From year 2099 till 2140 only one bitcoin will be mined... - page 2.

Wexnident

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All of us would mostly dead by then and tbh, a century is quite enough for one idea to decay and became a heap of trash if people lose interest in it or people no longer hopped on to the train of being interested in it. Though I highly doubt cryptocurrency itself would be dead by then but BTC itself might have some tough times ahead since you can basically say it's fighting over dominance over the coins that other countries may be creating.

Quote from: Salamstar on May 03, 2020, 04:49:11 AM

It seems to me that the individuals most directly affected by the Bitcoin supply supply are mining workers.
Perhaps the miners will be forced to move away from the rewards they get in return for their work once the mining of 21 million bitcoins is reached and thus there may be no motivation for the miners to continue supporting the network.

Indeed they are. Though miners may actually be rewarded quite well if the BTC price went up more than it is right now. Chances may be close to nil but if it were to happen, I'm pretty sure miners would be more than willing to continue not to mention the possible improvement on the efficiency of mining machines. They may even be able to reduce the costs to accommodate the price so that it could still be bearable to continue mining.

Salamstar

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Quote from: remotemass on May 02, 2020, 07:36:41 PM

From 2099 till 2140 (when the last satoshis will be mined) there will only be one bitcoin mined. By the end of the century, supply is virtually fixed and limited to the maximum of 21 million. For the following forty years, miners will be mining only one bitcoin...

It seems to me that the individuals most directly affected by the Bitcoin supply supply are mining workers.
Perhaps the miners will be forced to move away from the rewards they get in return for their work once the mining of 21 million bitcoins is reached and thus there may be no motivation for the miners to continue supporting the network.

hatshepsut93

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So what do we do with this information? All of us will be dead in 2099, unless there will be some research breakthrough in the field of longevity. Our children or grandchildren may or may not be interested in Bitcoin at that time. And it's also an open question if Bitcoin will be relevant in the next century - it can either disappear or be replaced by something better. Basically, it's not very useful to look so deep into the future.

carter34

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Quote from: Nadziratel on May 03, 2020, 03:37:43 AM

We already know that these mining rewards will gradually decrease. However, as mentioned above, I think it is very difficult to predict today for 100 years from now.

I think this is a kind of thread that reference can be made to in the next millennium. Of course even before such time, we are such that bitcoin mining will be highly limited. We have halving every four years and we can see the reality already before then.

Nadziratel

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It is certain that there will be a period that we cannot see. I don't think I can live another 100 years. Even if there is no corona, we are very likely to die in another outbreak.

We already know that these mining rewards will gradually decrease. However, as mentioned above, I think it is very difficult to predict today for 100 years from now.

yazher

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Quote from: remotemass on May 02, 2020, 07:36:41 PM

From 2099 till 2140 (when the last satoshis will be mined) there will only be one bitcoin mined. By the end of the century, supply is virtually fixed and limited to the maximum of 21 million. For the following forty years, miners will be mining only one bitcoin...

By that time we are no longer exist in this world, let's just put the worry to the next generation. what we have today is what they will have tomorrow. Our part is to make people listen to us about how bitcoin will help us in the future, like, for example, the pandemic we are facing today. it could have been a big help now if they just listen long ago.

Ulven

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Just one piece. I think it will be the most expensive and miners will compete to get it out Huh

!!Or perhaps other horizons in the field of crypto will be opened, which will be an alternative, especially as crypto has become subject to development over time

boyptc

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Are we still alive by that time? Grin

If it happens that bitcoin has been the best asset of all time and technology has been bringing it too with its innovation. Then, miners are still there helping to secure the network and the incentive they get is sustainable.

The Cryptovator

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No one could predict exactly what will happen after 120 years. But you can imagine where bitcoin price was 10 years back, and now imagine where it could go after 120 years. Isn't too complicated mathematics for us? Lots of thing could change between 120 years.

