What are your thoughts when all Bitcoins are mined? - page 2.

Sayeds56

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Quote from: dansus021 on November 03, 2022, 02:43:57 AM

Quote from: decodx on October 30, 2022, 05:35:29 PM

I won't have any thoughts when all the bitcoins are mined... because then I'll be dead for a long time. Unless something miraculous happens, of course! Cheesy

this actually a simple answer Grin

but very true.

but in my opinion the bitcoin will pretty much still exist maybe there will be debate when the supply is near to the limit and maybe there will be fork of bitcoin that pop off. but the miner will still be there to receive the transaction fee.

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.

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Quote from: dansus021 on November 03, 2022, 02:43:57 AM

Quote from: decodx on October 30, 2022, 05:35:29 PM

I won't have any thoughts when all the bitcoins are mined... because then I'll be dead for a long time. Unless something miraculous happens, of course! Cheesy

this actually a simple answer Grin

but very true.

but in my opinion the bitcoin will pretty much still exist maybe there will be debate when the supply is near to the limit and maybe there will be fork of bitcoin that pop off. but the miner will still be there to receive the transaction fee.

Yes, everyone will be dead. But, we have responsibility to think of the future generation. On such stance surely we are supposed to think how things could work then onwards.

Once the entire bitcoins were mined, the network fee on every transaction will be allocated for the miners. Forever the miners were in need to run the bitcoin network. Being the backbone, failure of miners will end up the network and such scenario won't happen.

panganib999

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

In year 2009, 1.1 million bitcoins are mined which is 5.24% of the 21 million bitcoin that can be mine in the system. Today, 13 years after the first set of mined bitcoin there are already 19.19 million bitcoins in existence or 91.38% of the total bitcoin. Which means that 1.8 million bitcoins (8.57%) are left to be mine, if you are wondering when will all bitcoins be mined, professionals says that it will take another 120 (more or less) years to mine the remaining millions because of bitcoin halving. Bitcoin halving happens about every 4 years, the Bitcoin block reward that usually get by the miners are cut in half.

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

Mining for bitcoins will exponentially get harder the more bitcoins are mined. As of the moment it is estimated that as you said, it will take more than a century before all of bitcoins are mined. In the event that the last bitcoin is harvested, price will shoot up exponentially, as it will get even more scarce, exchanges will impose huge tax tariffs for trading bitcoin and that is to be expected, they have to get money from somewhere anyway. Operation-wise, nothing much will change about how bitcoin is operating, although I presume transactions will take a hell of a lot of time to go through.

worle1bm

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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.

dansus021

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Quote from: decodx on October 30, 2022, 05:35:29 PM

I won't have any thoughts when all the bitcoins are mined... because then I'll be dead for a long time. Unless something miraculous happens, of course! Cheesy

this actually a simple answer Grin

but very true.

but in my opinion the bitcoin will pretty much still exist maybe there will be debate when the supply is near to the limit and maybe there will be fork of bitcoin that pop off. but the miner will still be there to receive the transaction fee.

btc78

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Quote from: Techkoy407 on November 02, 2022, 10:38:49 PM

Once these 21 million pieces of Bitcoin are mined, most of the network will operate the same as it is today. However, there is one important difference which is that Bitcoin miner rewards will be more expensive.

Well this is what truly miners are waiting , to have their piece of cake that they are cooking for years and years now .
Hope that this will not bring big chunks of adding in transacting as this will hurt our butts in the future.

Quote

so don't worry if the bitcoins run out in the mine, after all it's still a long time.
it's better to focus on what we are doing now, if you invest in crypto/bitcoin, focus on continuously monitoring the market.

it is actually what we all must do now mate , watch the market and let it flows to our years in this market, we must not worry about the future because this will be depending on how we will keep our investments over the years.

Reatim

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Quote from: Techkoy407 on November 02, 2022, 10:38:49 PM

Once these 21 million pieces of Bitcoin are mined, most of the network will operate the same as it is today. However, there is one important difference which is that Bitcoin miner rewards will be more expensive.

well this will enter altcoins Grin

but Surely Bitcoin transaction fees will skyrocket and this is what we hate in this network.

but we could expect changes in the long run.

Quote

so don't worry if the bitcoins run out in the mine, after all it's still a long time.
it's better to focus on what we are doing now, if you invest in crypto/bitcoin, focus on continuously monitoring the market.

yeah who really cares about that? when this will take another tenths of years before this finally comes to happen.

