Topic: What happens to Bitcoin in the long term? (Read 926 times)
I Think Bitcoin is becoming more popular this days, and that bullrun btc reach all time high and It makes people get to know what bitcoin is.I think bitcoin will be verygood in the long run.
Already bitcoin has crossed a long term from its day of existence on a personal computer. During this period it has undergone several updates, criticism death, usage, growth, scalability issues, death, more and more. Right now cryptocurrencies that got developed earlier to bitcoin is no more in the market. Through this itself one can understand the true potential of bitcoin.
Maybe it hasn't gained the trust of entire population of the world. In the long term this will happen, in between several issues and disturbance relative to different factors will exist but the market and the growth will always stay strong. The base is strong, after the entire volume is mined the demand based on the real-time usage drives the market.
Maybe it hasn't gained the trust of entire population of the world. In the long term this will happen, in between several issues and disturbance relative to different factors will exist but the market and the growth will always stay strong. The base is strong, after the entire volume is mined the demand based on the real-time usage drives the market.
don't ask again, long term Bitcoin is guaranteed, the price will definitely go up,
try to be in 2010, if you have a question like this, then in 2020 you will feel amazing to be able to answer it,
of course this will be the same, take a look at the year 2030
try to be in 2010, if you have a question like this, then in 2020 you will feel amazing to be able to answer it,
of course this will be the same, take a look at the year 2030
when bitcoin began diggers were getting 50 bitcoins for each square they were finding and that merited nothing from the outset ($0) and in the long run following 4 years it came to about $100-$150 per block.
today the excavators are getting paid 6.25 bitcoins for each square they find and that is worth $71000+
at the end of the day, the prize has just diminished by 87.5% while the measure of cash they are procuring has expanded by 71000%.
as bitcoin keeps developing, its cost will keep rising. there is likewise a great deal of progress in mining equipment (AKA ASICs) where they become more productive and less expensive which implies the hash rate will develop regardless of whether the cost remained the equivalent.
today the excavators are getting paid 6.25 bitcoins for each square they find and that is worth $71000+
at the end of the day, the prize has just diminished by 87.5% while the measure of cash they are procuring has expanded by 71000%.
as bitcoin keeps developing, its cost will keep rising. there is likewise a great deal of progress in mining equipment (AKA ASICs) where they become more productive and less expensive which implies the hash rate will develop regardless of whether the cost remained the equivalent.
I think Bitcoin will stay strong in the long term. Because in my opinion, a solution will be created to balance the amount of money the miners lose when the reward continues to fall down. I know the miners also earn a decent amount of money from transaction fees but it may not be enough in the long run.
The strongest meme in crypto is finite supply. The vast majority of the project in crypto have followed this for entirely arbitrary reason. i.e because Satoshi did it.
Sooner or later this may cause problems for bitcoin and many of the other networks that have followed it. After the next halving, a winning miner will only receive 3.125BTC. If they have spent more on energy over the period of time it takes them to win a block reward, than the market value of those bitcoins, it is not worth them mining and the network is in trouble
Sooner or later this may cause problems for bitcoin and many of the other networks that have followed it. After the next halving, a winning miner will only receive 3.125BTC. If they have spent more on energy over the period of time it takes them to win a block reward, than the market value of those bitcoins, it is not worth them mining and the network is in trouble
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 tried to flash back in order to recall the things that happened before in cryptoccurrency but I could get it right, I try to understand the concept that btc was very low rate in order to purchase but currently the value of btc now is know longer the value's before.
Actually, it still needs many years that Bitcoin is finished to mine. It may be around in more than 100 years hundred. However, it is also normal to know about the fee and others. here, we may get Darman and its friends to other people. In fact, the ways they are infecting the beanball really make me feel that great fish.
About for long term investment, I believe that the person will be there, feeling that he is totally failed.
About for long term investment, I believe that the person will be there, feeling that he is totally failed.
long-term investment is not a panacea for not being poor. A long-term investment is a tool that can become a full-fledged means of earning money in the hands of a smart person. This is not a myth, but a fairly common case in the history of cryptocurrency startups and projects on the classic blockchain
When all the 21 million BTC have been mined, as set by Satoshi Nakamoto, there will no longer be rewards from mining. But the price of BTC and by extension transaction fees will be so high that miners will live just on the fees.
