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Topic: What are your thoughts when all Bitcoins are mined? (Read 757 times)

nullama

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Quote from: Adamlaria on November 15, 2022, 03:01:08 AM

When all bitcoins are mined, the price will rise a wave. Will the volatility of Bitcoin decrease in the future? At that time, only my children or descendants can witness. I just can't see Bitcoin being fully mined.

It's going to be a gradual process.

Every halving we get half the amount of new coins, so we're living through this really.

The new coins will be very few in a decade (3 halvings), and even just now there are less than 10% of the coins to be mined.

Mauser

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Activity: 1974

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Quote from: Twentyonepaylots on October 30, 2022, 03:55:50 PM

so, what are your thoughts when all Bitcoins are mined?

It's really hard to imagine how the world is going to look like in a 100 years. The best indication would be too look back 100 years and see how life has changed since then. There was no internet, no computers or even travelling by plane. The world looked totally different and where not connected like they are today. With this in mind I would expect the world to grow even closer together when all the bitcoins are mined. Hyper speed travelling and super fast internet is going to be common all around the world, and for that it would be great to have an internet currency as bitcoins that can be used all around the world very quickly. In my opinion bitcoin will remain the number one crypto coin in the world and a much higher price is going to reflect that. Unfortunately all of us are not going to be around at that time anymore, but hopefully our grandchildren will enjoy your mined bitcoins by then.

hZti

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Magic

Quote from: Diuyen Kim on November 14, 2022, 10:58:00 PM

When all bitcoins are mined, the volatility may not be so large. At that time, everyone should be paying with cryptocurrencies. Although you may not be able to witness the day when Bitcoin is mined at that time, our children will witness it for us.

Seems pretty optimistic, giving the state that bitcoin is not really usable with everyday payments. The transaction speed is a minimum of 10 Minutes. But still we can hope that most people by then at least own bitcoin as a store of wealth.

Adamlaria

newbie

Activity: 16

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When all bitcoins are mined, the price will rise a wave. Will the volatility of Bitcoin decrease in the future? At that time, only my children or descendants can witness. I just can't see Bitcoin being fully mined.

Diuyen Kim

newbie

Activity: 21

Merit: 0

When all bitcoins are mined, the volatility may not be so large. At that time, everyone should be paying with cryptocurrencies. Although you may not be able to witness the day when Bitcoin is mined at that time, our children will witness it for us.

nullama

hero member

Activity: 1008

Merit: 960

Quote from: BitDane on November 14, 2022, 05:21:49 PM

~snip~
I do not think that there is problem with the system that pays miners from tx fee. I believe it is already happening, Miners compete for the new block and mine the block together with the tx fee. There is no need for the miners to adjust, they just need to point their miners and hash away, solving blocks and mining tx fees.

I think by that time, the scalability issue will be solved.

It already happens, yes, you're correct.

The thing is that the transition from block reward to transaction fees will be a gradual one. In two or three halvings more we'll see that the transaction fees will be way more important relative to the block reward right now.

Soon the block reward will be less than one Bitcoin, and then transaction fees will look very interesting to miners. From then onwards block rewards will be less and less attractive, and tx fees will be the actual main component of the reward

BitDane

sr. member

Activity: 1372

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Quote from: Angello Flores on November 14, 2022, 09:07:54 AM

The last BTC will be mined in approx. 2140. But the change is not going to happen overnight. There are a lot of factors that may change within this period, giving miners time to adjust to the new rewarding system and for the BTC network to remain secure. In more than 100 years from now, it seems likely that all these issues will have been solved by Bitcoin Core developers and the wider cryptocurrency community.

I do not think that there is problem with the system that pays miners from tx fee. I believe it is already happening, Miners compete for the new block and mine the block together with the tx fee. There is no need for the miners to adjust, they just need to point their miners and hash away, solving blocks and mining tx fees.

I think by that time, the scalability issue will be solved.

Newlifebtc

member

Activity: 686

Merit: 21

Quote from: Angello Flores on November 14, 2022, 09:07:54 AM

The last BTC will be mined in approx. 2140. But the change is not going to happen overnight. There are a lot of factors that may change within this period, giving miners time to adjust to the new rewarding system and for the BTC network to remain secure. In more than 100 years from now, it seems likely that all these issues will have been solved by Bitcoin Core developers and the wider cryptocurrency community.

I think that cryptocurrency and Bitcoin in particular he is not longer be mining the way we are thinking so from my understanding I think that mining's of cryptocurrency is something that is being centered, so from my own understanding of mining of cryptocurrency I don't think that the individual as well can mine a Bitcoin sayings the value has been recognised for The society

Angello Flores

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The last BTC will be mined in approx. 2140. But the change is not going to happen overnight. There are a lot of factors that may change within this period, giving miners time to adjust to the new rewarding system and for the BTC network to remain secure. In more than 100 years from now, it seems likely that all these issues will have been solved by Bitcoin Core developers and the wider cryptocurrency community.

franky1

legendary

Legendary level

Activity: 4410

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last mined coins would be in 2140

before that peoples main thought should be if they dont have kids yet, would they. and if they did what would their great great great grandkids be like. would they care about bitcoin or just live happily/snobby on the profits of their great great grandparents

suzanne5223

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Quote from: Ayers on November 11, 2022, 06:41:02 AM

Quote from: suzanne5223 on November 10, 2022, 10:05:36 AM

The FTX issue has already caused some panic in the market which I believe everybody has ready know ever since CZ tweeted about the silly decision of SBF will technically cause the bankruptcy of FTX and from what I read Tether law enforcement which will be the US has ordered USDT to freeze 46.3 million USDT owned by FTX.
After combining all this and the issue happening with the economy some people believe the CPI data could cause a risk occasion.

Tether has locked SBF assets at the request of law enforcement, I doubt that the government will use this as an excuse to impose crypto regulation faster than we think. The bad things will not stop at investors losing, we will be subject to government regulation.

After this issue matter I believe will give some chance of buying low for investors that have some capital kept in preparation for the bottom price that always happens during the last 2 months of the bearish market. What I fear most is the law enforcement agency's next step next year just like we see when the issue of ICO scams happen hand in hand back in the years 2018-2019 if I could remember correctly.
Just like you have said, we should expect a speedy crypto regulation

Ayers

legendary

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Leading Crypto Sports Betting & Casino Platform

Quote from: Sayeds56 on November 09, 2022, 11:28:15 PM

Indeed, collapse of FTX is a big issue which has shaken the whole crypto market and it will continue making headlines in news media until it is acquired by Binance or any other big investor, but I am pretty sure eventually market will digest it. Initially CZ was planning to acquire FTX but according to latest news reports he seems to be backing out now because he thinks that liquidity crunch is so huge which is beyond his control.

https://www.cnbc.com/2022/11/09/binance-backs-out-of-ftx-rescue-leaving-the-crypto-exchange-on-the-brink-of-collapse.html

This is not the first time the market has seen an exchange crash, we will overcome them all. About FTX and binance, I think this is a battle between two big players in the market, big fish eat small fish. no accident or trying to help as CZ claimed.

Quote from: suzanne5223 on November 10, 2022, 10:05:36 AM

The FTX issue has already caused some panic in the market which I believe everybody has ready know ever since CZ tweeted about the silly decision of SBF will technically cause the bankruptcy of FTX and from what I read Tether law enforcement which will be the US has ordered USDT to freeze 46.3 million USDT owned by FTX.
After combining all this and the issue happening with the economy some people believe the CPI data could cause a risk occasion.

Tether has locked SBF assets at the request of law enforcement, I doubt that the government will use this as an excuse to impose crypto regulation faster than we think. The bad things will not stop at investors losing, we will be subject to government regulation.

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

Quote from: Ayers on November 09, 2022, 10:28:00 PM

Quote from: ?? on ??

Quote from: suzanne5223 on November 09, 2022, 11:36:07 AM

Well said. Bitcoin is a very precious asset and no other asst asset can match its growth, it always bounces back stronger than it slides down during the bear run one like the one we are facing nowadays but it will not last forever. This bear run will end once world economy starts showing sign of revival. The first sign will be reduction in inflation, CPI data is scheduled to be announced today which is very important to determine the next direction of market.

Why should we care what will happen in 120 years? will we live until then? Currently, We have mined more than 19 million bitcoins and our mission is to own how many of the 19 million bitcoins are in circulation, that is the most important thing to think about and do right now.

