What are your thoughts when all Bitcoins are mined? - page 3.

wxa7115

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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?

Way before that happens we will get to experiment the miners processing transactions for a very small block reward and depending almost exclusively on the fees paid by each transaction.

In my opinion this will be the last test to see if bitcoin is indeed viable long term, if the miners can still keep their operations ongoing under those circumstances then bitcoin will keep on existing for a long time, if not then the miners will have to figure out how to become way more efficient if they want to remain in business.

Bazzu

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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.

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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?

There is a huge possibility that all of us are goners by that time but if Bitcoin is greatly successful in that time, I think miners as stated on the Bitcoin whitepaper will be paid by the transaction fee, so I think by that time, Bitcoin will be widely used that the transaction fee reward is bigger than the initial 50 BTC reward per block. The government will acknowledge Bitcoin as money and will be used as a country-reserved fund just like gold.

Quote from: Lucius on October 31, 2022, 09:54:41 AM

None of us will probably be alive in 120 years, so the question is completely meaningless - it will be as it will be and we will not be able to influence it. What is more important is that 99% of all BTC will be mined in about ten years, and why should we even worry about that 1% that won't mean too much? I would therefore focus on what will happen with the halvings 2024&2028, and then on 99% mined BTC as some kind of achievement.

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.

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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?

This question has been asked quite a lot of times in the past already and there can't be any definite answers as to what will happen then, which is quite a long time from now, neither would i even want to worry myself with what will happen then as i'd prolly not be here to experience it, the only definite answer is that miners would not get new Bitcoins as rewards for mining a block, thus Bitcoin's supply will cease, meaning there will only be demand and that could prolly mean a huge appreciation in price. Having said that, my thoughts are with what will happen to Bitcoin whilst i can experience it, i'd really love to see and enjoy Bitcoin mass adoption and see more governments accept the network in their shores.

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None of us will probably be alive in 120 years, so the question is completely meaningless - it will be as it will be and we will not be able to influence it. What is more important is that 99% of all BTC will be mined in about ten years, and why should we even worry about that 1% that won't mean too much? I would therefore focus on what will happen with the halvings 2024&2028, and then on 99% mined BTC as some kind of achievement.

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The price of bitcoin will increase and become a rare item that not everyone can buy in its entirety. Also, about 120 more years won't allow us to enjoy all the bitcoins we have, even if we only have 10 bitcoins, unless we sell all bitcoin we have.

Maybe only our descendants will enjoy bitcoin while we all certainly can no longer see what bitcoin will look like. For those 30 years old, maybe we only have around 30-40 years or even 50 years left to see bitcoin developments. Meanwhile, our children must have grown up by then and will continue what we started. That's even if we teach them about bitcoin.

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It will take a long time to be mined all Bitcoins by the miners. And after mining all Bitcoins the miners will only get the transection fees. Then Bitcoin price will pump more because no coin will be mined in that time.

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Of course bitcoin will be increasingly scarce because there is no bitcoin that can be mined anymore. Bitcoin has spread to all users and some bitcoins are also buried in wallets left by their owners. This will make the price of bitcoin more expensive, but this speaks of the future 120 years from now and we who live in this era of course no longer exist. our descendants will experience it. I don't know what bitcoin will look like in the future, it will probably be more hype than it is today and adoption may have spread all over the world.

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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?

Why think about what physically none of us now existing will not wait. Theoretically, you can think about and speculate about this, but I believe that there are more important things at the moment, the solution of which is better to deal with. Therefore, I will say that you don't need to fill your head with unnecessary thoughts. When all bitcoin are mined, the world will have time to change more than once, and most likely, the attitude towards this event will also change several times.

Based on market mechanisms, if all bitcoin are mined, then the supply of it will be severely limited. If interest in btc by that time continues and grows, then everyone will want to have bitcoin in their pocket (or part, or part of part), therefore, demand will increase and lead to a multiple increase in price. I can't say for sure whether this will be the case, but there is potential for multiple growth. Which will be appreciated by our descendants.

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Quote from: Charles-Tim on October 30, 2022, 04:18:31 PM

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

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

-snip-
Nobody knows what would happen after one century, that is over a hundred years. But if all bitcoin are mined, that would not negatively affect bitcoin in any way.

That will be thought about by the next generation after us, because if Bitcoin still exists and spreads throughout the world more then there will be those who want to dedicate their knowledge to think about this and implement things that can have a better impact on Bitcoin like what is happening now, but what it is? will only be known later by the next generation

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Quote from: Smartvirus on October 30, 2022, 06:05:41 PM

As much as this could be accurate, I expect something more of a stabilisation in price of bitcoin and ahoukdnit come to that with miners depending on reward from what they get off transaction fees, how is that going to be enough to keep them at there job and maintaining the nines.

It's not a matter of should it come to that, but when it comes to that.
About how it keeps them at their jobs, I talked about only few transactions occuring on chain, most of which expected to be large transactions, while the bulk of transactions occur off chain at little or no fees.
This of course is just a hypothesis, and there are many more of such out there.

Quote from: Smartvirus on October 30, 2022, 06:05:41 PM

Like, we are going to have a lot of bitcoin users upto 70-80% of world population hypothetically. Now transactions are given preferences based on fees and then, it is hoped that these fees be minute enough to allow swift transactions in a time of stabilised price. How then do miners gets to benefit from fees without taking advantage of processing swift transactions based on higher fees?

Miners already process transactions based on priority or higher fees; the higher the feerate paid, the closer the transaction is to the tip of the mempool.
What exactly do you mean by swift transactions?

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Quote from: Despairo on October 30, 2022, 09:00:10 PM

Bitcoin fees will be pretty much expensive and doesn't worth if you made small transaction, I think before all Bitcoin are mined, everyone already adopt Lightning network.

Theoretically Bitcoin price should be worth for at least one million due to miner doesn't any mining reward and people who use Bitcoin will need to pay higher fee, which make Bitcoin even more scarcer. But we're currently have mined more than 80% of all Bitcoin, we don't need to wait until 2140 to see what's the next will happen to Bitcoin.

The adoption of LN is faster than we know and I think Twitter will have something to do with it. Everyone will be on board when all other social media sites are going to also adopt crypto. Making transactions on BTC will still be cheaper because of LN despite all coins being mined.

Mining will not stop even if all BTC is already mined, they still can mine transactions.
I'm still up to believing the truth is stranger than what we imagine though which miners are going to be regulated with a license required.

Despairo

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Bitcoin fees will be pretty much expensive and doesn't worth if you made small transaction, I think before all Bitcoin are mined, everyone already adopt Lightning network.

Theoretically Bitcoin price should be worth for at least one million due to miner doesn't any mining reward and people who use Bitcoin will need to pay higher fee, which make Bitcoin even more scarcer. But we're currently have mined more than 80% of all Bitcoin, we don't need to wait until 2140 to see what's the next will happen to Bitcoin.

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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?

maybe bitcoin will be more valuable and the turnover of buying and selling will be wider and better.

especially if there are more and more enthusiasts or investors, surely bitcoin will increase in price.

So what happens to the miners?

When the last Bitcoin has been mined and there are no new Bitcoins, the Bitcoin mining process will be completed.

Even if the supply of Bitcoin has run out, Bitcoin miners can still profit from Bitcoin. Because Bitcoin transactions that occur on the blockchain network will require a series of verifications. So, the role of the miner will later shift as the party verifying the transaction.

hatshepsut93

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The best thing about the moment when the last coin will be mined is that people would finally stop asking what will happen, when the last coin will be mined.

If you look at Bitcoin's supply chart, most coins will be mined by 2030. So it would be another 110 years for technically all coins mined, but practically the fresh coins will become a tiny part of available supply in the market. We already saw how leavenings affect the price, I expect that to be the case for the next 10-15 years, but with each halvening the effect will be smaller and smaller, so the corresponding cycles will have smaller gap between the top and the bottom. Bitcoin will become less volatile.

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Anyhow we won't be here to find what will happen when the entire bitcoins were mined. The limited supply is always the best thing with bitcoin. After a century we'll have much demand for bitcoin than the present. This will keep the demand growing with time against the limited supply which can't be produced anymore. So, the transaction fee will make big contribution to the miners as they'll continue to be the key players in the market.

sheenshane

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Sometimes I didn't think too much ahead of time that even we didn't know if we still exist. But if we've come to that point, it might technically, all miners can be rewarded through transaction fees and not from newly minted coins. Imagine how much the cost per transaction fee on that time.

Anyway, just sharing this and it could be worth reading if you're interested.
https://en.bitcoin.it/wiki/Controlled_supply

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Smartvirus

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Quote from: Upgrade00 on October 30, 2022, 04:50:08 PM

On chain; it would function as designed, miners would earn only from transaction fees as a form of incentive.
This could lead to a bulk of transactions occuring off chain, but that remains to be seen.

As much as this could be accurate, I expect something more of a stabilisation in price of bitcoin and ahoukdnit come to that with miners depending on reward from what they get off transaction fees, how is that going to be enough to keep them at there job and maintaining the nines.

Like, we are going to have a lot of bitcoin users upto 70-80% of world population hypothetically. Now transactions are given preferences based on fees and then, it is hoped that these fees be minute enough to allow swift transactions in a time of stabilised price. How then do miners gets to benefit from fees without taking advantage of processing swift transactions based on higher fees?

Time would tell for sure but, the mining industry offers some stability and it needs to work itself through these dynamics in the cryptosphere.

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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?

I have no thoughts by that time because it's likely that I'm already dead when it happens.

But too many discussions about this, miners job will be the one to confirm transactions and no longer mining them.

coolcoinz

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Since it's estimated that we'll mine all bitcoins in 2140 I won't be around to have any thoughts on the matter Roll Eyes

Even if they're wrong and somehow it's all mined 50 years earlier, I'll still be dead, so I won't care anymore.
What about 100 years earlier? I'll be either very rich by that time or very poor and depressed, hopefully raising my grandchildren. Bitcoin is either going to be dead or a world reserve currency by the time it's mined out so it's go big or go home.

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