If the transaction fees ends up being "so high" than normal bitcoin users won't be using bitcoin anymore due to the "high fee" they will have to pay. I mean, if someone wants to transfer 10 USD worth of coins and they have to pay 50 USD in fee, no one will be crazy enough to use bitcoin. If bitcoin users goes down, the miners won't be able to "live just on the fees". We will (or our next generation) know what is going to happen after 100 years. Probably we will find out alternatives or other solution or better technology might be invented that will keep mining profitable with receiving normal fees without block rewards.When all the 21 million BTC have been mined, as set by Satoshi Nakamoto, there will no longer be rewards from mining. But the price of BTC and by extension transaction fees will be so high that miners will live just on the fees.
If the transaction fees ends up being "so high" than normal bitcoin users won't be using bitcoin anymore due to the "high fee" they will have to pay. I mean, if someone wants to transfer 10 USD worth of coins and they have to pay 50 USD in fee, no one will be crazy enough to use bitcoin. If bitcoin users goes down, the miners won't be able to "live just on the fees". We will (or our next generation) know what is going to happen after 100 years. Probably we will find out alternatives or other solution or better technology might be invented that will keep mining profitable with receiving normal fees without block rewards.
We actually don't know what will happen to bitcoin after 5 or 10 years, I hate to conclude myself, don't want to anticipate for less disappointment let us cherish what we can make out with bitcoin, investment or currency. 
Actually, it still needs many years that Bitcoin is finished to mine. It may be around in more than 100 years hundred. However, it is also normal to know about the fee and others. here, we may get Darman and its friends to other people. In fact, the ways they are infecting the beanball really make me feel that great fish.
About for long term investment, I believe that the person will be there, feeling that he is totally failed.
About for long term investment, I believe that the person will be there, feeling that he is totally failed.
When all the 21 million BTC have been mined, as set by Satoshi Nakamoto, there will no longer be rewards from mining. But the price of BTC and by extension transaction fees will be so high that miners will live just on the fees.
If the transaction fees ends up being "so high" than normal bitcoin users won't be using bitcoin anymore due to the "high fee" they will have to pay. I mean, if someone wants to transfer 10 USD worth of coins and they have to pay 50 USD in fee, no one will be crazy enough to use bitcoin. If bitcoin users goes down, the miners won't be able to "live just on the fees". We will (or our next generation) know what is going to happen after 100 years. Probably we will find out alternatives or other solution or better technology might be invented that will keep mining profitable with receiving normal fees without block rewards.
I don't think there will be a problem for miners until the last Bitcoin is mined. If I am not wrong, the last Bitcoin will be mined in 2140. So, there is a lot of time until that year. Bitcoin will continue to be better and we will see new record prices in the future.
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.
That's true, it will last forever as long as there are miners and they would not stop as mining is still profitable although not for everyone.
Even people with less knowledge on technicalities of bitcoin are still investing because they are seeing a lot of money coming, honestly, I believe that 50% of the total investors does not even know how bitcoin network works but they believe on its future because they got recruited from people who are proven successful themselves, but eventually I'm expecting that they will dig more to learn more.
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?
If it weren't for the miners earn lots of money from transaction fees, then there would occur some problems I think. As long as the balance between the money that they earn (from fees etc.) and mining reward is protected, there will be no big deal for a long time. Besides, Bitcoin has been in the market for more than 10 years. It can be seen easily that Bitcoin has a strong system.
Regarding what will happen to bitcoin in the future, I cannot understand one thing. Here's an article about Bitcoin price prediction. Please tell me why in the first section they write that you need to sell bitcoins, and in the third section that you need to buy bitcoins.
When will People like you whos Selling their articles for free while Hijacking others thread?can't you make it simpler?an besides you are out of context here because prediction is what you are asking?
It is growing in price and this is obvious. This is exactly what happens with bitcoin.
It will in time,This is the start of another Bitcoin Era after the pandemic ends ,Market will take place again and people who supports crypto will take their prizes.there are times when people are pushing FUD but if we are really truthful in our investments then try to make it worth it.
Good day. Didn't understand how it is possible to hijacking others thread? Sorry, I'm new to this forum, I don't understand what you are talking about.
Regarding what will happen to bitcoin in the future, I cannot understand one thing. Here's an article about Bitcoin price prediction. Please tell me why in the first section they write that you need to sell bitcoins, and in the third section that you need to buy bitcoins.
