After 2023, once the bitcoin will be stopped from mining, then bitcoin will become more exclusive and rare coin, increasing its price to a higher level ever seen. Even as on date, only 1-2% of total bitcoin users are miners and not more because of the mining difficulty.
So the mining stop will push the price of bitcoin to an uncharted territory never seen before. However, I came to know that the bitcoin core committee is now thinking to increase the life of bitcoin so that it can be mined even after 2023, but not sure.
Topic: what happen with bitcoin after not mineable? - page 4. (Read 5696 times)
the supply and demand will not be balance and this can cause the price will be high than we can imagine. but it will not happen in 50 years from now, it need too long before we can see this happen or maybe we all already died before we see this happen.
i think the fee will be act like as bitcoin that ready to mine and we still can mining bitcoin but the reward to get one block is really small and its really need super hardware to mining bitcoin. geez i don't want to imagine what will happen with this situation, i prefer to enjoy what will happen today.
i think the fee will be act like as bitcoin that ready to mine and we still can mining bitcoin but the reward to get one block is really small and its really need super hardware to mining bitcoin. geez i don't want to imagine what will happen with this situation, i prefer to enjoy what will happen today.
First, it will be in a very long time. Second, the transaction fees will have replaced the block reward for a long time !
The day when bitcoin mining will end is not very far because already more than 15 million out of 21 million bitcoin is mined and hardly arou d 5 to 6 million bitcoins are left for minin. But when mining will end then we will have more competition in bitcoin world and we will have Satoshi as a unit for transaction.
One thing im sure of when the bitcoin block reward become zero, miners still have tx fees to mine. So their effort wont be wasted. I bet by that time, a tx fee can secure the profit and maintenance of every bitcoin miner in the world. This means bitcoin price is really high. Anyway that will be far in the future so lets keep focus on the current events of bitcoin.
During 7 years of Bitcoin and Сryptocurrency development there have been many algorithms and many programming languages were used. So I think that with the advent of new cryptographic algorithm will be developed a variety of ways to solve problems for each time.
The price of bitcoin when the mine process ends should be around 1500-3000 dollars i di believe, the hash its what makes bitcoin be safe soo in those time we should keep the hash with the fees from transactions.
Bitcoin will always be mineable. In case nobody keeps their interest in mining, I guess Bitcoin will come to an end. Mining is, in my opinion, the fundamental thing that keeps Bitcoin up. Mining requires buying new rigs every X months, which mean new investments. To have a constant profit, you need a higher Bitcoin price as the rigs will keep increasing in costs.
A lot of people thinks that having no miners will not put bitcoin to an end. It's actually the other way around. Bitcoin has been put to an end by 'something' that's why there's no more miners.Miners can always mine blocks, even after the block reward becomes zero. The number of blocks that can be mined is not limited - what is limited is just the number of blocks with rewards.
What will be interesting is how many miners keep their equipment mining BTC at this point and how many switch miners off/ to another coin,
and the effect it has on the network, confirmation times etc.
I'm not sure I've seen any information on the predicted effect this will have.
Bitcoin will always be mineable. In case nobody keeps their interest in mining, I guess Bitcoin will come to an end. Mining is, in my opinion, the fundamental thing that keeps Bitcoin up. Mining requires buying new rigs every X months, which mean new investments. To have a constant profit, you need a higher Bitcoin price as the rigs will keep increasing in costs.
A lot of people thinks that having no miners will not put bitcoin to an end. It's actually the other way around. Bitcoin has been put to an end by 'something' that's why there's no more miners.Miners can always mine blocks, even after the block reward becomes zero. The number of blocks that can be mined is not limited - what is limited is just the number of blocks with rewards.
What will be interesting is how many miners keep their equipment mining BTC at this point and how many switch miners off/ to another coin,
and the effect it has on the network, confirmation times etc.
I'm not sure I've seen any information on the predicted effect this will have.
Miners can always mine blocks, even after the block reward becomes zero. The number of blocks that can be mined is not limited - what is limited is just the number of blocks with rewards.
What will be interesting is how many miners keep their equipment mining BTC at this point and how many switch miners off/ to another coin,
and the effect it has on the network, confirmation times etc.
I'm not sure I've seen any information on the predicted effect this will have.
Bitcoin will always be mineable. In case nobody keeps their interest in mining, I guess Bitcoin will come to an end. Mining is, in my opinion, the fundamental thing that keeps Bitcoin up. Mining requires buying new rigs every X months, which mean new investments. To have a constant profit, you need a higher Bitcoin price as the rigs will keep increasing in costs.
