Topic: BTC mining after 120 years (Read 317 times)
I strongly believe that 120 years is too long to predict anything related to BTC. You may see new form of currency which become more popular worldwide.
After that twenty years, when it is supposed, the last bitcoyne will be produced, if it still exists, it will change almost completely. Strictly speaking, I do not think that in such a long time, the mining itself will remain unchanged. By that time, the very digital currency itself will change very much, so it is pointless to think of such a time ahead.
The biggest mistake in this kind of discussions is that people are completely ignoring the developement of all technologies and cryinf that there will be no miners etc. The technologies are getting improved extremely fast and the solution will be found for it.
I guess when it comes and the supply bitcoin is ended (no rewards)
miners can only mine transactions and get the fees from confirming transactions.
miners can only mine transactions and get the fees from confirming transactions.
There will not be no reward. You would be greatly wrong by saying so. Transaction fees are to replace the block reward, and even surpass it. It makes absolutely no doubt that in a decade, the transaction fees will be superior to the block reward, no need to wait for 120 years.
Well I mean, that is what is bound to happen. It is also thought that the machines of the future will be more and more efficient so they're able to mine for cheaper (meaning less electricity) and easier for people to be able to mine. So the miners will be able to even profit off cheaper amounts of TX fees.
Mining will still be profitable, though it will be centralized and just different profit margins. Depending on what Bitcoin ends up doing, as it could always
If nothing changes, bitcoin will not live 120 years.
I'm fairly sure bitcoin will not live 120 years, whatever the circumstances. By the time the last coin is supposed to be mined, we will have moved on to other economic systems. Maybe we will move on to other planets, who knows? So from a practical point of view I think the question of what happens in 2140 is not really relevant.
You are living on a science-fiction world. Man will never leave Earth, especially in such a short time such as 120 years. Nothing happened significant in the spatial conquest since 50 years, because the only thing that fueled the rise to space was the USSR. And Bitcoin is here to last. Copper never took gold's spot. Here the same will happen.
You seriously think you can accurately predict what the economy will be like in 120 years? How will the natural resource scarcity and overpopulation of the earth affect the economy? How will the imminent automation of the workforce affect the economy? No one knows. It is wishful thinking to assume that bitcoin will still be around until 2140.
If nothing changes, bitcoin will not live 120 years.
I'm fairly sure bitcoin will not live 120 years, whatever the circumstances. By the time the last coin is supposed to be mined, we will have moved on to other economic systems. Maybe we will move on to other planets, who knows? So from a practical point of view I think the question of what happens in 2140 is not really relevant.
Bitcoin will be alive even after 200 years because is the best payment system we have yet. Before we had clering i.e exchange goods with other goods in early stages then we move to paper money which we still have today but people are not happy at all with its decentralized system so Bitcoin was invented. Until something better than Bitcoin comes it will be alive and by looking at the above historical data, it takes a whole lot of time before something better than Bitcoin comes to us.
Satoshi's original vision would be that after 120 years, miners would be essentially located only in big, corporate mining farms which we are starting to see the birth of today. There are lots of people mining in warehouses in cold climates to keep their rigs cool without additional resources and ultimately even people trying to buy properties condisuve to mining such as to build hydroelectric dams and whatnot. It really is quite amazing how far the industry has come in such a short time spam of under a decade.
If nothing changes, bitcoin will not live 120 years.
I'm fairly sure bitcoin will not live 120 years, whatever the circumstances. By the time the last coin is supposed to be mined, we will have moved on to other economic systems. Maybe we will move on to other planets, who knows? So from a practical point of view I think the question of what happens in 2140 is not really relevant.
You are living on a science-fiction world. Man will never leave Earth, especially in such a short time such as 120 years. Nothing happened significant in the spatial conquest since 50 years, because the only thing that fueled the rise to space was the USSR. And Bitcoin is here to last. Copper never took gold's spot. Here the same will happen.
It is terribly tough to have this conversation because we won't know what the block size will be, how much one bitcoin will cost, and many other things (amongst if bitcoin will be alive then). Therefore I think this conversation is essentially moot because of that but it is nice to discuss theory sometimes I guess 
If nothing changes, bitcoin will not live 120 years.
I'm fairly sure bitcoin will not live 120 years, whatever the circumstances. By the time the last coin is supposed to be mined, we will have moved on to other economic systems. Maybe we will move on to other planets, who knows? So from a practical point of view I think the question of what happens in 2140 is not really relevant.
I am sure that bitcoin will be forced to increase the size of the unit. As the popularity of bitcoin will rise will increase the number of transactions. Easy to see how bitcoin will become helpless in competing with such upstarts as the bitcoin cash. I think that the developers should pay attention to the fact that the miners could not dictate the conditions and slow down the development of the whole community. If nothing changes, bitcoin will not live 120 years.
There will not be no reward. You would be greatly wrong by saying so. Transaction fees are to replace the block reward, and even surpass it. It makes absolutely no doubt that in a decade, the transaction fees will be superior to the block reward, no need to wait for 120 years.
Miners can mine transactions, and get the fees.
So, my question is, what is it gonna happen when all the Bitcoins saved for mining will be rewarded to the miners ( in 120 years if I am not mistaken). Who's gonna bother mining if there is no reward?
Jump to: