what happen with bitcoin after not mineable? - page 5.

tabas

hero member

Activity: 3024

Merit: 745

Top Crypto Casino

Quote from: Doamader on October 22, 2016, 03:26:01 PM

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.

Doamader

hero member

Activity: 756

Merit: 501

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.

Blawpaw

legendary

Activity: 1596

Merit: 1027

Quote from: arcanaaerobics on October 22, 2016, 01:46:40 AM

Quote from: JeffBrad12 on October 21, 2016, 09:10:36 PM

Quote from: extrabyte on October 21, 2016, 05:05:56 PM

Quote from: springgers on October 21, 2016, 04:36:06 PM

Quote from: extrabyte on October 21, 2016, 07:58:03 AM

Quote from: crossabdd on October 11, 2016, 11:29:50 PM

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 ?

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.

Exactly, I got your point,dude. Because the miners are always confirming every transaction are running onto the blockchain, and a lot of the transaction of I think all of the transaction will not get a confirmatio

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...

In the future, we will need to increase the block size (Satoshi himself already proposed this) and there's no other viable option apart from increasing the transaction fees. If the block size doesn´t increase, the cost of transactions will become unbearable and then the bitcoin network will no longer be feasible

virusasog

sr. member

Activity: 462

Merit: 250

Quote from: Universat on October 22, 2016, 01:13:13 PM

in fact the number of bitcoins are limited and a time will come when all the bitcoin will be mined and then the miners will stop mining, but bitcoin will still continue and survieve but the demand of bitocin will increase and this will really affect the price of bitcoin a lot.

Mining needs to be happen at everytime until bitcoin survives because bitcoin use to transfer via blocks. In that block every bitcoin use transfer with the help of miners. Who use hash/gpu with so much consumption of electricity.

Universat

sr. member

Activity: 308

Merit: 250

in fact the number of bitcoins are limited and a time will come when all the bitcoin will be mined and then the miners will stop mining, but bitcoin will still continue and survieve but the demand of bitocin will increase and this will really affect the price of bitcoin a lot.

arcanaaerobics

sr. member

Activity: 364

Merit: 250

Quote from: JeffBrad12 on October 21, 2016, 09:10:36 PM

Quote from: extrabyte on October 21, 2016, 05:05:56 PM

Quote from: springgers on October 21, 2016, 04:36:06 PM

Quote from: extrabyte on October 21, 2016, 07:58:03 AM

Quote from: crossabdd on October 11, 2016, 11:29:50 PM

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 ?

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.

Exactly, I got your point,dude. Because the miners are always confirming every transaction are running onto the blockchain, and a lot of the transaction of I think all of the transaction will not get a confirmatio

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...

JeffBrad12

hero member

Activity: 2954

Merit: 533

Leading Crypto Sports Betting & Casino Platform

Quote from: extrabyte on October 21, 2016, 05:05:56 PM

Quote from: springgers on October 21, 2016, 04:36:06 PM

Quote from: extrabyte on October 21, 2016, 07:58:03 AM

Quote from: crossabdd on October 11, 2016, 11:29:50 PM

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 ?

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.

Exactly, I got your point,dude. Because the miners are always confirming every transaction are running onto the blockchain, and a lot of the transaction of I think all of the transaction will not get a confirmatio

extrabyte

legendary

Activity: 840

Merit: 1000

Quote from: springgers on October 21, 2016, 04:36:06 PM

Quote from: extrabyte on October 21, 2016, 07:58:03 AM

Quote from: crossabdd on October 11, 2016, 11:29:50 PM

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 ?

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.

springgers

sr. member

Activity: 294

Merit: 251

Quote from: extrabyte on October 21, 2016, 07:58:03 AM

Quote from: crossabdd on October 11, 2016, 11:29:50 PM

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 ?

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...

extrabyte

legendary

Activity: 840

Merit: 1000

Quote from: eternalgloom on October 21, 2016, 09:08:45 AM

Quote from: extrabyte on October 21, 2016, 07:58:03 AM

Quote from: crossabdd on October 11, 2016, 11:29:50 PM

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 ?

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.

It has already been said enough times that transaction fees will replace the mining reward, so this isn't anything to worry about.
What I do worry about is hundreds of people on this forum not knowing how Bitcoin works.

If there is no miners then there is no bitcoin transaction confirmed, but if they will stop or not after a time this is another thing because there are other ways getting profit for them.

Blawpaw

legendary

Activity: 1596

Merit: 1027

Quote from: crossabdd on October 11, 2016, 11:29:50 PM

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 ?

1. mining ends in 21XX but technically mining will still go on and miners will still be rewarded by their participation. How? Well, miners are the ones verifying transactions and will need to keep doing that, and as so they will keep the fees that every transaction has to pay. Miners will continue to secure and protect the network and in return, they will have the transaction fees distributed among them. I think this answers to your 2nd and 3rd question.

2. As for the price of Bitcoin... well that is another story. Nobody can say for sure what will be the price of bitcoin when mining ends in more than 100 years from now. No one even knows if bitcoin will still be here.

In fact... I seriously doubt that the human race will still roam the earth by that time...

beerlover

legendary

Activity: 3052

Merit: 1188

Quote from: bitcoinhopper on October 13, 2016, 03:12:40 AM

Quote from: crossabdd on October 11, 2016, 11:29:50 PM

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 ?

At the moment it does not make much sense anymore to be mining Bitcoin because you cannot really make a profit with them anymore.
It is better to buy them with your own money and save them for how long you want.

I think when that happens,the main source of revenue or good profit will be by the force of demand and supply, if demand is high than supply then the price will go very high and people who have bought and stored the bitcoin will be making very huge amount of money that can make them very big millionaires. This is the best time for any serious investor to buy and store bitcoin for future gains.

ImnotOctopus

sr. member

Activity: 280

Merit: 250

If the bitcoin miners mined all the bitcoins, the price will surely go high and the fee also i think. Many miners will quit also because of the fee is low.

but dont worry its very long time to happen.

iqlimasyadiqa

legendary

Activity: 1596

Merit: 1011

I do not know for sure what happened. but what is clear is bitcoin increasingly rare because bitcoin user growth over time will increase. maybe the price can be very high and it is possible bitcoin prices fall.

kanazawa

hero member

Activity: 756

Merit: 500

It's like gold. When the mining becomes extremely expensive, we trade it. So, no one will get hurt, don't be apocaliptical about it. Let things flow and by trade or anything that's using the currency, things will be cool. Just let the system grow strong and natural.

GenTarkin

legendary

Activity: 2450

Merit: 1002

Quote from: crossabdd on October 11, 2016, 11:56:34 PM

Quote from: Yakamoto on October 11, 2016, 11:50:48 PM

Quote from: crossabdd on October 11, 2016, 11:29:50 PM

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 ?

Assuming you're referring to what happens once all the 21m Bitcoin are effectively mined, what'll happen is we're going to see fees potentially go up to replace the block rewards, and the price of Bitcoin will more than likely work its way up along with the decrease in the amount of mineable Bitcoin as time wears on.

That's something like 100 years away though, if I remember the date correctly.

the fee of bitcoin transaction is very small. im not sure it's profitable.
if miner get profitable with "fee of bitcoin transaction" the seller and buyer will get loss in "higher fee" in bitcoin transaction Huh

Have you seen the block reward halving "schedule" .... Huh

theres a point where block rewards are much much MUCH smaller than fees are ... even now. So, eventually fees will become more of a reward then blockreward itself ... long before all the coins have been mined.

By then, if bitcoins price is anywhere near what people hope ... then fees alone will be more than profitable to mine. The opposite will be true and bitcoin will be long dead by then if price doesnt increase to meet the mining incentive at that point in time. The reason? Because if miners stop mining ... diff will go down substantially leaving much room for the network to be 51% attacked constantly, eventually leaving folks w/ lost trust in bitcoin itself.

clickerz

hero member

Activity: 1414

Merit: 505

Backed.Finance

Quote from: eternalgloom on October 21, 2016, 09:08:45 AM

It has already been said enough times that transaction fees will replace the mining reward, so this isn't anything to worry about.
What I do worry about is hundreds of people on this forum not knowing how Bitcoin works.

Thanks for the explanation.But maybe,transaction fees will be increased during that time. The lower you pay for charges will be slower to confirmed and possibly it will take days.There will be a surge on charges as people wants to be confirmed fist.

eternalgloom

legendary

Activity: 1792

Merit: 1283

Quote from: extrabyte on October 21, 2016, 07:58:03 AM

Quote from: crossabdd on October 11, 2016, 11:29:50 PM

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 ?

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.

It has already been said enough times that transaction fees will replace the mining reward, so this isn't anything to worry about.
What I do worry about is hundreds of people on this forum not knowing how Bitcoin works.

extrabyte

legendary

Activity: 840

Merit: 1000

Quote from: crossabdd on October 11, 2016, 11:29:50 PM

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 ?

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.

dimonstration

hero member

Activity: 2716

Merit: 698

Dimon69

Quote from: crossabdd on October 11, 2016, 11:29:50 PM

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 ?

If its happens to bitcoin the price will surely increase if still more people use it surely it will happen the value and demand will increase.

Topic: what happen with bitcoin after not mineable? - page 5. (Read 5696 times)