CPI will be announced tonight but we are facing a bigger problem that is the collapse of FTX, if FTX declares bankruptcy will cause another panic in the market. It will be an opportunity or a risk depending on each person's perspective.

The FTX issue has already caused some panic in the market which I believe everybody has ready know ever since CZ tweeted about the silly decision of SBF will technically cause the bankruptcy of FTX and from what I read Tether law enforcement which will be the US has ordered USDT to freeze 46.3 million USDT owned by FTX.
After combining all this and the issue happening with the economy some people believe the CPI data could cause a risk occasion.

Marcellin9

member

Activity: 224

Merit: 20

If the mining rewards continue to exist and all miners are motivated to mine up all Bitcoins, there must be something coming up for miners to continue. Otherwise the game is soon to the end and everyone would feel empty and lost. That's the key point.

Sayeds56

copper member

Activity: 1316

Merit: 715

Eloncoin.org - Mars, here we come!

Quote from: Ayers on November 09, 2022, 10:28:00 PM

Quote from: ?? on ??

Quote from: suzanne5223 on November 09, 2022, 11:36:07 AM

Well said. Bitcoin is a very precious asset and no other asst asset can match its growth, it always bounces back stronger than it slides down during the bear run one like the one we are facing nowadays but it will not last forever. This bear run will end once world economy starts showing sign of revival. The first sign will be reduction in inflation, CPI data is scheduled to be announced today which is very important to determine the next direction of market.

Why should we care what will happen in 120 years? will we live until then? Currently, We have mined more than 19 million bitcoins and our mission is to own how many of the 19 million bitcoins are in circulation, that is the most important thing to think about and do right now.

CPI will be announced tonight but we are facing a bigger problem that is the collapse of FTX, if FTX declares bankruptcy will cause another panic in the market. It will be an opportunity or a risk depending on each person's perspective.

Indeed, collapse of FTX is a big issue which has shaken the whole crypto market and it will continue making headlines in news media until it is acquired by Binance or any other big investor, but I am pretty sure eventually market will digest it. Initially CZ was planning to acquire FTX but according to latest news reports he seems to be backing out now because he thinks that liquidity crunch is so huge which is beyond his control.

https://www.cnbc.com/2022/11/09/binance-backs-out-of-ftx-rescue-leaving-the-crypto-exchange-on-the-brink-of-collapse.html

Ayers

legendary

Legendary level

Activity: 2590

Merit: 1022

Leading Crypto Sports Betting & Casino Platform

Quote from: ?? on ??

Quote from: suzanne5223 on November 09, 2022, 11:36:07 AM

Well said. Bitcoin is a very precious asset and no other asst asset can match its growth, it always bounces back stronger than it slides down during the bear run one like the one we are facing nowadays but it will not last forever. This bear run will end once world economy starts showing sign of revival. The first sign will be reduction in inflation, CPI data is scheduled to be announced today which is very important to determine the next direction of market.

Why should we care what will happen in 120 years? will we live until then? Currently, We have mined more than 19 million bitcoins and our mission is to own how many of the 19 million bitcoins are in circulation, that is the most important thing to think about and do right now.

CPI will be announced tonight but we are facing a bigger problem that is the collapse of FTX, if FTX declares bankruptcy will cause another panic in the market. It will be an opportunity or a risk depending on each person's perspective.

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

Quote from: Sayeds56 on November 09, 2022, 07:46:52 AM

Quote from: Plaguedeath on November 09, 2022, 03:29:07 AM

Quote from: Sayeds56 on November 09, 2022, 02:04:21 AM

You are absolutely right. Miners will continue receiving reward in the shape of transaction fee even after all the Bitcoins are mined and as the Bitcoin adaption grows over time, their revenue will increase but transaction speed will be much higher compared to what it is now due to technological development. The scarcity due to no more supply of Bitcoin will increase the price to new highs. This is my opinion based on how I perceive future of Bitcoin and thing can happen totally opposite. It is better to do your own research before taking any investment decision.

