Topic: What happens when all bitcoin is mined? (Read 212 times)
Please correct me if wrong but people will continue to mine IMO as there needs to be miners to process transactions and they will need to survive on the fees that they get form the mining
Correct me if I dont fully understand the concept of bitcoin. If miners currently work for new bitcoin, then once all bitcoin has been mined, I assume that the only incentive for them to continue running is to collect transaction fees. In order to offset the cost of their rig and electricity, wouldnt their fees need to increase in order for them to make it worth their effort? Isnt that bad for anyone who wants to use bitcoin as currency instead of investment?
if we all stop mining last bitcoin will be mined after 2100. after that we will use safed bitcoin and any loss of coin will reduce number day by day.fee is gone to miner and never reduce number of bitcoins
Miners will keep mining to get the transaction fees. basic stuff.
Correct me if I dont fully understand the concept of bitcoin. If miners currently work for new bitcoin, then once all bitcoin has been mined, I assume that the only incentive for them to continue running is to collect transaction fees. In order to offset the cost of their rig and electricity, wouldnt their fees need to increase in order for them to make it worth their effort? Isnt that bad for anyone who wants to use bitcoin as currency instead of investment?
if all bitcoins mined we will use old bitcoins and who have a big amount of bitcoin can control price.
fee maybe stay normally because 1 bitcoin will be more than 1M and will send using mBTC
Correct me if I dont fully understand the concept of bitcoin. If miners currently work for new bitcoin, then once all bitcoin has been mined, I assume that the only incentive for them to continue running is to collect transaction fees. In order to offset the cost of their rig and electricity, wouldnt their fees need to increase in order for them to make it worth their effort? Isnt that bad for anyone who wants to use bitcoin as currency instead of investment?
if all bitcoin was mined, so what next? you know if you transfer btc to other wallet btc you must pay example 0,001. so 0,001 will sent to miner.
Miners would probably get their rewards from fees. I do agree that this is of no concern to us since it will probably take 100+ more years before all coins are mined.
Correct that once all supply of bitcoin has been mined they will only depend to the fees now. Why is it bothering you? Are you a miner? Those miners aren't even bothering themselves for thinking this since they know in the future bitcoin's future will be great and every single satoshi will be worth it as the demand of bitcoin gets higher and higher and what do you think about the fee? They aren't even cheap anymore by that time.
It concerns me. It seems that this has the potential to cause a huge disparity between rich and poor. The rich whales hold the wealth and only they can afford fees. The poor dont hold enough wealth to afford transaction fees.
If affordable technology doesnt arrive fast enough, there will be no new miners, and current miners will be forced to shut down their rigs or lose money. The less rigs online the less decentralization exists. Theoretically, bitcoin could become centralized amongst those who can afford rigs and become a monopoly. I dont think it will happen, but theoretically it could happne, right?
Yes after minning all Bitcoins there will be no Bitcoin mining reward!
but it will take loads of time to happen!
meanwhile as bitcoin transection relays on Network confirmation from those minners,it can't Stop!
Recently with so many Pending Transections Bitcoin Transection got way slower!
even after paying withdrawal charge of 200k satoshis,I had to wait 7 days.
it has to change! 😞
but it will take loads of time to happen!
meanwhile as bitcoin transection relays on Network confirmation from those minners,it can't Stop!
Recently with so many Pending Transections Bitcoin Transection got way slower!
even after paying withdrawal charge of 200k satoshis,I had to wait 7 days.
it has to change! 😞
You can't forget that it is still harder to mine Bitcoin. Bitcoin is getting more and more valuable which makes the time of its mining longer. It is important that the number of bitcoins can change a little bit ( I mean the numbers after the coma). Consequently, there are some ways to avoid the times when all bitcoins will be mined.
If all mined i think they need to stop because it's already nothing to do and bitcoin will continue with value,bitcoin transaction are the cycle of it and that's why it created to easy way of transaction and to save your own money,Bitcoin value are base on the users of it like many investor,miners and etc.,I think you need to do is think now to do invest to earn and we don't know future here so invest now for profit.
That will happen after more than 100 years from now.
When all Bitcoins get mined, transactions fees will be the only income for miners, thus, the logical deduction would be to assume that fees will be higher to cover mining costs.