When will People like you whos Selling their articles for free while Hijacking others thread?can't you make it simpler?an besides you are out of context here because prediction is what you are asking?
It is growing in price and this is obvious. This is exactly what happens with bitcoin.
It will in time,This is the start of another Bitcoin Era after the pandemic ends ,Market will take place again and people who supports crypto will take their prizes.there are times when people are pushing FUD but if we are really truthful in our investments then try to make it worth it.
A very interesting question, what happened after so many halvings. Of course the rewards that miners will get will be less, but because
the price of Bitcoin is getting more expensive. Even though the miners get the amount of Bitcoin decreases, the Bitcoin value is getting
higher. This becomes complex when it comes to taking into account the higher mining equipment maintenance fees and also electricity
costs that are getting more expensive. If Bitcoin mining is no longer profitable, I'm sure miners will move using other coins that feel
more profitable.
the price of Bitcoin is getting more expensive. Even though the miners get the amount of Bitcoin decreases, the Bitcoin value is getting
higher. This becomes complex when it comes to taking into account the higher mining equipment maintenance fees and also electricity
costs that are getting more expensive. If Bitcoin mining is no longer profitable, I'm sure miners will move using other coins that feel
more profitable.
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.
That's true, it will last forever as long as there are miners and they would not stop as mining is still profitable although not for everyone.
Even people with less knowledge on technicalities of bitcoin are still investing because they are seeing a lot of money coming, honestly, I believe that 50% of the total investors does not even know how bitcoin network works but they believe on its future because they got recruited from people who are proven successful themselves, but eventually I'm expecting that they will dig more to learn more.
Regarding what will happen to bitcoin in the future, I cannot understand one thing. Here's an article about Bitcoin price prediction. Please tell me why in the first section they write that you need to sell bitcoins, and in the third section that you need to buy bitcoins.
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.
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.
(....)
Explained very straightforward, good job.I think you are mistaken in saying that bitcoin long term goal doesnt fully involve miner.
(....)
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.
However, isn't it that LN is also one significant reason for miners to have a lower transaction fee revenue? As LN transactions are off-chain transactions the fees would instead go to LN nodes rather than to Bitcoin miners. What is left for the miners are only the fees paid upon the opening and closing of LN channels.
Accordingly, "miner revenue from transaction fees with active use of LN is lower than today’s levels until a threshold of 20 million LN users, each transacting 10 times/day, is breached."[1]
[1] https://medium.com/@matteoleibowitz/bitcoin-disinflating-to-death-b4ba7b691969
Accordingly, "miner revenue from transaction fees with active use of LN is lower than today’s levels until a threshold of 20 million LN users, each transacting 10 times/day, is breached."[1]
[1] https://medium.com/@matteoleibowitz/bitcoin-disinflating-to-death-b4ba7b691969
Medium articles by some no-name guys aren't the best source of information.
LN has limitations to the size of transactions, and not everyone would want to put every single one of their transactions on LN, so there will always be demand for on-chain transactions. Even now we have huge congestions from time to time, and we aren't even close to mass adoption. So, I wouldn't worry that there will be not enough transactions on chain to create profitable enough fees for miners.
I think the long term goal for bitcoin does not entirely involve miners, the global adoption could be the long game or other impressive things that are still waiting to be discovered.
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. In general, every bitcoin transaction you send or receive will always involve miner. If bitcoin long term goal is adoption, then there must also be miner to process every bitcoin transaction.
However, isn't it that LN is also one significant reason for miners to have a lower transaction fee revenue? As LN transactions are off-chain transactions the fees would instead go to LN nodes rather than to Bitcoin miners. What is left for the miners are only the fees paid upon the opening and closing of LN channels.
Accordingly, "miner revenue from transaction fees with active use of LN is lower than today’s levels until a threshold of 20 million LN users, each transacting 10 times/day, is breached."[1]
[1] https://medium.com/@matteoleibowitz/bitcoin-disinflating-to-death-b4ba7b691969
Accordingly, "miner revenue from transaction fees with active use of LN is lower than today’s levels until a threshold of 20 million LN users, each transacting 10 times/day, is breached."[1]
[1] https://medium.com/@matteoleibowitz/bitcoin-disinflating-to-death-b4ba7b691969
Then that means we just have to bypass that 20 million users even further. Even with small fees, it's still significant if fees pile up to the point that it's profitable to the miners. Let's also remember that Bitcoin won't be staying at it's current price anyway. Who knows, we might see Bitcoin at around $100,000 someday which will boost miner's profit even if it's just fees.
