How will Bitcoin survive after all 21M coins have been mined?

Abiky

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Quote from: Wayan_Pedjeng on May 11, 2019, 05:26:03 AM

By the time all the Bitcoins are mined, we can assume that the adoption will increase to such a level that the majority of the world population will be using BTC regularly. So imagine 5 billion people using BTC for their daily financial needs. Let's assume that they'll pay $0.10 per day for using Bitcoin, as the transaction fee. It comes to $500 million per day and around $180 billion per year. I guess that amount is more than enough to sustain the miners.

Exactly. If prices go up according to supply and demand, then Bitcoin could be a sustainable cryptocurrency for the foreseeable future. The genius deflationary design by Satoshi Nakamoto, will allow Bitcoin to remain a valuable cryptocurrency in contrast to Fiat. Of course, volatility is still a huge issue related to Bitcoin and other cryptocurrencies. But, the emission rate of Bitcoin will keep it going for many generations to come.

While we're still far away from the year 2100, Bitcoin's circulating supply has come a long way since 2009. If fees on the network remain as low as possible, then people will continue to use the Bitcoin blockchain as an alternative to traditional Fiat money. In effect, this will allow miners to retain a solid income stream even after all 21 million coins had been mined.

Nevertheless, as we go close to the hard cap of 21 million coins, Bitcoin's price becomes higher. And then, we would be dealing with "satoshis" of a Bitcoin, instead of a half or full Bitcoin. Just my thoughts Grin

Sithara007

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Quote from: Vaskiy on May 11, 2019, 09:18:42 PM

Once after the 21M is mined the entire volume will be into circulation, while there will be increased demand. Apart from that there will more number of mineable assets, miners will move towards it. Another thing the transactions will be carried out through the miners which gets them with the fee.

Nope. The entire volume will never get in to circulation. Right now somewhere around 2 million and 3 million coins are being considered as "lost" coins and no one has the private key to access these coins. And on top of that, large amount of the coins are not actively traded, as they are being kept in cold storage. If there is increased demand, then the exchange rate will increase. But the volume of the circulating coins is not going to increase.

Vaskiy

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Once after the 21M is mined the entire volume will be into circulation, while there will be increased demand. Apart from that there will more number of mineable assets, miners will move towards it. Another thing the transactions will be carried out through the miners which gets them with the fee.

BlackFor3st

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I am curious also about this topic. What in my mind is when the bitcoin will be mined completely, I only thought that it's price will continue to rise as we have reach the maximum limit already.

But I forgot about the miners, whether they are going to continue in supporting bitcoin or not. If they will profit using transaction fess then I am sure that there are still willing to continue but I am sure also that many will stop due to competition and other problems that will occur someday. This is very crucial and deciding moment once it will happen in the future.

shoreno

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Quote from: muratsink on May 11, 2019, 06:35:14 PM

I think, we will use some of the remaining BTC in each transaction. not in exchange. but in some crypto wallets available. there is no market for BTC. but BTC is in everyone's crypto wallet.

why not in exchange ? we are only talking about the supply and not the btc on the exchange/wallet . people will still continue the business that they do even if the supply of btc have run out .

Quote from: muratsink on May 11, 2019, 06:35:14 PM

eventually BTC and crypto will disappear

no i dont think so . crypto such as bitcoin are too useful and i think people cant afford to live a day without them . they wont dissapear but they will become stronger . only weak and useless cryptos can dissapear but not the top one's .

muratsink

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I think, we will use some of the remaining BTC in each transaction. not in exchange. but in some crypto wallets available. there is no market for BTC. but BTC is in everyone's crypto wallet. because eventually BTC and crypto will disappear. and at the end of our time we will only use gold and silver.

BitHodler

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Quote from: _Django05_ on May 11, 2019, 05:33:18 PM

The general consensus is that this will happen through transaction fees, but whether this will actually create enough revenue for mining to be worth it or not is anyone’s guess.

We can only look at what Bitcoin has done so far, and the fact of the matter is that the fees have gone up continuously, and people during the 2017 bull run were willing enough to pay up for the crazy $50 fees.