However mining that time still would benefited due to mass adoption of bitcoin. Otherwise miner will stop mining if they don't have enough revenue from mining but expecting it will never happen. Even mining reward will stop but still there will be transaction fees which will never stop, so still there will be opportunity for earning via mining. Also there is possibilty to increase transaction fees when block reward will stop.

davis196

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Quote from: remotemass on May 02, 2020, 07:36:41 PM

From 2099 till 2140 (when the last satoshis will be mined) there will only be one bitcoin mined. By the end of the century, supply is virtually fixed and limited to the maximum of 21 million. For the following forty years, miners will be mining only one bitcoin...

Yeah,and so what?I don't see the point of your forum thread.
By 2099 nobody of us will be alive (or perhaps the health care system will become so good that people will live 120 years). Perhaps our grand sons will see the mining of the last bitcoin,or maybe the Bitcoin Core blockchain won't survive.Nobody can predict the future so far away.What if quantum computers become a thing after 2040?
Will this be end of the blockchain?I'm not tech savvy enough to answer that question.

amishmanish

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Quote from: MicroGuy on May 02, 2020, 07:51:58 PM

Quote from: remotemass on May 02, 2020, 07:36:41 PM

From 2099 till 2140 (when the last satoshis will be mined) there will only be one bitcoin mined. By the end of the century, supply is virtually fixed and limited to the maximum of 21 million. For the following forty years, miners will be mining only one bitcoin...

With most transactions (and most tx fees) being forced onto second layers, it will be interesting to see how this impacts miner incentive and their desire to secure the blockchain.

My best guess is that by that time, Bitcoin will have become a minority player in the space due to its inability to evolve.

In a scenario where 2nd layer solutions are widely used with a large number of micropayments, the on-chain settlement transactions would still be needed. Further, in such a mature scenario, one-time, large value transactions involving business entities would still be on-chain and should provide remuneration for the miners. If anybody thinks that there won't be a fee-based future for miners, then you should not be in crypto. Deflation and fixed supply is what makes it work.

And its 2099 we are talking about. By that time, a number of additional features would already have been added. For bitcoin to become a minority player, another project with the same level of network effect and decentralization would need to evolve. That doesn't seem possible with the kind of money-grabbing, vaporware peddling people behind other cryptocurrencies.

Jating

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Quote from: fortunecrypto on May 02, 2020, 09:18:48 PM

It's hard to guess the scenario on that time all of us are not there anymore, but my bet is if miner will continue to mine it must be worth $100k or more by then, to be attractive to miners to mine Bitcoin even if there is only one Bitcoin to mine.

Yes, it's really hard to see if miners are going to continue because of the difficulty and the incentives behind it. Hardware mining company like Bitmain should have by that time developed far more advance miners just to be able to find a block. So it's either miners shift to other coins or the incentive are still there to continue. That's why probably by 2032, when almost all bitcoin are mine, we might see what the best and worst case scenario for the mining industry.

Little Mouse

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Within this years, bitcoin may have a significant price or no existence. Because if the price isn't too high, miners will not be there. And if bitcoin exists till then that one bitcoin will be more expensive than anyone can imagine.

Quote from: MicroGuy on May 02, 2020, 07:51:58 PM

My best guess is that by that time, Bitcoin will have become a minority player in the space due to its inability to evolve.

We are talking about 100 years advance and it's very possible that at that time, bitcoin will even not be existed Grin

fortunecrypto

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It's hard to guess the scenario on that time all of us are not there anymore, but my bet is if miner will continue to mine it must be worth $100k or more by then, to be attractive to miners to mine Bitcoin even if there is only one Bitcoin to mine.

MicroGuy

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Quote from: remotemass on May 02, 2020, 07:36:41 PM

From 2099 till 2140 (when the last satoshis will be mined) there will only be one bitcoin mined. By the end of the century, supply is virtually fixed and limited to the maximum of 21 million. For the following forty years, miners will be mining only one bitcoin...

With most transactions (and most tx fees) being forced onto second layers, it will be interesting to see how this impacts miner incentive and their desire to secure the blockchain.

My best guess is that by that time, Bitcoin will have become a minority player in the space due to its inability to evolve.

remotemass

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From 2099 till 2140 (when the last satoshis will be mined) there will only be one bitcoin mined. By the end of the century, supply is virtually fixed and limited to the maximum of 21 million. For the following forty years, miners will be mining only one bitcoin...

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