what happens to btc after the last coin has been mine - page 2.

sanyinchen

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Quote from: rommelzkie on September 21, 2017, 08:56:03 PM

If bitcoin stay the same until that day the price of 1 btc will be very high and transaction fees will be the reward for miners who validate the blockchain.

but we don't know the future yet and there are many circumstances like hard forks that may come to bitcoin.

Yes, it's doubt me too, so I suspect if btc can be come the real currency.

CasualSam

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Unless the btc price has risen greatly, hash will go down, network will be less secure.

Pamadar

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Miners will be the earners when bitcoin was already been mined the drama will continue and I think value would be much higher since bitcoin really been recognize and potentials are so big being adopted by most establishment after this issue has been resolved from the Chinese.

Laergan

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Transaction fees will keep the miners busy once the last bitcoin is mined. But as the block sizing halves, the value of just 1 bitcoin may be worth many times more than what it is today, thus compensating for the decrease in rewards for miners.

Chinsmokers

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Quote from: Realist247 on September 21, 2017, 10:08:00 PM

Bitcoin will never reach 21M. It will be dead long before that happens.

How come you already know what will happen? noone know how much supply of bitcoin left.

Shamie1002

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Then it will be the number of stock. Once that the bitcoins are purchased. There will be spikes and hikes in prices. It will not be purchased all because it will go through the circulation. Time to time bitcoins will be in exchanges. So there is nothing to worry about. The good thing about it is that prices will definitely increase.

Lagduf

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Quote from: onyebuchi81 on September 21, 2017, 08:48:22 PM

since bitcoin is a POW coin,what will be awarded to miners after the circulating supply reaches the maximum supply which is 21 million ,that is when the last coin has been mine

The first bitcoin will never reach 21 millions supply, and the second the miners still run the nodes to secure the network without a reward from the bitcoin. But i think the transaction fees will be gradually increase as long as the miners will not receive the reward from the block again.

jmigdlc99

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Although we will never hit exactly 21 million the block subsidy is set to deplete at block 6,930,000 which is estimated to occur sometime around the year 2140.

However, the vast majority of bitcoin (99%) will have been mined by around 2032, when the block subsidy drops to less than 1 BTC per block. Roughly 20.67 million coins will exist, leaving less than 1/2 a million to be mined over the next 100 years.

2032 is not far. I can only imagine bitcoin's value by then. To the moon.

Realist247

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Bitcoin will never reach 21M. It will be dead long before that happens.

aardvark15

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Quote from: onyebuchi81 on September 21, 2017, 08:48:22 PM

since bitcoin is a POW coin,what will be awarded to miners after the circulating supply reaches the maximum supply which is 21 million ,that is when the last coin has been mine

Mining will need to continue to handle all Bitcoin transactions. Fees will need to be collected as a way to pay miners and this will be the only source of payment to the miners. Therefore, it is possible that fees would need to be higher to support mining.

The good news is that it's going to take a very long time to get to that point. We will be long gone by then so future generations will have to deal with those larger miner fees.

onpages

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it will probably pass several generations to reach 2140, we do not know what will happen in the future. but if the BTC survives and has reached 21 million then what will happen is the miners will be forced away from the rewards of the blocks they received for their work once the supply of Bitcoin has reached 21 million.

BCMB

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It will be a long time before we reach that point, and most of us will probably be dead if the year is 2140 or something like that. For the system to work, there must be a significant value to a Bitcoin, and there must be a significant amount of transactions so that fees can keep miners going.

Beefcake

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Beefcake!!!

Transaction fees will pay the miners. I suspect that if no new coins are being rewarded, or some time before when the rewards are very small, then there will be little incentive to keep building these beastly mining rigs and farms. Or perhaps transaction volume will be so high that the rewards will still be significant, from transaction fees alone. Keep in mind that although something like 80% of the 21 million are already created, it will be a very long time until there are no more mining rewards. I think the estimated year is something like 2140. But the block halving will make rewards insignificant before then (number of BTC will be very small, but it might still be worth a lot of money).

rommelzkie

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If bitcoin stay the same until that day the price of 1 btc will be very high and transaction fees will be the reward for miners who validate the blockchain.

but we don't know the future yet and there are many circumstances like hard forks that may come to bitcoin.

onyebuchi81

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since bitcoin is a POW coin,what will be awarded to miners after the circulating supply reaches the maximum supply which is 21 million ,that is when the last coin has been mine

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