Topic: What happens to Bitcoin in the long term? - page 2. (Read 926 times)
When the number of miners decreases, the reward for completing block will increase, it was anticipated from the beginning by Satoshi Nakamoto, so we don't have to worry about the sustainability of this ecosystem, BTC blockchain has running more than 10 years until now, it will be last forever and so on.
Mining rewards will certainly become very low after a few block halvings from now but the real estate in mining isn't going to be the mining rewards, it will be the transaction fees that are included in those blocks and it will definitely be enough to cover the mining costs along with some spare change to spend here and there as the number of transactions are going to mount enough bitcoins in blocks having more bitcoins in fees than the block mining rewards. Although right now for the latest block mined the reward isn't greater than that of the block reward, but a decade or two down the line it is going to be so.
Certainly, people mine bitcoins not only for the block reward but also because someone pays the fees to make the transactions. I also believe that in the future people will use bitcoin more. But compared to Ethereum, people do not use as much as them, bitcoin no longer stops at regular spot transactions or P2P, but they also have other derivative tools such as Future, margin ... That will reduce demand. demand for bitcoin transactions between wallets.Even though it is harder in the future, I don't think people would stop mining. The value of bitcoin will obviously rise in the future as Satoshi did a solution for that which is the halving. As many people would be transacting bitcoin, I think the more people would continue to mine since they are earning from those, and we are still far from mining all of them so it will still be a long time.
The scarcity happens not only in bitcoin mining, but it also happens when there are more and more bitcoin addresses on 1 BTC. The mentality that bitcoins will be scarce also causes people to hoard more bitcoins. 
maybe the community will try new consensus like using PoS or Masternode or something new
and in my opinion people will start considering using other coin or just fork the bitcoin if this happen
and in my opinion people will start considering using other coin or just fork the bitcoin if this happen
I do not agree with this, we already have so many forks now, why would the community try something new when Bitcoin network is still strong and intact, why fix something that is not broken, I don't think miners will stop just because there is nothing to mine anymore, Satoshi created this technology to go on as long as there is an internet, it's still a long way to go I don't want to speculate on the replacement, because for me Bitcoin is irreplaceable.
It is growing in price and this is obvious. This is exactly what happens with bitcoin.
Some miners stopped from mining because they find it much nonsense than spending.
That's why some miners invest in bitcoin than mining it due to increasing expenses in the machines that was use to mine bitcoin.
But I see that, it is still worth it to engage in mining industry due to opportunity that is included there. I just don't understand why people think that bitcoin will not prevail in the future, some other people say that it is due to its volatility that's why it is impossible to reach another ATH this year. Bitcoin is a good asset for a long term investment and never hesitate to invest to it.
That's why some miners invest in bitcoin than mining it due to increasing expenses in the machines that was use to mine bitcoin.
But I see that, it is still worth it to engage in mining industry due to opportunity that is included there. I just don't understand why people think that bitcoin will not prevail in the future, some other people say that it is due to its volatility that's why it is impossible to reach another ATH this year. Bitcoin is a good asset for a long term investment and never hesitate to invest to it.
"hold on to dear life." And it means to keep the crypto currency you own in the hopes that it will be worth much much more in the future.
Okay, holding is good but trading is better. I understand if you are not yet well informed about the technicalities of daytrading or don't yet have the right amount of capital but saying that you will hold for the entire of your life is a bad move already. Remember that price spikes is not only the important because you can actually earn through dips as well. So try to have an introspection again, I hope you soon realized what opportunities you are going to miss if you continue.also People that can just Buy and Hold is Much easy than sitting in front of your computer waiting and taking the chance watching your investment to grow.
And besides trading is not that easy and admit it that majority of people that tries to trade in past are now either they totally quit or Just chooses holding.
This is more like business. Sometimes business is good and sometimes not. In regards to miners now, they are earning huge probably because the demand for them is high. This is why transaction fee had increase too particular on bitcoin a d ethereum. Others that are trading and do not like to wait will spend more fee to meet faster confirmation of the btc transfer. These will likely a huge return or profit to miners. Again the business will not always be good and there will come a time whe bitcoin wi crashing and so does the mining business.
In the long term, bitcoin is sure to increase in value. Each halving increases the rarity of bitcoins in mining them.
Currently, bitcoin is being followed by financial institutions around the world, and the major countries have been regulating bitcoin.
Based on bitcoin's weekly and monthly chart I have confidence that bitcoin will continue to increase in price in the future. I cannot predict bitcoin for today, tomorrow, or next week, I only know in the long term Bitcoin will hit a new ATH.
