What happens to Bitcoin fees after the last Bitcoin is mined?

TryNinja

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Quote from: mx667 on August 18, 2017, 04:52:34 PM

The last Bitcoins mined ? I think there is no such thing as "the last Bitcoins". Bitcoins will be there forever. The Bitcoins fee is getting worse, I guess. But I don't know anything about what causes it.

Is there anyone know anything about the rise of Bitcoins fee ?

Bitcoins are finite. They can't be mined forever.

When the last 21 million Bitcoin gets "created", there will be no new Bitcoins ever.

The rise of Bitcoin fees are caused by the increase amount of unconfirmed transactions in the Bitcoin network, and the limited space of 1mb that is always full in the Bitcoin blocks. More transactions and less space = demand to get the transaction confirmed = higher fees.

hosseinimr93

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Quote from: mx667 on August 18, 2017, 04:52:34 PM

The last Bitcoins mined ? I think there is no such thing as "the last Bitcoins". Bitcoins will be there forever. The Bitcoins fee is getting worse, I guess. But I don't know anything about what causes it.

Is there anyone know anything about the rise of Bitcoins fee ?

Now miners get transaction fee and new generated bitcoins. When there is no new generated bitcoin, transaction fee will increase to compensate that.

mx667

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The last Bitcoins mined ? I think there is no such thing as "the last Bitcoins". Bitcoins will be there forever. The Bitcoins fee is getting worse, I guess. But I don't know anything about what causes it.

Is there anyone know anything about the rise of Bitcoins fee ?

Firza076

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Is it possible that bitcoin miners will stop mining?
It seems unlikely, blockhain will always run and will increase the type of coin. That's what I expect.

skyline247

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Quote from: Mike Mayor on August 18, 2017, 01:58:10 PM

Quote from: craZyLovE0916 on August 18, 2017, 01:03:16 PM

Quote from: severaldetails on August 18, 2017, 12:51:02 PM

When the last bitcoin is mined, that means only that there is no reward for finding the next block.
New blocks can be mined, and when you find one, you will get the transaction fees of the transactions it contains.
For a normal bitcoin user nothing will change.
The blockchain will still grow, but no more new bitcoins will be created.

Ah, I see.

That means lots of miners will still drop out though, right?

Why would anyone mine after the last Bitcoin is mined? It seems like it would be unprofitable.

How do transactions clear if suddenly lots of miners quit at that point?

I get what you are saying, except for the above.

Lol. You will still get fees for months in transactions it will change nothing. There will just be a cap of 21 millions coins moving around so the faster it moves the more hashes you will need. Each transactions is paid by fees and these fees go to the miners. Very very simple.

I think what OP is saying is there will no longer be block rewards, only transaction fees. Surely this will reduce the incentive to mine, resulting in slower transactions.

Mike Mayor

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Quote from: craZyLovE0916 on August 18, 2017, 01:03:16 PM

Quote from: severaldetails on August 18, 2017, 12:51:02 PM

When the last bitcoin is mined, that means only that there is no reward for finding the next block.
New blocks can be mined, and when you find one, you will get the transaction fees of the transactions it contains.
For a normal bitcoin user nothing will change.
The blockchain will still grow, but no more new bitcoins will be created.

Ah, I see.

That means lots of miners will still drop out though, right?

Why would anyone mine after the last Bitcoin is mined? It seems like it would be unprofitable.

How do transactions clear if suddenly lots of miners quit at that point?

I get what you are saying, except for the above.

Lol. You will still get fees for months in transactions it will change nothing. There will just be a cap of 21 millions coins moving around so the faster it moves the more hashes you will need. Each transactions is paid by fees and these fees go to the miners. Very very simple.

craZyLovE0916

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Quote from: severaldetails on August 18, 2017, 12:51:02 PM

When the last bitcoin is mined, that means only that there is no reward for finding the next block.
New blocks can be mined, and when you find one, you will get the transaction fees of the transactions it contains.
For a normal bitcoin user nothing will change.
The blockchain will still grow, but no more new bitcoins will be created.

Ah, I see.

That means lots of miners will still drop out though, right?

Why would anyone mine after the last Bitcoin is mined? It seems like it would be unprofitable.

How do transactions clear if suddenly lots of miners quit at that point?

I get what you are saying, except for the above.

severaldetails

hero member

Activity: 959

Merit: 500

When the last bitcoin is mined, that means only that there is no reward for finding the next block.
New blocks can be mined, and when you find one, you will get the transaction fees of the transactions it contains.
For a normal bitcoin user nothing will change.
The blockchain will still grow, but no more new bitcoins will be created.

craZyLovE0916

sr. member

Activity: 588

Merit: 250

When there is no more Bitcoin to mine, do fees go back to nothing like the early days?

Topic: What happens to Bitcoin fees after the last Bitcoin is mined? (Read 455 times)