How you can sure their revenue on transaction fees is higher than mine Bitcoin? what if there's not many people trade Bitcoin and they just use 1 sat/byte since they're not in hurry? those miners wouldn't earn good amount money. Solving a block and get a reward on halving event is more profitable than just confirming the transaction. Again we still don't know what the future would be.

Nobody can predict anything with 100% certainty about Bitcoin because it is extremely volatile and unpredictable currency, the lesson we learn from the history of Bitcoin since it was launched that it always comes out with surprise & plays out what most of the market participants don't expect.

We are just portraying possible scenario & what is likely to happen after all Bitcoins are mined. Miners have important role to run Bitcoin's ecosystem securely & verifying the legitimacy of transactions, they should continue receiving reward.

I supported what Sayeds56 said because Bitcoin can be problematic and also be incredible at some point but one thing remains, it will always come out strong.
After all, the 21 million Bitcoins are mined I also believe the miner's reward/revenue to be higher because miners may be selective with the transaction they execute, and other for some people to have their transaction confirmed they may choose to pay a ridiculous fee.
Thats my opinion about what I think may happen when all BTC is mine.

lizarder

hero member

Activity: 1722

Merit: 895

Quote from: worle1bm on November 03, 2022, 02:46:20 AM

This discussion has been over the forum lot of times and we are worrying about what will happen after a century a period where we can't predict anything at all.The miners rewards are transaction fees and block rewards at the time and till 2140 they will be earning mining rewards even halfed it will be worth it depending on the price levels at that time.

When bitcoins start to run out of mined, the mining process will be completed, meaning that there will be no more Bitcoin incentives to be earned by Miners and will only function as trades. However, if it is associated with economic principles, when bitcoin is scarce and increasingly difficult to obtain, there will be a very large price spike.

This means Bitcoin will most likely become an important asset once mining is complete, even more valuable than it is today. For this reason, it is very appropriate if today we start to collect them slowly, because when bitcoins are getting scarce it will be very difficult for us to invest, the concept of economics will usually be appropriate if it is associated with similar cases.

Sayeds56

copper member

Activity: 1316

Merit: 715

Eloncoin.org - Mars, here we come!

Quote from: Plaguedeath on November 09, 2022, 03:29:07 AM

Quote from: Sayeds56 on November 09, 2022, 02:04:21 AM

You are absolutely right. Miners will continue receiving reward in the shape of transaction fee even after all the Bitcoins are mined and as the Bitcoin adaption grows over time, their revenue will increase but transaction speed will be much higher compared to what it is now due to technological development. The scarcity due to no more supply of Bitcoin will increase the price to new highs. This is my opinion based on how I perceive future of Bitcoin and thing can happen totally opposite. It is better to do your own research before taking any investment decision.

How you can sure their revenue on transaction fees is higher than mine Bitcoin? what if there's not many people trade Bitcoin and they just use 1 sat/byte since they're not in hurry? those miners wouldn't earn good amount money. Solving a block and get a reward on halving event is more profitable than just confirming the transaction. Again we still don't know what the future would be.

Nobody can predict anything with 100% certainty about Bitcoin because it is extremely volatile and unpredictable currency, the lesson we learn from the history of Bitcoin since it was launched that it always comes out with surprise & plays out what most of the market participants don't expect.

We are just portraying possible scenario & what is likely to happen after all Bitcoins are mined. Miners have important role to run Bitcoin's ecosystem securely & verifying the legitimacy of transactions, they should continue receiving reward.

Plaguedeath

hero member

Activity: 854

Merit: 663

Quote from: Sayeds56 on November 09, 2022, 02:04:21 AM

You are absolutely right. Miners will continue receiving reward in the shape of transaction fee even after all the Bitcoins are mined and as the Bitcoin adaption grows over time, their revenue will increase but transaction speed will be much higher compared to what it is now due to technological development. The scarcity due to no more supply of Bitcoin will increase the price to new highs. This is my opinion based on how I perceive future of Bitcoin and thing can happen totally opposite. It is better to do your own research before taking any investment decision.

How you can sure their revenue on transaction fees is higher than mine Bitcoin? what if there's not many people trade Bitcoin and they just use 1 sat/byte since they're not in hurry? those miners wouldn't earn good amount money. Solving a block and get a reward on halving event is more profitable than just confirming the transaction. Again we still don't know what the future would be.

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