As history shows, miners will mine. When, for example, the price of bitcoin fell to 3000, many miners were faced with a choice whether to continue mining at a loss or stop it.
Many of them said they intend to close their large farms. Nevertheless, most of them continued to mine, because if they did not do it, others would.
Exactly, miners will be around as long as there are still blocks to be mined, i do think that the number of miners quitting and aspiring miners is not balanced or the former undermining the latter, it is the opposite in my opinion. I think the long term goal for bitcoin does not entirely involve miners, the global adoption could be the long game or other impressive things that are still waiting to be discovered. Many of them said they intend to close their large farms. Nevertheless, most of them continued to mine, because if they did not do it, others would.
As history shows, miners will mine. When, for example, the price of bitcoin fell to 3000, many miners were faced with a choice whether to continue mining at a loss or stop it.
Many of them said they intend to close their large farms. Nevertheless, most of them continued to mine, because if they did not do it, others would.
Many of them said they intend to close their large farms. Nevertheless, most of them continued to mine, because if they did not do it, others would.
I am not worried about mining rewards. Have you even think that before 5 years what was the bitcoin price? Of course, it was very low compared with the current price. So we can expect an appropriate price even the end of the block rewards. Still, there will be the existence of transaction fees which will enough to cover mining cost and miners will in profit more than now IMO. A similar topic has been discussed many times, so please use the search button to know more details about it.
There are a lot of miners right now, and even if they leave, the rest that was left out would have a much easier time on receiving transaction fees as well as the rewards they'd get, thereby lessening the number of resources you'd actually need to spend, making their expenses a lot less. Miners leaving basically equals out the expenses and the rewards of the leftover miners, unless they're crazy and accept the losses they'd take from mining BTC. Still, a long time before that happens imo though, especially with how BTC price would most likely grow more than compared to what it is right now.
Plus, let's not even mention how mining rigs are continuously improving themselves, improving their efficiency in the future upgrades. We still have more than a decade to go in mining, so you can expect that all miners would plan to quit and leave the crypto mining scene.
Plus, let's not even mention how mining rigs are continuously improving themselves, improving their efficiency in the future upgrades. We still have more than a decade to go in mining, so you can expect that all miners would plan to quit and leave the crypto mining scene.
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?
Miners still receive Bitcoin from transaction fees. And if they are not happy with their earning, they can simply stop mining which makes the diff decreasing. Satoshi Nakamoto has already thought about this issue and thats why bitcoin has been trusted for many years like that. Currently, the team behind bitcoin blockchain also makes a lot of changes in order to make bitcoin becomes even stronger and suitable for all the people. Therefore, nothing needs to be worried about. Just chill with your coin and hold them Regarding bitcoin forks, I don't think creating another one will not boom since there are already hundreds existing. Adding another one would be pointless since the attention of the crowd are only in few particularly to btc cash.
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.
We don't need any more forks even if the one creating is very popular in the Crypto community, we already have lot of it now, investors are much into Bitcoin now and the prove is the stat in how dominant Bitcoin is, and I don't see these forks creating a big threat to Bitcoin the nearest Bitcoin competitor right now is Ethereum, thought they gap is still wide.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
. 
when bitcoin started miners were receiving 50 bitcoins for every block they were finding and that was worth nothing at first ($0) and eventually after 4 years it reached about $100-$150 per block.
today the miners are getting paid 6.25 bitcoins for every block they find and that is worth $71000+
in other words the reward has already decreased 87.5% while the amount of money they are earning has increased 71000%.
as bitcoin continues growing, its price will continue rising. there is also a lot of improvement in mining hardware (AKA ASICs) where they become more efficient and less costly which means hashrate will grow even if price stayed the same.
today the miners are getting paid 6.25 bitcoins for every block they find and that is worth $71000+
in other words the reward has already decreased 87.5% while the amount of money they are earning has increased 71000%.
as bitcoin continues growing, its price will continue rising. there is also a lot of improvement in mining hardware (AKA ASICs) where they become more efficient and less costly which means hashrate will grow even if price stayed the same.
However, the security of Bitcoin against a 51% attack depends on the value of the mining revenue. If the value of the fees are low, then the security will be low. The real question to answer is then, how low is too low?