Admittedly, it were mostly speculators paying up for the fees, but miners don't care where the funds come from as long as they come in. It however sucks for the average user caring about even the slightest fee increase.

I'm glad that we have LN growing larger and larger as time goes by. This way the average user won't see the fees be pumped through the roof by speculators trying to front run others by using much higher fees.

_Django05_

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Quote from: Abiky on April 05, 2019, 07:34:18 PM

Given how close we are towards reaching the limit of 21 million Bitcoin in circulation, I've been often curious to know the outcome of Bitcoin once all its supply is mined. Depending on Bitcoin's price in the future, miners could either continue to support the Blockchain or abandon it altogether. After all, there will be no more newly minted coins which means that miners will live off TX fees.

Nonetheless, what are your thoughts about this? Will Bitcoin survive even after all coins have been mined? What are the possible outcomes? Huh

After the last fraction of bitcoin has been mined, miners will require some other incentive to continue validating new transactions on the blockchain. The general consensus is that this will happen through transaction fees, but whether this will actually create enough revenue for mining to be worth it or not is anyone’s guess.

Vishnu.Reang

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Quote from: FlightyPouch on May 11, 2019, 05:49:01 AM

I guess the real question here is how will the miners survive the after all of the supply is mined. They might get something out of the fees but I think there is another way that they can survive after this, they may leave Bitcoin and start mining other crypto currencies but still, I don't know about that, I'm just guessing. All I know is that Bitcoin may change after that, I mean maybe.

As of now, the average fee per block amounts to somewhere between BTC0.50 and BTC2.0, with the median being approx. BTC1.00. The current block reward is BTC12.50 per block, which will decline to BTC6.25 by 2020. By 2032, the block reward will be BTC0.78125, which is less than the average fee per block (at current levels). By 2060, the block reward will be reduced to less than BTC0.006. So we don't need to look to the distant future to check whether miners will survive or not. Within the next one or two decades, it will become clear whether they are able to survive on the transaction fees or not.

Dingdongjl

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I dont really get your point, when bitcoin is all mined we can expect better prices because the demand is getting higher day by day and there is a limited supply of it.

How bitcoin will suvive?

It already survived bro.

FlightyPouch

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I guess the real question here is how will the miners survive the after all of the supply is mined. They might get something out of the fees but I think there is another way that they can survive after this, they may leave Bitcoin and start mining other crypto currencies but still, I don't know about that, I'm just guessing. All I know is that Bitcoin may change after that, I mean maybe.

Wayan_Pedjeng

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By the time all the Bitcoins are mined, we can assume that the adoption will increase to such a level that the majority of the world population will be using BTC regularly. So imagine 5 billion people using BTC for their daily financial needs. Let's assume that they'll pay $0.10 per day for using Bitcoin, as the transaction fee. It comes to $500 million per day and around $180 billion per year. I guess that amount is more than enough to sustain the miners.

BlackPanda

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Quote from: Abiky on April 05, 2019, 07:34:18 PM

Given how close we are towards reaching the limit of 21 million Bitcoin in circulation, I've been often curious to know the outcome of Bitcoin once all its supply is mined. Depending on Bitcoin's price in the future, miners could either continue to support the Blockchain or abandon it altogether. After all, there will be no more newly minted coins which means that miners will live off TX fees.

Nonetheless, what are your thoughts about this? Will Bitcoin survive even after all coins have been mined? What are the possible outcomes? Huh

Bitcoin will continue to survive and even when the supply has reached 21M, the price will continue to increase. In the past few days I have also noticed the movement of Bitcoin prices, in my opinion that the movement is very active and encouraging. so there is no reason we do not believe in Bitcoin, Bitcoin has a system that is so good and has a very good belief seen by the public.

docthusinh

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Miners will then quit, no more competition thus reducing the hashrate and then we are back to where it begin which we will use our own laptops to (mine) verify the transaction, we revert back to original satoshi intention which a block can be mined by a common equipment (laptop/desktop). Remember the cause leads to booming in hashrate that give birth to special electronic equipments called "mining device" you will realise that once all of these devices disappear (unprofitable) it with cause a shutdown in an industry called "bitcoin mining" but the ecosystem is still there and everyone is in a state of "contributing hashrate" to help running bitcoin or "transaction verification" using their common equipments laptop/pc and phone even in the event that there is no tx fees. As of today I am sure that a huge amount of 24/7 online PCs (considering bitcoin owners only) are wasting their power (low CPU usage 1%-2%) will be helpful by then. Assume that you already know that your tx will be resolving in the next block, will you mind to start up the wallet and join the process and along the way there are other transactions thus other users too!