Techkoy407

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Once these 21 million pieces of Bitcoin are mined, most of the network will operate the same as it is today. However, there is one important difference which is that Bitcoin miner rewards will be more expensive.

so don't worry if the bitcoins run out in the mine, after all it's still a long time.
it's better to focus on what we are doing now, if you invest in crypto/bitcoin, focus on continuously monitoring the market.

Darker45

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My thoughts when all Bitcoins are mined are probably the same even when all Bitcoins aren't mined yet. I mean, the things that could possibly happen when all Bitcoins are mined will probably already happen when almost all Bitcoins are mined.

Around 4 years before the block reward reaches 0, the block reward is already as low as 1 Satoshi. 4 years prior, the block reward is 2 Sats. Another 4 years, 4 Sats. And so on.

But we're all probably still alive when the block reward is just around an mBTC or 0.001BTC. That's around 45 years from now. My thoughts will be around profitability or sustainability. Will mining still be sustainable when the block reward is just 0.0015BTC and the proceeds from transaction fees remain significantly small?

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Quote from: Lucius on November 01, 2022, 06:09:49 AM

Quote from: serjent05 on October 31, 2022, 10:38:14 AM

I do not think that it is completely meaningless since the question triggers our imagination and speculation. Having good thoughts on the future of Bitcoin will motivate us to pursue it even more. Reading different positive replies although we know that it is just speculation somehow will put us at ease especially when we are holding and plan to accumulate Bitcoin more. The question and positive answer somehow create an illusion of security that somehow what we are doing right now will not be in vain.

If it makes you (and some others) happy, I have nothing against such things keeping you busy, while at the same time some other, much more important things pass under your radar. People who live in some kind of imagination and imagine what will happen in 100 years have a hard time dealing with reality, in other words, they run away from it.

Just like you said, it's just an illusion because our time is now, and such a distant future belongs to other people. I think I'm not wrong about what I'm doing now, and what other people will think about it when I'm gone one day, I really don't care.

I agree with Lucius, I've never thought about it either because we simply won't live to that point and it's pointless to predict such a distant future. In those 100 years, hundreds of things will change and we won't have any basis for prediction, what I call an illusion instead. Bitcoin is only 14 years old and 10 years ago no one could have predicted bitcoin would become as big as it is today, so never think about anything further. Let's focus on the present and predict the near future, which will be more helpful than us.

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Quote from: Lanatsa on November 02, 2022, 06:56:22 PM

-snip-
If all Bitcoins are mined then miners will really be making money on confirming transactions same as those people been saying above.
There's no other way that they could make money but only through this.

There really is no other way to make money for miners when Bitcoin is fully mined.
The miners will turn into transaction verification interpreters.
Every bitcoin user who makes a transaction will be charged a verification fee.
Miners will benefit from verification fees made by bitcoin users.

The initial verification fee gain is small compared to the results of mining bitcoin, but there is no other way to make money for miners. But as time goes on Bitcoin transactions will definitely increase and verification fees will also increase.

It is possible that bitcoin in the future when all bitcoins have been mined, bitcoin transactions will be more sophisticated and more frequent, this will be a big advantage for miners as bitcoin transaction verification interpreters.

Lanatsa

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Quote from: glendall on November 02, 2022, 06:07:28 PM

I haven't thought that far because no one's age knows
but if I get to the point where bitcoins have been mined out, the bitcoin price will probably be higher because there will be a lot of demand but i won't assume that far, because as I said before I'm not sure until 2140

We are all dead into those people who had been engaging on Bitcoin as of this moment.Next 100 years isnt something that could able to reach out.Just like the rest been saying, how you would really be putting up

some care or being mindful on things which you do know that you wont really be existing on that time? Just let the future generations do know on what would it looks like.

If all Bitcoins are mined then miners will really be making money on confirming transactions same as those people been saying above.
There's no other way that they could make money but only through this.

glendall

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I haven't thought that far because no one's age knows
but if I get to the point where bitcoins have been mined out, the bitcoin price will probably be higher because there will be a lot of demand but i won't assume that far, because as I said before I'm not sure until 2140

BitDane

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Thinking of the future of Bitcoins until all of its coins are mined gives me two separate path. One is, Bitcoin being globally accepted as alternative payment, so basically the transaction per block would increase so much that it is enough to make Bitcoin mining a profitable venture. While, the other is Bitcoin being replaced by other cryptocurrency and lost its dominance, and is half-dead because of its slow blockchain upgrade implementation.

No matter how we think about the future of Bitcoin, we should at least take advantage of the current market price situation.

