Topic: What happens to Bitcoin in the long term? - page 3. (Read 926 times)
What of the transaction fee ? I believe the miners can also earn from this. When the mining fee become smaller, it become unsustainable to operate which will force some of them away from mining while some other big miners that can decipher another means of mitigating the effect of the decrease in the mining fee will still in the business. Such a scenario might also lead to innovations and development of better hardware for mining. https://news.bitcoin.com/publicly-traded-firms-launch-new-mining-rigs-less-hashrate-than-competitors/
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..
Bitcoin has been predicted to lose value and worse, to stop and be gone before. I am more hopeful now than I did before because I have seen how predictable it is and how people believe with that Bitcoin can offer to the lives of many people.
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.
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. I don't know if anyone else will mine bitcoin in the future,
But why? If we can imagine how they start mining during the early days of its creation, it surely you can tell that no one will survive in mining. These people never bothered the low fees and claim that they are losing but instead, they keep positive that the situation will soon be changed and they are not wrong with their instincts. If soon to come that their rewards will be getting low and can't afford to pay their bills and some expenses, it for sure they will stop mining. But I don't think we have to come to that moment, though I'm not sure about it but it was of fewer chances to happen.
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.
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?
Just like in every business the unsatisfied miners will leave and switch allegiance to other projects and mine them. There will be few miners to man Bitcoin chain and this will invariably cause mining charges to surge to meet up with the little block rewards. Conclusively, all that will make Bitcoin value hit the roof, with price so high that those who aren't buying will regret like those who didn't buy in 2010. 
Bitcoin security is not only one of the miners who verify transactions but also there are FULL NODES who play a big role in protecting the Bitcoin network.
Bitcoin mining will remain until the year 2140 and at that time the mining rewards will be equivalent to several Satoshi only, in theory this will make the miners leave the mining and the Bitcoin network collapses, but this cannot be predicted because there will be several solutions to this problem.
For example, the price of Bitcoin at that time could be equivalent to 100,000$ or more, and thus mining would be profitable despite the greatly reduced rewards. Also, the bitcoin transfer fees that miners get can be raised so they can stay in work.
There are other solutions, for example, whales who own thousands of bitcoins will pay thousands of dollars in order to preserve the value of the bitcoin they own, and thus they can buy large mining hardware and let it do the work without getting profits from that.
No one knows what will happen in that distant future as Bitcoin may turn into a global currency and everyone is interested in finding solutions to preserve the value of Bitcoin
Bitcoin mining will remain until the year 2140 and at that time the mining rewards will be equivalent to several Satoshi only, in theory this will make the miners leave the mining and the Bitcoin network collapses, but this cannot be predicted because there will be several solutions to this problem.
For example, the price of Bitcoin at that time could be equivalent to 100,000$ or more, and thus mining would be profitable despite the greatly reduced rewards. Also, the bitcoin transfer fees that miners get can be raised so they can stay in work.
There are other solutions, for example, whales who own thousands of bitcoins will pay thousands of dollars in order to preserve the value of the bitcoin they own, and thus they can buy large mining hardware and let it do the work without getting profits from that.
No one knows what will happen in that distant future as Bitcoin may turn into a global currency and everyone is interested in finding solutions to preserve the value of Bitcoin
The current price of bitcoin are effected the miners however this will be change as bitcoin supply are getting low. Which mean the miner difficulty are getting very high and make the small miners getting a loss rather then making a profit. While the big guy with unlimited resources continue to make money without any worry while waiting the price of bitcoin keep on rising. The strong will continue to mining bitcoin while the weak will loss. Its always being our nature.
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But I know that some people are surrendering their devices to mine bitcoin due to high expenses that's why they invested to it instead of mining it.
High mining costs in 2020 are indeed a reason for some miners to sell their mining equipment.But I know that some people are surrendering their devices to mine bitcoin due to high expenses that's why they invested to it instead of mining it.
The former RIG Miner was able to make some profits, but after the halving occurred and bitcoin prices soared, the RIG was no longer profitable and tended to be more disadvantageous.
The price of a RIG device such as a VGA card also depends on the price of bitcoin, if bitcoin is more expensive then the device will also be more expensive.
Like it or not, if you want to keep getting profit, you have to upgrade RIG to the latest device at this time. Like the ANTMINER mining device, which recently released the latest version as well.
and the main problem also exists in the use of electric power which is increasing and will make the bill increase.
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?
but with the halving, it is clear that what is obtained is clearly reduced but the value obtained will be greater, so there is no problem because everything is in accordance with what is happening today. for miners there is no problem because the value of the asset decreases, the automatic price becomes more expensive. (economic law) 
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 do not think this is possible. Reasons:1. Bitcoin is a deflationary currency, decreasing supply but increasing demand.
2. If bitcoin mining and transaction fee is not favouring today, it will favour tomorrow because bitcoin price is volatile. This encourages miners.
