Topic: Are the Bitcoins to been exhausted ? (Read 1138 times)
By the time there is no bitcoin to mine, I don't think there will be fiat anymore. The plus side of this is that inflation will be controlled as there is limited supply of money
With all these hits blocks rewards.
It seems to me that in the future we can reach the point of not being able to mine more Bitcoins!
And then what do the equipment that cost a lot of money and become unusable?
I leave these questions in the air for those who want to give your opinion
Bro If We Don't Get Any Reward For Solving A Block Then People Mine For the Transaction Fees But There are Many Years Remaining Till Now We Got That Point.....It seems to me that in the future we can reach the point of not being able to mine more Bitcoins!
And then what do the equipment that cost a lot of money and become unusable?
I leave these questions in the air for those who want to give your opinion
So Don't Need to o Worry Bro...
With all these hits blocks rewards.
It seems to me that in the future we can reach the point of not being able to mine more Bitcoins!
And then what do the equipment that cost a lot of money and become unusable?
I leave these questions in the air for those who want to give your opinion
It seems to me that in the future we can reach the point of not being able to mine more Bitcoins!
And then what do the equipment that cost a lot of money and become unusable?
I leave these questions in the air for those who want to give your opinion
We got a lot of years from now till we get to that point. We must hold our bitcoin as long as we can, because when that time comes there will be a limited amount of bitcoin for everyone. And when that happens the price of bitcoin will go up.
only if you will live until 2140+ otherwise the job is for your grandchildren or their children to hold the bitcoins if they are into cryptos. in our lifetime we will not experience that thing
With all these hits blocks rewards.
It seems to me that in the future we can reach the point of not being able to mine more Bitcoins!
And then what do the equipment that cost a lot of money and become unusable?
I leave these questions in the air for those who want to give your opinion
It seems to me that in the future we can reach the point of not being able to mine more Bitcoins!
And then what do the equipment that cost a lot of money and become unusable?
I leave these questions in the air for those who want to give your opinion
We got a lot of years from now till we get to that point. We must hold our bitcoin as long as we can, because when that time comes there will be a limited amount of bitcoin for everyone. And when that happens the price of bitcoin will go up.
With all these hits blocks rewards.
It seems to me that in the future we can reach the point of not being able to mine more Bitcoins!
And then what do the equipment that cost a lot of money and become unusable?
I leave these questions in the air for those who want to give your opinion
It seems to me that in the future we can reach the point of not being able to mine more Bitcoins!
And then what do the equipment that cost a lot of money and become unusable?
I leave these questions in the air for those who want to give your opinion
even gold/platinum/silver etc will reach that point and their mining tools also unusable, so what?
better asking how to stabilize bitcoin price
I still think this is something worth thinking about.
Trying to think today about how Bitcoin and blockchain technology will be used 124 years from now is a lot like someone from the late 1800's thinking and worrying about how people in 2016 are going to be able to scale the functionality of the telephone since it needs a separate set of wires run between any two people that might want to communicate.
Any solution that someone in the 1800's would have come up with would sound silly today, and any "solution" we come up with today for how bitcoin might operate in the year 2140 will sound equally silly to them. It's simply impossible to predict what new technologies and systems will be created between now and then.
not being able to mine more Bitcoins!
And then what do the equipment that cost a lot of money and become unusable?
This is handled already. In theory there will be no problem at all, but reality will show if theory matches real life this time.And then what do the equipment that cost a lot of money and become unusable?
There are so many highly intelligent people in bitcoin space, don't worry that this topic was missed out
It won't happen to you or to us, specifically, but it will happen to your children.
Nah. It's highly unlikely that your children will live to be 124 years old.
I don't know what will happen tomorrow, but I'd like to think I'll have grand and great grandchildren.
False equivalency.
You're saying that having 6 years to discuss and debate blocksize and how it effects scaling is the same as having more than a century to figure out what it will be like to have no additional new currency being created? Do you really think people 100 years from now are going to care very much what you thought would be a good idea today?
You're saying that having 6 years to discuss and debate blocksize and how it effects scaling is the same as having more than a century to figure out what it will be like to have no additional new currency being created? Do you really think people 100 years from now are going to care very much what you thought would be a good idea today?