The Cryptovator

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How long until 2140, we won't live lol. We don't know even Bitcoin will exist or not. Technology moving faster always. Bitcoin would be history or would be king. People can't buy the whole Bitcoin at that time though they can buy Satoshi. It should be too pricy and miners will have to earn only from transaction fees since there won't be mining any of Bitcoin. People will think how stupid our previous generation those who didn't buy Bitcoin even if it was cheap if Bitcoin exist. A lot of threads have been created regarding this matter but hard to predict when we won't live.

carlfebz2

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

In year 2009, 1.1 million bitcoins are mined which is 5.24% of the 21 million bitcoin that can be mine in the system. Today, 13 years after the first set of mined bitcoin there are already 19.19 million bitcoins in existence or 91.38% of the total bitcoin. Which means that 1.8 million bitcoins (8.57%) are left to be mine, if you are wondering when will all bitcoins be mined, professionals says that it will take another 120 (more or less) years to mine the remaining millions because of bitcoin halving. Bitcoin halving happens about every 4 years, the Bitcoin block reward that usually get by the miners are cut in half.

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

I wont be minding or making myself get stressed on thinking on what would happen if all bitcoins are mined consider it would happen on year 2140+ as far i know or i might be wrong which is something that we shouldnt really be thinking over.
To presume out that miners arent able to make money on that time then they would be mostly be expecting on getting revenue or profits on pushing transactions or confirmation on the network.

Come to mind that if Bitcoin do still exist into that time then its safe to presume that its value is already high.Sadly, for us on this year adopters or enthusiast wont really be
alive on that time.No one knows on what would happen in the future.

Captain Corporate

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This has been talked about before, there are still people paying a good sum of money for transactions, considering how much money is moving everyday, the mining rewards could be basically nothing at this point, and that means people wil lbe able to still keep on mining everyday and there will be still some profits to be made.

This isn't really that much of a science, its just basic thing, if you are getting a service, then you will have to pay for it, miners are bringing a service and that means we as people in bitcoin will have to pay them, it could be a lot, it could be very little, it could be anything, maybe we will find a better way until then, but it will be basically just paying the miners from our pockets instead of mining rewards.

CryptoHeadlineNews

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

If you are wondering when will all bitcoins be mined, professionals says that it will take another 120 (more or less) years to mine the remaining millions because of bitcoin halving. Bitcoin halving happens about every 4 years, the Bitcoin block reward that usually get by the miners are cut in half.

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

A whole century (i.e 100+years) is quite a long period of time and anything can happen, because to be frankly speaking, nobody knows what exact can happen to Bitcoin in that long period of time, but one thing that is certain is that there will likely be an increase in price, more adoption, as more countries might have legalized it as a legal tender to be used as a easy and fast means of payment just like the speed of light.

But the truth of the matter is, nobody knows what will happen in the next 100yrs, so of what use will it be worrying over a future you can't change

lixer

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Quote from: Bazzu on October 31, 2022, 07:15:08 PM

in my opinion, when all bitcoins are mined, of course there are 3 factors, namely. the first, the price of bitcoin will be as it is today.
the second, the price of bitcoin will go down. and the third. the price of bitcoin will be higher, because if the supply of bitcoin runs out, the price of bitcoin will be very high. and what causes the price of bitcoin to be high, namely, the many bitcoin holders, buyers and enthusiasts.

I always thought that btc will just rise continuously the more supply has been mined out but I now realized that maybe you are right because many miners are for sure going to quit on mining bitcoin once the mining reward gets lower and that has a negative effect in bitcoin.

The network will become weaker. I think this can affect the trust of the btc supporters, making them sell their btc and switch out to other more stronger coins but we shouldn't overthink this for now as that would take a long time to happen. At the present time, it's still safe for us to accumulate more btc and then hodling it because there are more bull runs that can come in our way.

Lucius

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Quote from: serjent05 on October 31, 2022, 10:38:14 AM

I do not think that it is completely meaningless since the question triggers our imagination and speculation. Having good thoughts on the future of Bitcoin will motivate us to pursue it even more. Reading different positive replies although we know that it is just speculation somehow will put us at ease especially when we are holding and plan to accumulate Bitcoin more. The question and positive answer somehow create an illusion of security that somehow what we are doing right now will not be in vain.

If it makes you (and some others) happy, I have nothing against such things keeping you busy, while at the same time some other, much more important things pass under your radar. People who live in some kind of imagination and imagine what will happen in 100 years have a hard time dealing with reality, in other words, they run away from it.

Just like you said, it's just an illusion because our time is now, and such a distant future belongs to other people. I think I'm not wrong about what I'm doing now, and what other people will think about it when I'm gone one day, I really don't care.

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