Bitcoin's Fate In 2140 | Bitcointalksearch.org

quentincole32

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Quote from: Sir_lagsalot on November 10, 2015, 11:57:11 PM

So, everyone knows that there will be no more block rewards when we reach ~2140. But what do you guys think will happen after?

I personally visualise 2 possibilities:

- Bitcoin is already widely adopted, so the giant community will keep the system running and functioning. Maybe not as easily as today, but with a big enough community, the transaction fees will be high enough for miners to keep on doing their thing.

-Bitcoin has a small community, much like today, and starts to crumble without support of miners, and mining fees will become huge, and so the users will leave. Bitcoins will be left in the transaction pool, and the Bitcoin ecosystem will come to a halt.

Are there any possibilities I might have missed? What do you guys think?

its like guess my destiny for next 10 year,but however that possibilities is make sense. i hope the first option will become bitcoin fate.
Bitcoin is already widely adopted, so the giant community will keep the system running and functioning. Maybe not as easily as today, but with a big enough community, the transaction fees will be high enough for miners to keep on doing their thing.

HostSurf

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I'll probably be dead by then

But hopefully by the time the world even gets to 2140 bitcoin would be a worldwide success

and 5 times the people are using bitcoin on a daily basis

TheGeorge

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Quote from: Erkallys on November 19, 2015, 03:06:32 PM

It has a big probability that Bitcoin become something really big, but for sure there will ever be some fiat money, maybe back to gold or silver system to prevent a too massive inflation, but it will never die.

The bitcoin is bigger than all the rest digital coins added up. It is still being developed, it will not die soon. If it does die, that is because the community cannot reach consensus on many issues. It will be killed by its users and developers. I hope bitcoin 2.0 will replace it if it dies eventually.

randy8777

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Quote from: Erkallys on November 19, 2015, 03:06:32 PM

Quote from: croato on November 11, 2015, 12:08:36 AM

Bitcoin will have big, but i mean BIG adoption till that time and miners will be happy to mine for fees reward. Till that time USD, EUR and rest of fiat will be only numismatic assets.

It has a big probability that Bitcoin become something really big, but for sure there will ever be some fiat money, maybe back to gold or silver system to prevent a too massive inflation, but it will never die.

fiat currency will always exist. bitcoin doesn't need fiat to vanish or vice versa. they can perfectly co-exist together. no matter what, bitcoin will have a great future.

Erkallys

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Quote from: croato on November 11, 2015, 12:08:36 AM

Bitcoin will have big, but i mean BIG adoption till that time and miners will be happy to mine for fees reward. Till that time USD, EUR and rest of fiat will be only numismatic assets.

It has a big probability that Bitcoin become something really big, but for sure there will ever be some fiat money, maybe back to gold or silver system to prevent a too massive inflation, but it will never die.

poelling92

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Quote from: Sir_lagsalot on November 10, 2015, 11:57:11 PM

Bitcoin is already widely adopted, so the giant community will keep the system running and functioning. Maybe not as easily as today, but with a big enough community, the transaction fees will be high enough for miners to keep on doing their thing.

I've always been an optimist about the fate of Bitcoin , this seems to me preferable to the first scenario. At the same time, 2140 is still very far away from us who can say with certainty what awaits us ...

Miiike

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Wait... What?

2140 . . . . seems soooo far.
I don't think the internet itself (which support bitcoin distribution and activities) will be as how it was "back then" in 2015. So, first we will need to consider how the internet in 2140 as a control variable. Its not impossible at all that they found a new method of currency which will lead to your second point (btc will be abandoned by their community).

AtheistAKASaneBrain

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Quote from: Envrin on November 18, 2015, 09:18:03 AM

That's the same as asking someone in 1890 (before the car was even invented, and only 11 years after we figured out how to turn on a lightbulb with electricity) what the world would be like in 2015.

It's extremely hard to predict. There are some scientists that predict singularity reached actually a lot of years before we reach that, meaning that IA will be as intelligent as us or more... im not sure about this, but in case this happened, I wonder what the repercussion would be. Would a super IA more intelligent than us be able to create a "better Bitcoin?"

cellard

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Quote from: foxkyu on November 18, 2015, 07:43:50 AM

I think in 2140 there is no more bitcoin.

