How will Bitcoin survive after all 21M coins have been mined? - page 2.

Sithara007

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Quote from: Ucy on April 07, 2019, 09:54:21 AM

The current or a lower transaction fees will most likely not be enough. They will have to adjust it higher in order to survive. The blockchain will probably change by then to better technology without miners

This is definitely one of the possibilities. Already a lot of criticism is coming from conservationists and activists, arguing that mining is a wasteful process which is using a lot of electricity. If mining is eliminated, then Bitcoin may become more acceptable to this group of people. But what is the alternative? And it is not going to be implemented unless there is a consensus.

MakeMoneyBtc

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Quote from: agatha90 on April 10, 2019, 07:00:00 AM

If bitcoin has reached a total of 21 million miners will be forced to stay away from the rewards they receive for their work and the price of bitcoin will be increasingly expensive, so it will be difficult to get.

If miners disappear who is going to confirm our transactions? There will still be miners but surely the number of them will be lower than now because the amount of money they could earn will be a lower since they will get rewards only from transaction fees.

agatha90

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If bitcoin has reached a total of 21 million miners will be forced to stay away from the rewards they receive for their work and the price of bitcoin will be increasingly expensive, so it will be difficult to get.

jpoker272727

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I am pretty sure that bitcoin will have its new system on sending before the 21 million coins will be out.
One of the weakness of this coin is its mining system which slow the transfer, yeah it is true.
once new one develop it will make it faster and cheaper to send bitcoins.

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When the total supply reaches the maximum level, then Bitman will transfer to other Altcoin to exploit. And I believe that will try a new platform to replace traditional mining with modern technology to create a new mining environment.

Ifemini

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I want to believe bitcoin will continue to be stronger because I have learnt mining are not done for fun neither do miners go through the hassle of mining just to dump after earning

Miners are potential holders; because mining tools are not cheap

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Quote from: Deylandra on April 07, 2019, 04:29:44 PM

How bad will the fees be once all coins are mined?

Will it be too expensive to send a transaction?

There's a possibility that the fees will also be expensive because the lower supply the higher demand will be given. There's also chance that if all coins will be mined the transaction will become more expensive.

jakelyson

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Quote from: Abiky on April 05, 2019, 08:34:18 PM

Given how close we are towards reaching the limit of 21 million Bitcoin in circulation

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.

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Quote from: Syakbrown on April 07, 2019, 02:49:14 PM

I think as long as we are still using it, during that time bitcoin will live, and from time to time bitcoin will be more and more interested, so this will not end. and I consider that in the future bitcoin will be as important as fiat money.

bitcoin wont end and its said that the value can skyrocket once all of the supply have been mined up . the high value makes bitcoin more attractive . many people are expected to be interested with it but the importance of fiat money is still there . no currency on earth can end the existing of fiat money .

Quote from: Deylandra on April 07, 2019, 04:29:44 PM

How bad will the fees be once all coins are mined?

Will it be too expensive to send a transaction?

they say the fees will be high but that is normal as long as the value of bitcoin will also become higher . there are segwit wallet that we can use to avoid expensive fees . thats solves the problem .

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Quote from: Abiky on April 05, 2019, 08:34:18 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

The users will use each other, the value will be much higher than the current one because more people will want to have a bitcoin...

Abiky

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Quote from: Red-Apple on April 06, 2019, 12:44:37 AM

when bitcoin block reward was 50 bitcoins the miners were earning about $5 per block they found. then time passed by and it halved to 25 bitcoins and miners by that time were making about $20000 per block! then it halved again to 12.5 bitcoins and by this time they were earning 60000 on average which also went as high as $300,000 per block (12.5 + ~3BTC fees * ~20000=310k).

now you are asking what will happen after about 100 years when the block reward is so small that the total circulating supply is close to 21?
the answer is you can extrapolate the price and see how that small reward is going to be worth a TON.

Good point. If Bitcoin's price becomes worth more over time, then miners would keep supporting the blockchain for many generations. A small block reward must be worth a ton of money, otherwise there would be no reason to mine Bitcoin at all. Once all 21 million coins are mined, things will become interesting as miners would only earn via the network's TX fees. Considering that so many Bitcoins have been lost and forgotten, the available supply is much less than we've imagined.

This means that Bitcoin will become an extremely rare cryptocurrency in the future, that's sure to make you millions of dollars if you hold on to it for a long time. I believe that once all 21 million coins are mined in the future, we would be dealing with Satoshis instead of a quarter of a Bitcoin, a half Bitcoin, or a full Bitcoin. But everything will depend on Bitcoin's price for sure. Just my opinion

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How bad will the fees be once all coins are mined?

Will it be too expensive to send a transaction?

Syakbrown

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I think as long as we are still using it, during that time bitcoin will live, and from time to time bitcoin will be more and more interested, so this will not end. and I consider that in the future bitcoin will be as important as fiat money.

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When this happens , then we will know we have all the total bitcoin in circulation and people will be careful to sell lower which will increase demand and boost scarcity. Then we can have price increase. Miners will continue to mine because there will be increase in daily transactions when all bitcoin has been mined which will give them also some good profit.

Wildwest

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I think bitcoin will continue to survive even though all have been mined, it could be that the price will be much higher because at that time bitcoin will be increasingly scarce. Bitcoin is the forerunner of crypto, it makes no sense if bitcoin will die

aylabadia05

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if indeed all bitcoin is mined and has reached 21 million, of course the price will rise very high, so that bitcoin becomes a rare item in this world.
enjoy and feel before reaching a supply of 21 million. Grin

KingScorpio

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new emerging capitalist have out of incentive a big interest to burn all bitcoins they earn, its same imperative that banned gold ownership in united states in 1932

manok jepang

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bitcoin Just like gold which must be mined from the bowels of the earth before being circulated in the market, bitcoin must also be mined digitally by miners or miners to supply circulation of bitcoin in the trading market. The fact is that there are only 21 million bitcoins that can be mined and circulated in the bitcoin buying and selling market unless there is a change in the protocol that increases the amount of bitcoin available. but we will never know whether bitcoin will last forever or not after everything is mined.

Ucy

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The current or a lower transaction fees will most likely not be enough. They will have to adjust it higher in order to survive. The blockchain will probably change by then to better technology without miners

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Quote from: Bitinity on April 05, 2019, 10:40:14 PM

Once all bitcoins are mined means that miners will not be rewarded with new bitcoin. They will only get income from the fees, but here is my opinion:
- Old miners will leave it because they think that they can make good amount of money and new miners will come in order to make money because they think it is a good chance since old miners are leaving.
- Regarding its price, as long as the demand is still growing then the price will keep on rising time to time.

Old miners will leave much earlier. The closer we get to the year 2140 the slower the pace and profit in mining, its not a sudden on/off but gradually logarithmic. Mining profitability is going to disappear soon for those without free (ie. renewable) energy, those will be the last miners.

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