But after 100 years new technologies will appear, and for sure mining technology will change too and if Bitcoin will become world wide used maybe every PC will have an integrated mining chip
When all Bitcoins get mined, transactions fees will be the only income for miners, thus, the logical deduction would be to assume that fees will be higher to cover mining costs.
But after 100 years new technologies will appear, and for sure mining technology will change too and if Bitcoin will become world wide used maybe every PC will have an integrated mining chip
Correct me if I dont fully understand the concept of bitcoin. If miners currently work for new bitcoin, then once all bitcoin has been mined, I assume that the only incentive for them to continue running is to collect transaction fees. In order to offset the cost of their rig and electricity, wouldnt their fees need to increase in order for them to make it worth their effort? Isnt that bad for anyone who wants to use bitcoin as currency instead of investment?
Yes.After all bitcoins get mined,there would be no bitcoins for miners as block reward and they would have to completely rely on transaction fee.So,the transaction fee would be increased at that time.But lighting network would help more for transaction fee to get decreased i hope.
You are correct.
Over time less and less bitcoins are given to miners so they make the shortfall by only adding transactions that have paid a sufficient fee to the chain.
The result is hodlrs benefit but people who want to use it to purchase items pay a penalty. So they use visa etc instead.
Alternative is to use other cryptos that aren't as short-sighted.
Over time less and less bitcoins are given to miners so they make the shortfall by only adding transactions that have paid a sufficient fee to the chain.
The result is hodlrs benefit but people who want to use it to purchase items pay a penalty. So they use visa etc instead.
Alternative is to use other cryptos that aren't as short-sighted.
what types of question it is ? are u looking for a solution . miner mine btc and sale with higher price
Just curious. It seemed like the weakness of bitcoin, and I wondered what the ramifications would be if I was right?
what types of question it is ? are u looking for a solution . miner mine btc and sale with higher price
Correct me if I dont fully understand the concept of bitcoin. If miners currently work for new bitcoin, then once all bitcoin has been mined, I assume that the only incentive for them to continue running is to collect transaction fees. In order to offset the cost of their rig and electricity, wouldnt their fees need to increase in order for them to make it worth their effort? Isnt that bad for anyone who wants to use bitcoin as currency instead of investment?
By then Bitcoin will be either dead, or worth enough to pay for electricity and hardware even with minuscule transaction fees.
The worst case that could happen is that miners drop off the network until mining BTC becomes profitable again, making the BTC network consume less electricity.
Either way miners have decades to adjust themselves to these futures changes. In this regard the Bitcoin protocol is more reliable than legal, social and economical circumstances that often give traditional businesses only months or years to adjust (or die).
We will probably encounter many more real problems from now until then all of which could kill bitcoin itself.
What? What kinds of problems are we talking about?
Let us suppose all Bitcoins have been mined already. The miners will not be receiving anything else but the transaction fees. But take note that even now the transaction fees are already incredibly high. That means much money already to the miners despite the significant amount of investment they need to set up a mine. They are still earning big. And then of course the fact is that it might not happen at all.
There fees would need to increase overall but as BTC goes up their fees will continue to go up. Besides this isn't a problem we will have to deal with in our lifetime because the last bitcoin will be mined around 2140. We will probably encounter many more real problems from now until then all of which could kill bitcoin itself.
Correct that once all supply of bitcoin has been mined they will only depend to the fees now. Why is it bothering you? Are you a miner? Those miners aren't even bothering themselves for thinking this since they know in the future bitcoin's future will be great and every single satoshi will be worth it as the demand of bitcoin gets higher and higher and what do you think about the fee? They aren't even cheap anymore by that time.
It concerns me. It seems that this has the potential to cause a huge disparity between rich and poor. The rich whales hold the wealth and only they can afford fees. The poor dont hold enough wealth to afford transaction fees.
If affordable technology doesnt arrive fast enough, there will be no new miners, and current miners will be forced to shut down their rigs or lose money. The less rigs online the less decentralization exists. Theoretically, bitcoin could become centralized amongst those who can afford rigs and become a monopoly. I dont think it will happen, but theoretically it could happne, right?
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