Ridwan Fauzi

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Quote from: denzkilim on May 10, 2019, 11:34:01 PM

Quote from: ogini on April 10, 2019, 05:15:36 PM

If bitcoin is been mined to 21m, I think there will be little incentive for miners and the value of bitcoin will increase and demand will be high and probably there will an upgrade in the technology for a better performance of the currency.

It will still take a very long time for that thing to happen and I guess all of us are dead by that when all the Bitcoin are mined. I also think a lot of possibilities that might occur during that time but it is better to leave it to those people who will reach that special event of the history(crypto history).

Did you noticed that bitcoin will be mined at 2021? Which mean we just have three years to make it happen and I'm sure it will happen. I believe three years can be use by developer cryptocurrency to make all government and all companies changing their mind into cryptocurrency. I'll be happy if government and companies accept bitcoin well because if this happen then there are lots of people who will use cryptocurrency as a mainstream thing.

denzkilim

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Quote from: ogini on April 10, 2019, 05:15:36 PM

If bitcoin is been mined to 21m, I think there will be little incentive for miners and the value of bitcoin will increase and demand will be high and probably there will an upgrade in the technology for a better performance of the currency.

It will still take a very long time for that thing to happen and I guess all of us are dead by that when all the Bitcoin are mined. I also think a lot of possibilities that might occur during that time but it is better to leave it to those people who will reach that special event of the history(crypto history).

Abiky

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Quote from: jakelyson on April 09, 2019, 11:10:01 PM

I do not think that time is close, it is over a century before it happens. That is very far in the future we won't be even here to witness it.

To answer your question, the miners will definitely have to live with tx fees. If the price of bitcoin is not enough to sustain their operations, miners will leave. And difficulty will lessen making mining for miners that are left sustainable. And I am also expecting that by that time, technology has coped up making mining rigs cheaper, consumes less power and more profitable. Or maybe there will be changes that could make blocks contain more tx thus more tx fees. That is too far in the future we cannot have an accurate prediction of what will happen.

Exactly. It'll take a long time before the last Bitcoin is mined on the Blockchain. Still though, I've been curious about this from the start as mining only for fees would cause a decline of interest within the cryptocurrency (that is if prices are not sustainable enough to satisfy miners' needs). Given that Bitcoin was designed to be a deflationary cryptocurrency, it has a high probability of becoming extremely valuable in the future.

Once that happens, then miners will be living off fees without any issues. Of course, no one knows what will happen in the future after the last Bitcoin is mined. Based on these facts, we can rest assured that miners will continue to support the BTC blockchain for a very long time. Despite this, the real deal of Bitcoin mining would be its energy consumption. Hence, if energy costs become higher but the price per Bitcoin is lower, then it would become extremely unprofitable for miners to stay on the BTC blockchain. Just my thoughts Grin

ogini

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If bitcoin is been mined to 21m, I think there will be little incentive for miners and the value of bitcoin will increase and demand will be high and probably there will an upgrade in the technology for a better performance of the currency.

Shenzou

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According to the calculation we are still far off from that point where 21M bitcoin are all mined, at least a 100 years from now, and when that happens miners will have to start relaying on transaction fees, which leads me to think that fees will start increasing, as these miners will start moving toward mining other cryptocurrencies when this happens, as for the bitcoin's price it will probably go up so much in value and people will start holding even more than they do today, but all of these are just assumption and things could go the other way around since it is still way far off.

andieoke

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if in the amount of 21 million Bitcoin has been exhausted, they will get a fee from the transaction. that's my estimate and what is certain is that the price of Bitcoin will go up very high, and people who mine bitcoin will also get more revenue. but it looks like it's still a long time ago, because if Bitcoin will run out in the mine, the cost will be smaller.

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