If security will be low, 51% attacks would be cheaper to execute, and as the result all users will require more confirmations for transactions. If right now 1-3 confirmations are sufficient for nearly all uses, in this theoretical future with low security 10+ transactions would be the standard. that's ~2 hour wait, which can be pretty bad for some uses, but if by that time LN would be widely adopted, it shouldn't be too big of a problem. So, maybe Bitcoin could guarantee enough security for most purposes with transaction fees alone.
However, isn't it that LN is also one significant reason for miners to have a lower transaction fee revenue? As LN transactions are off-chain transactions the fees would instead go to LN nodes rather than to Bitcoin miners. What is left for the miners are only the fees paid upon the opening and closing of LN channels.
Accordingly, "miner revenue from transaction fees with active use of LN is lower than today’s levels until a threshold of 20 million LN users, each transacting 10 times/day, is breached."[1]
[1] https://medium.com/@matteoleibowitz/bitcoin-disinflating-to-death-b4ba7b691969
and in my opinion people will start considering using other coin or just fork the bitcoin if this happen
Most probably. They will choose a better coin with better features especially those influential (like doge and ltc), have larger supply, better security (like Monero) and lower transaction fee (like EOS and TRON). Regarding bitcoin forks, I don't think creating another one will not boom since there are already hundreds existing. Adding another one would be pointless since the attention of the crowd are only in few particularly to btc cash. 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
. 
1. The miners also earn from transaction fees and that can also get pretty big. Last block came with 1.5 BTC also in fees. https://sochain.com/block/BTC/645584
2. The miners unhappy with their earnings can stop and this will make the difficulty (and mining cost) drop for the remaining miners.
This together with the rising price of bitcoin should hopefully get to good "middle point" where everyone will be happy.
There's still a lot of time until then.
2. The miners unhappy with their earnings can stop and this will make the difficulty (and mining cost) drop for the remaining miners.
This together with the rising price of bitcoin should hopefully get to good "middle point" where everyone will be happy.
There's still a lot of time until then.
yes i aggree and 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
However, the security of Bitcoin against a 51% attack depends on the value of the mining revenue. If the value of the fees are low, then the security will be low. The real question to answer is then, how low is too low?
If security will be low, 51% attacks would be cheaper to execute, and as the result all users will require more confirmations for transactions. If right now 1-3 confirmations are sufficient for nearly all uses, in this theoretical future with low security 10+ transactions would be the standard. that's ~2 hour wait, which can be pretty bad for some uses, but if by that time LN would be widely adopted, it shouldn't be too big of a problem. So, maybe Bitcoin could guarantee enough security for most purposes with transaction fees alone.
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.
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?
The economics of Bitcoin mining ensure that there will always be miners that benefit from mining as long as there are transactions paying fees, regardless of the value of a bitcoin.
However, the security of Bitcoin against a 51% attack depends on the value of the mining revenue. If the value of the fees are low, then the security will be low. The real question to answer is then, how low is too low?
1. The miners also earn from transaction fees and that can also get pretty big. Last block came with 1.5 BTC also in fees. https://sochain.com/block/BTC/645584
2. The miners unhappy with their earnings can stop and this will make the difficulty (and mining cost) drop for the remaining miners.
This together with the rising price of bitcoin should hopefully get to good "middle point" where everyone will be happy.
There's still a lot of time until then.
2. The miners unhappy with their earnings can stop and this will make the difficulty (and mining cost) drop for the remaining miners.
This together with the rising price of bitcoin should hopefully get to good "middle point" where everyone will be happy.
There's still a lot of time until then.
This ^^
Satoshi Nakamoto really thought about everything when he produced this crypto currency and look where we are standing now. 11 years and running strong. Every year that passes is more assurance for possible users and investors that this asset is here to stay.
1. The miners also earn from transaction fees and that can also get pretty big. Last block came with 1.5 BTC also in fees. https://sochain.com/block/BTC/645584
2. The miners unhappy with their earnings can stop and this will make the difficulty (and mining cost) drop for the remaining miners.
This together with the rising price of bitcoin should hopefully get to good "middle point" where everyone will be happy.
There's still a lot of time until then.
2. The miners unhappy with their earnings can stop and this will make the difficulty (and mining cost) drop for the remaining miners.
This together with the rising price of bitcoin should hopefully get to good "middle point" where everyone will be happy.
There's still a lot of time until then.
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?
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