I believe that when Bitcoin will not be mineable anymore (many years from now), the value of Bitcoin will still continue to be strong as long as the demand and interest is still there. While there will not be any new Bitcoins being put into the marketplace (the supply will be finished), the demand for people to purchase the coins will tell how long the cryptocurrency will last for. The only way that Bitcoin will fade is if people's interest in cryptocurrency fades and people move on to the next big thing.
since bitcoin isnt energy efficient it wont survive. i give bitcoin another 2-5years
other coins like "burstcoin" are energy friendly so they will take the lead.
just my toughts
other coins like "burstcoin" are energy friendly so they will take the lead.
just my toughts
Lol. Wow.... How do you actually function in the real world with that brain of yours ? So you saying abnks are mor energy efficienct ? Get an education bro.
what happen with bitcoin after not mineable?
miner will stop his mining activity ? then how to make bitcoin network strongest ?
and how about the price of bitcoin ?
miner will stop his mining activity ? then how to make bitcoin network strongest ?
and how about the price of bitcoin ?
None of is will be alive then so who cares ??
When all bitcoin are mined we will still have miners otherwise how will the transactions go through ? There will always be miners. Learn how bitcoin works before asking questions like this please.
When all the blocks are mined, how should a new one be found?
Miners can always mine blocks, even after the block reward becomes zero. The number of blocks that can be mined is not limited - what is limited is just the number of blocks with rewards.
since bitcoin isnt energy efficient it wont survive. i give bitcoin another 2-5years
other coins like "burstcoin" are energy friendly so they will take the lead.
just my toughts
other coins like "burstcoin" are energy friendly so they will take the lead.
just my toughts
When all the blocks are mined, how should a new one be found?
Miners can always mine blocks, even after the block reward becomes zero. The number of blocks that can be mined is not limited - what is limited is just the number of blocks with rewards.
Exactly; the protocol will be the same. A transaction is only confirmed when it is included in a block and verified by the network. Technically, mining will never end because it represents the network ability to verify and maintain the bitcoin blockchain database.
However, there is something that still puzzles me. For now, the protocol says that new coins are created, but who get's the fees? where are they going? I've always thought that the fees were gathered to represent the new coins issued? But am I right about this?
When all the blocks are mined, how should a new one be found?
Miners can always mine blocks, even after the block reward becomes zero. The number of blocks that can be mined is not limited - what is limited is just the number of blocks with rewards.
Help me here please because somehow I do not get it:
I miner gets the fee when he is the first who confirms a transaction. Nobody else does.
A transaction is confirmed when it is written into a new block.
When all the blocks are mined, how should a new one be found? I don't see how transactions can be confirmed in that situation. And how would a miner could get any fees then?
Should we not too worried about your oppinion, before the mining bitcoin runs out, it may be the price of the bitcoin has reached 1 million dollars, and with only 5 btc already suffice our requirements to death and we can travel around the world, so let us collect as many bitcoin. I miner gets the fee when he is the first who confirms a transaction. Nobody else does.
A transaction is confirmed when it is written into a new block.
When all the blocks are mined, how should a new one be found? I don't see how transactions can be confirmed in that situation. And how would a miner could get any fees then?
what happen with bitcoin after not mineable?
miner will stop his mining activity ? then how to make bitcoin network strongest ?
and how about the price of bitcoin ?
miner will stop his mining activity ? then how to make bitcoin network strongest ?
and how about the price of bitcoin ?
If there isn't any miner mining then it means that the network will be shut down or on the idle mode, no transaction can be confirmed.
How can a Hero Member say that?
They will still earn money because of the fees and of course the fees will be more higher in the future, so it pays off the halving difference...
People didn't understand me, or I wasn't able to write exactly what I wanted to say, I know that they earn from the transaction fees but my concern was that if there is block mined means that the number unconfirmed transaction will become a mess.
Why a lot of transactions will not be confirmed?
Well, nowadays if you put a very small fee, it will never be confirmed... In the future we will just need to put a higher fee, if the number of transactions increase, of course...
Help me here please because somehow I do not get it:
I miner gets the fee when he is the first who confirms a transaction. Nobody else does.
A transaction is confirmed when it is written into a new block.
When all the blocks are mined, how should a new one be found? I don't see how transactions can be confirmed in that situation. And how would a miner could get any fees then?
We all know that as soon as the mines ends the fees will be the way to keep the hash around bitcoin, soo its expected a lot of transactions and high value at bitcoin at those time because of that.
Yeah you are right with it and because that bitcoin is not going to be mineable it is going to make the price of bitcoin higher. Why? Because the supply is going to be limited and if it reaches 21 million for sure many people are going to crave to get a lot of bitcoins out of that demand that is going to make the price increase.
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