, 2018, 08:56:51 AM
Hi guys! So, yeah, as you must know already, all crypto has a finite supply meaning its not going to be mineable forever I guess, but what actually happens when bitcoin hits 21 million max besides it not being mineable anymore? Does this increase the value quicker? Let me know if you know, i dont know the answer and would love to hear what you have to say
Obviously the price will keep on increasing because there will be a shortage and yearly the minimum value will keep on incrementing which makes the price to become even more expensive.
July 15, 2018, 05:26:53 AM
Bitcoin may be able to bit 21 million coins by the end of 2 years and the reason for this is that there is a lot of demand for bitcoin in the market which is increasing with time the rule for bitcoin is that the demand and the supply must be proportional for it to function and so the demand indicates this
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