Currently, bitcoin is being followed by financial institutions around the world, and the major countries have been regulating bitcoin.
Based on bitcoin's weekly and monthly chart I have confidence that bitcoin will continue to increase in price in the future. I cannot predict bitcoin for today, tomorrow, or next week, I only know in the long term Bitcoin will hit a new ATH.
"hold on to dear life." And it means to keep the crypto currency you own in the hopes that it will be worth much much more in the future.
Okay, holding is good but trading is better. I understand if you are not yet well informed about the technicalities of daytrading or don't yet have the right amount of capital but saying that you will hold for the entire of your life is a bad move already. Remember that price spikes is not only the important because you can actually earn through dips as well. So try to have an introspection again, I hope you soon realized what opportunities you are going to miss if you continue. Question regarding the viability of bitcoin in the long term. From my understanding, the security of bitcoin comes from miners who verify the blockchain. What happens when there is so much halving that the reward for mining bitcoin is extremely low and the cost of verifying the blockchain for the miners exceeds the reward of their bitcoin?
It’s not just about the reward that they are getting from mining Bitcoin, when you make a transaction and you are charged a fee for the transaction you’re making, who do you think the money goes to? The fees you’re paying for your transactions goes to the miners, so they don’t just rely only the money they are getting as rewards for mining cryptocurrency.I believe that if eventually they don’t have to mine Bitcoin any longer, they will start to rely on the fees that are being paid for transactions to make money. And moreover, if that’s going to happen, mining companies already knows what they are into and they must be aware of the things that are likely to happen in the future and prepare themselves for it.
Bitcoin is legacy Blockchain and I am very bearish about it in long term unless developers improve it. I guess Bitcoin will slowly become just a novel experiment and a alt which have beat technical and economic features will win over Bitcoin.
So that means you are more supportive in altcoin?or maybe best to say Shitcoins?is that what you wanna say here?sorry but you seems to be Bearishtowards
bitcoin.
Defi has already started to make Bitcoin weak. Alot of bitcoin has been migrated to ethereum chain.
Defi sector is booming , I think most of the money in Bitcoin will move to alts and Bitcoin will be remembered as first crypto in future with respect but will not survive and will be run by very few for just as mark of respect. Price and marketcap will also tumble to experiment levels.
Stupid mentality,That shit Defi will die soon because this is not supported by the majority of the crypto enthusiast,Look at the capitalizationDefi sector is booming , I think most of the money in Bitcoin will move to alts and Bitcoin will be remembered as first crypto in future with respect but will not survive and will be run by very few for just as mark of respect. Price and marketcap will also tumble to experiment levels.
if your claim is true then at least the dominance of Bitcoin in market fell for maybe
50% because of this defi hype but what now?have you seen
something in similar happening?
So everything remains in hands of Developers and miners if they can enhance the Bitcoin Blockchain else it has too many problems to become the best choice in future.
Lol it is not about the progress but the adoption of the world is what we are waiting,Bitcoin has been engaging into many matter now it is just the Bad impression is still lingering in major countries.
Question regarding the viability of bitcoin in the long term. From my understanding, the security of bitcoin comes from miners who verify the blockchain. What happens when there is so much halving that the reward for mining bitcoin is extremely low and the cost of verifying the blockchain for the miners exceeds the reward of their bitcoin?
I believe that the main problem is that bitcoin is finite. I mean that there is a certain number of bitcoins and if suddenly the last person loses the key to their wallet what to do? if dollars can be printed, then bitcoin can not be printed in any way. You need to create a new system based on the bitcoin type.
Question regarding the viability of bitcoin in the long term. From my understanding, the security of bitcoin comes from miners who verify the blockchain. What happens when there is so much halving that the reward for mining bitcoin is extremely low and the cost of verifying the blockchain for the miners exceeds the reward of their bitcoin?
Mining farms will never stop because they are making rewards from transaction fee as well, due to the halving the rewards will get lesser but by that time the expected value of those rewards will be huge valuable than now.That's correct. Even if the reward ecomes 10% of what it is now it will still be fine for the miners as long as that 10% covers the cost of mining.
10 years ago the reward was much bigger in the amount of coins but much smaller in fiat money. If this continues we will be getting less and less coins but those coins will be worth more every halving. 100 BTC used to cover a monthly electricity bill for a farm. Now to do the same you only need 0.1 BTC.
Question regarding the viability of bitcoin in the long term. From my understanding, the security of bitcoin comes from miners who verify the blockchain. What happens when there is so much halving that the reward for mining bitcoin is extremely low and the cost of verifying the blockchain for the miners exceeds the reward of their bitcoin?
It's actually a higher reward for sure the market price is going to increase because of the bitcoin halving, it's true that a lot of miners is quitting but its actually because it hard to earn a profit when you are just a small miner, so only big miner companies are available to survive the bitcoin halving. Investing in bitcoin miner is really risky especially because of the bitcoin halving just like what happened last time. Still, we don't really know what could happen in the future when the bitcoin reaches its supply limit, for sure bitcoin market price going to increase but miners are not going to be profitable anymore.
In long term the miner will be earning bitcoin from the fees transaction and at time i think bitcoin will be at high price and more stable. If bitcoin supply has reach it limits i bet it make bitcoin and more valuable as they only can get it from the fees and this will push bitcoin price to the another level..
sounds good for us btc users but does that sound good in the miners ?
so many people who use btc now and much more in the future and fees of btc will also be high if btc price goes better . i guess thats enough for the miners to earn a sufficient income . imagining these things makes me feel excited for the future of btc but before i was scared because i dont have knowledge if what can possibly happen to it
Maybe for now we could totally see or feel the high fee in every transaction and continue to increase when the marketprice is also increasing so I guess its safe to say that miners earn a good amount of profit mining transactions.
you must have seen that until years ago the price of bitcoin was very low and miners do not stopped mining bitcoin and today the price is going up a lot with great potential for the price to go up a lot future which means that the price increase will always be able to compensate for halving. You should not worry because most people are now convinced that in the next few years the price will reach $500,000 although I think it is absurd... if the price really reaches $500,000 the miners will have many good years without complaining
Question regarding the viability of bitcoin in the long term. From my understanding, the security of bitcoin comes from miners who verify the blockchain. What happens when there is so much halving that the reward for mining bitcoin is extremely low and the cost of verifying the blockchain for the miners exceeds the reward of their bitcoin?
Mining farms will never stop because they are making rewards from transaction fee as well, due to the halving the rewards will get lesser but by that time the expected value of those rewards will be huge valuable than now.
Bitcoin is legacy Blockchain and I am very bearish about it in long term unless developers improve it. I guess Bitcoin will slowly become just a novel experiment and a alt which have beat technical and economic features will win over Bitcoin.
Defi has already started to make Bitcoin weak. Alot of bitcoin has been migrated to ethereum chain.
Defi sector is booming , I think most of the money in Bitcoin will move to alts and Bitcoin will be remembered as first crypto in future with respect but will not survive and will be run by very few for just as mark of respect. Price and marketcap will also tumble to experiment levels.
So everything remains in hands of Developers and miners if they can enhance the Bitcoin Blockchain else it has too many problems to become the best choice in future.
Defi has already started to make Bitcoin weak. Alot of bitcoin has been migrated to ethereum chain.
Defi sector is booming , I think most of the money in Bitcoin will move to alts and Bitcoin will be remembered as first crypto in future with respect but will not survive and will be run by very few for just as mark of respect. Price and marketcap will also tumble to experiment levels.
So everything remains in hands of Developers and miners if they can enhance the Bitcoin Blockchain else it has too many problems to become the best choice in future.
In long term the miner will be earning bitcoin from the fees transaction and at time i think bitcoin will be at high price and more stable. If bitcoin supply has reach it limits i bet it make bitcoin and more valuable as they only can get it from the fees and this will push bitcoin price to the another level..
sounds good for us btc users but does that sound good in the miners ?
so many people who use btc now and much more in the future and fees of btc will also be high if btc price goes better . i guess thats enough for the miners to earn a sufficient income . imagining these things makes me feel excited for the future of btc but before i was scared because i dont have knowledge if what can possibly happen to it
Anyway, the race to dethrone btc is still far away. So OP stop overthinking, I guarantee you that it will be valuable for the next century at least
. Discussing the future while there is a chance we won't even see it.
Right now, its better to just make people understand it.
That way, your kids and my grand kids might benefit from it. I don't say its pointless but thinking about something which you don't have control yet is difficult.
What I think is that it will be valuable as considering the situation form now on things will be different and it will become more of digital way. So bitcoin will play a vital role here and crypto will boom in coming times. More acceptance could happen, and this will lead to higher demands.
I don't know if anyone else will mine bitcoin in the future, but the value of bitcoin will certainly rise even higher. Bitcoin's potential to increase in value is certain, so there's a lot of people who are actively buying as many bitcoins as possible.
Even though it is harder in the future, I don't think people would stop mining. The value of bitcoin will obviously rise in the future as Satoshi did a solution for that which is the halving. As many people would be transacting bitcoin, I think the more people would continue to mine since they are earning from those, and we are still far from mining all of them so it will still be a long time.
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