I believe other crypto currency or other technology can replace bitcoin in the future.

But it still adopt from the bitcoin, as bitcoin is the 'mother' of the current crypto currency.

Not necessarily. Bitcoin is programmable money, therefore, it can adapt. It can also keep getting its security improved, as it is today, it can already deal with quantum computer attacks. Satoshi knew that if he did a supply that would keep releasing coins until 2140, he had to make something that wold last this long. Bitcoin can last for all those years.

Envrin

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That's the same as asking someone in 1890 (before the car was even invented, and only 11 years after we figured out how to turn on a lightbulb with electricity) what the world would be like in 2015.

foxkyu

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I think in 2140 there is no more bitcoin.

I believe other crypto currency or other technology can replace bitcoin in the future.

But it still adopt from the bitcoin, as bitcoin is the 'mother' of the current crypto currency.

fastdice.com

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One of the concerns I see raised when it comes to the network, mining and the transaction chain is the computing power, bandwidth and storage required to keep transactions moving. This is no different to mainstream banks except in comparison their fee's to users is unjustified.

The saving grace is that computing power, bandwidth and storage is now relatively cheap compared to 5-10 years ago. Having worked in IT for almost 20 years it has been amazing to see the change from massive 100MB hard drives to 8000000MB drives. CPU power has been the same, jumping from 20MHz to multiple 2GHz cores in one chip.

I would love to see Quantum computing and the Q-Waves in action as mining systems on a nice 10GB fibre link and some SSDs.

tom555

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do you mean this is fate about bitcoin on year of 20140? Huh

but i try to tell you something,i hope that there will be mass adoption. But many people still remember the Mt Gox incident. Bitcoin would be much better off if that hadn't happened. I asked my friends recently what they knew about bitcoin, and they claimed it was a scam. I asked them why, and they told me about some exchange that ran away with alot of BTC.

mirana12345

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As soon as block reward gets lower than the fee's in block it will show weather bitcoin is going to keep rising in trend and value, or start decaying.
If fee's get higher than block reward, and price doesn't follow proportionally - hashrate will start decreasing.
That dependance in between these three values is what will dictate future.

cohnhead

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Quote from: TheGeorge on November 17, 2015, 06:04:50 PM

Quote from: bearex on November 16, 2015, 08:23:45 AM

Then miners will stop mining because they wont get any Bitcoins lmao Cheesy

There will be no block reward in 2140. It could be early than 2140, may be 2100 as the difficulty increases all the time. However, if bitcoin still exists then, there will be transaction fees. Miners will live on transaction fee. The transaction fee will be high enough to support the miners.

transaction fees should be high enough to support miners. looks like around 2032 block reward will be .78btc. that's just around the corner. by 2050 block reward will be .0488 btc....its then another 90 years to 2140. so yeah transaction fees will support network....for bulk of its existance

TheGeorge

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Quote from: bearex on November 16, 2015, 08:23:45 AM

Then miners will stop mining because they wont get any Bitcoins lmao Cheesy

There will be no block reward in 2140. It could be early than 2140, may be 2100 as the difficulty increases all the time. However, if bitcoin still exists then, there will be transaction fees. Miners will live on transaction fee. The transaction fee will be high enough to support the miners.

tn211

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I think BTC will be accepted in all country in year 2020.

2020 Is a nice number. But I think money well replace to BTC just I think it will be the future money.

The revolucion of MONEY (food --> gold/silvir/bronze --> cash --> banks/digital --> bitcoin)

fastdice.com

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As much as I am passionate about Bitcoin and its future

the day when no more coins can be created puzzles me. Will coins be divided up in society in small amounts for the entire world to use? I don't think so. I think society is too held up by itself. It will adopt, but not everyone will adopt. I don't know what the future holds..

cohnhead

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Quote from: bearex on November 16, 2015, 08:23:45 AM

Then miners will stop mining because they wont get any Bitcoins lmao Cheesy

miners will still get transaction fees. by design, as reward goes down transactions fees are supposed to up (with volume). that should incentivize miners to keep mining. I would think well before 2140 , the reward that miners earn will be comprised mostly of transaction fees anyway.

bearex

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Then miners will stop mining because they wont get any Bitcoins lmao Cheesy

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