Absolutely it is! A lot of people said that bitcoin is just like gold, but in a digital or virtual form, which is true based on its features.
Bitcoin is not predictable, so there's a lot of possibilities that it might happen. If we overthink too much negatively, that's what will make people think that bitcoin is not efficient in the long run, not reliable in the future. Bitcoin is unpredictable, as its price goes up and down, you are the one who are accountable on making it profitable depending on the situation.
But I know that some people are surrendering their devices to mine bitcoin due to high expenses that's why they invested to it instead of mining it.
The only future problem that I see on bitcoin is the increasing price of the transaction fee while the transaction speed become slower over time. This is very bad for BTC in the future because there are a lot of competitors coin that offers cheaper feel and almost instant transaction speed. The only reason why BTC still on is because it is the first mover on crypto market. But when mass adoption happened in the future. I’m sure that the crypto that offers the most efficient feature will be the people's choice.
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 do not think this is possible. Reasons:1. Bitcoin is a deflationary currency, decreasing supply but increasing demand.
2. If bitcoin mining and transaction fee is not favouring today, it will favour tomorrow because bitcoin price is volatile. This encourages miners.
Absolutely it is! A lot of people said that bitcoin is just like gold, but in a digital or virtual form, which is true based on its features.
Bitcoin is not predictable, so there's a lot of possibilities that it might happen. If we overthink too much negatively, that's what will make people think that bitcoin is not efficient in the long run, not reliable in the future. Bitcoin is unpredictable, as its price goes up and down, you are the one who are accountable on making it profitable depending on the situation.
But I know that some people are surrendering their devices to mine bitcoin due to high expenses that's why they invested to it instead of mining 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.
Bitcoin may dethrone at any time but obviously not in our generation now.
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.
Understanding what will happen is difficult because Bitcoin may stay forever in chances or maybe fell next year so nothing is certain.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.
Our kids will benefits in crypto no matter whos the king so it is not our problem to push who will be number 1 but which to be staying in market in 20 years to come.
Assuming that it will happen, miner will still keep those fees rather than to have no job and dispose of their mining equipment. It could be possible that those who can't manage to pay their bills will quit while the others will stay. And one reason why there are still mining even during that time because they already know that the market won't stay like that forever, pretty soon it will change and the time for them to recover.
They probably understand that situation and for them also to adjust and come along with the trend than to do nothing.
No matter what it takes, as long as they can still make money from mining, they still keep mining.
true, whatever is going on with a situation that may not be supportive but this is the work they have been doing so far, there are no words to regret and avoid but keep doing whatever happens. the situation can change any time and no one knows but the business still has to be done. They probably understand that situation and for them also to adjust and come along with the trend than to do nothing.
No matter what it takes, as long as they can still make money from mining, they still keep mining.
Assuming that it will happen, miner will still keep those fees rather than to have no job and dispose of their mining equipment. It could be possible that those who can't manage to pay their bills will quit while the others will stay. And one reason why there are still mining even during that time because they already know that the market won't stay like that forever, pretty soon it will change and the time for them to recover.
They probably understand that situation and for them also to adjust and come along with the trend than to do nothing.
No matter what it takes, as long as they can still make money from mining, they still keep mining.
They probably understand that situation and for them also to adjust and come along with the trend than to do nothing.
No matter what it takes, as long as they can still make money from mining, they still keep mining.
If it is seen that miners will still be profitable even though the price of bitcoin drops, bitcoin supply is small and if you have mining agriculture it can be used continuously. Look at people who don't have the tools to mine. They can only stay silent and look for small bits of bitcoin through airdrop or bounty events. So still take advantage of the existing facilities, it sounds tough, but I'm sure miners can get through it all. Even though it's a little loss, bitcoin will later be able to compensate for all the losses with a higher price than 2017.
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?
Usually this happens when the price of the bitcoin is significantly high or there are unexpected jumps on the price. There is so much halving that transactions fees increases to the miners.
This is also one of the questions on what if the supply of bitcoin (21 million) is almost reached. Expect transaction fees to increase in the long-run. Also do note that miners will always have transaction fees because this is what makes bitcoin move from one block to another wallet.
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.
There are no transaction then no bitcoin are mined. I believe that as long as bitcoin is an asset that has value, during it have a miner.
I think you are mistaken in saying that bitcoin long term goal doesnt fully involve miner.
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Explained very straightforward, good job.I think you are mistaken in saying that bitcoin long term goal doesnt fully involve miner.
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Bitcoin really invented a perfect way, just like this. We all know that Bitcoin will stay, and miner will be there.
Even lot of people are afraid before that miners will stop mining Bitcoin because the price of Bitcoin really dumped and the upcoming block halvings are still there. But we don't have choice and we can't stop Bitcoin, it is really the nature of Bitcoin.
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