Yes, you are right, things aren't really comparable. I still think this is something worth thinking about.
"At this point in time, it is expected that the fees have long overtaken the mining rewards and are sufficient for the miners to continue securing the network."
The miners don't need to secure the network !
That would be work to heat .
Responsibility for network protection is the blockchain and bitcoin wallets .
The miners don't need to secure the network !
That would be work to heat .
Responsibility for network protection is the blockchain and bitcoin wallets .
They do need to secure the network, otherwise transactions won't be included in blocks. There will still be mining even after the block reward becomes zero, they'll just collect transaction fees instead. However, it's generally thought that in order to generate sufficient fees, the network will have to scale to support more than 7 TPS and not force most of the traffic (and ergo, fees) off-chain.
"At this point in time, it is expected that the fees have long overtaken the mining rewards and are sufficient for the miners to continue securing the network."
The miners don't need to secure the network !
That would be work to heat .
Responsibility for network protection is the blockchain and bitcoin wallets .
The miners don't need to secure the network !
That would be work to heat .
Responsibility for network protection is the blockchain and bitcoin wallets .
It won't happen to you or to us, specifically, but it will happen to your children.
Nah. It's highly unlikely that your children will live to be 124 years old.
we have a long time to think about it, but we also had a fair share of time to think about scaling and blocksize...
False equivalency.
You're saying that having 6 years to discuss and debate blocksize and how it effects scaling is the same as having more than a century to figure out what it will be like to have no additional new currency being created? Do you really think people 100 years from now are going to care very much what you thought would be a good idea today?
As for equipment, by the time you reach the end of mining, you'd probably have to pay to get rid of your equipment. If ASIC's get obsolete in a year today, I imagine how much they'll last in a 100 years from now. The rest has already been answered.
I think it's a valid question. It won't happen to you or to us, specifically, but it will happen to your children. That alone should be enough to raise questions in one's heads. Yes, we have a long time to think about it, but we also had a fair share of time to think about scaling and blocksize...
I always question why some people put so much thought into this? This is going to happen once you've likely passed away, ergo it won't matter to you.
I think it's a valid question. It won't happen to you or to us, specifically, but it will happen to your children. That alone should be enough to raise questions in one's heads. Yes, we have a long time to think about it, but we also had a fair share of time to think about scaling and blocksize...
There's always alt coins to mine.... anyway we've got a good 20+ years until we reach 21 million. By then there will be even more alt coins and maybe some that will sit alongside bitcoin in terms of usefulness. It's not really something I would be worrying about right now, try to focus on getting as many bitcoins as you can seeing as the price will steadily increase with time 
Op, I have the feeling that at one point you want to have finite supply of coins and on the other hand you want to mine new coins forever?
Of course we have no idea about deep future and bitcoin network could be unsustainable without mining, but it is hard speculation.
We don't really know what will happen to bitcoin in a 10 years not to mention when bitcoin supply will be depleted.
But I know one thing - no one promised us anything for staying with BTC so if you don't believe in future you can sell you BTC and be free from that thought.
Of course we have no idea about deep future and bitcoin network could be unsustainable without mining, but it is hard speculation.
We don't really know what will happen to bitcoin in a 10 years not to mention when bitcoin supply will be depleted.
But I know one thing - no one promised us anything for staying with BTC so if you don't believe in future you can sell you BTC and be free from that thought.
I always question why some people put so much thought into this? This is going to happen once you've likely passed away, ergo it won't matter to you. The "end" of the supply distribution is expected to be reached in ~2140 (although it may happen sooner due to the hashrate fluctuations - we've seen this happen with the latest halving). At this point in time, it is expected that the fees have long overtaken the mining rewards and are sufficient for the miners to continue securing the network.
You can read more about the supply here.
You can read more about the supply here.
With all these hits blocks rewards.
It seems to me that in the future we can reach the point of not being able to mine more Bitcoins!
And then what do the equipment that cost a lot of money and become unusable?
I leave these questions in the air for those who want to give your opinion
It seems to me that in the future we can reach the point of not being able to mine more Bitcoins!
And then what do the equipment that cost a lot of money and become unusable?
I leave these questions in the air for those who want to give your opinion
Jump to: