What happens when Bitcoin reaches its Max Supply? - page 4.

Mpamaegbu

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Quote from: ICOmonster on October 21, 2017, 12:00:05 PM

Hi i have a question, i hope someone could answer it
As of now, the circulating supply of Bitcoin is 16.6M
I was wondering what would happen if it reaches 21M?

Will bitcoin still work even without mining?
Or will bitcoin fall apart?

Nothing out of place will happen except that the price of Bitcoin will skyrocket. By the way, the 21m is the expected total mined coins but there is no way that 21m will be in supply even after everything has been mined. Of course there are going to be lost coins in transaction or lost private keys to trace some coins.

kalawang

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Quote from: ICOmonster on October 21, 2017, 12:00:05 PM

Hi i have a question, i hope someone could answer it
As of now, the circulating supply of Bitcoin is 16.6M
I was wondering what would happen if it reaches 21M?

Will bitcoin still work even without mining?
Or will bitcoin fall apart?

Based on my research in 2015 the total supply of bitcoin is 6-5 million? I dont think so but i know that if bitcoin got max supply i know that bitcoin is get increase to the highest price becuase if the supply is limited we expect the price is high.

ICOmonster

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Quote from: drm on October 22, 2017, 11:05:52 PM

It's either going to skyrocket because of bitcoi'sn scarcity, or it's going to tank because of the missing miners, a big driving force on the btc price.

i think bitcoin will collapse because the Fee for transferring will be so high

drm

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It's either going to skyrocket because of bitcoi'sn scarcity, or it's going to tank because of the missing miners, a big driving force on the btc price.

degaga15

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in my opinion bitcoin will not be added if the supply is still widely circulated, if the supply is multiplied then the bitcoin price will go down, therefore bitcoin now given the limit let the price do not drop drastically.

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Quote from: ICOmonster on October 21, 2017, 12:00:05 PM

Hi i have a question, i hope someone could answer it
As of now, the circulating supply of Bitcoin is 16.6M
I was wondering what would happen if it reaches 21M?

Will bitcoin still work even without mining?
Or will bitcoin fall apart?

I think if bitcoin reach to his max supply all the bitcoin miners will join intry only and earn bitcoin in transaction that makes by people who are using bitcoin transaction

chathushka

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After bitcoins are all mined (reaches it max supply), miners will not get reward from generating new coins, but they will get transaction fees. Bitcoin will not fall apart, it will continue to grow on transactions and volume. Grin

rjbtc2017

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Quote from: Esmeral on October 22, 2017, 12:09:37 AM

Quote from: rjbtc2017 on October 21, 2017, 11:30:37 PM

Quote from: ICOmonster on October 21, 2017, 12:00:05 PM

Hi i have a question, i hope someone could answer it
As of now, the circulating supply of Bitcoin is 16.6M
I was wondering what would happen if it reaches 21M?

Will bitcoin still work even without mining?
Or will bitcoin fall apart?

Hi, your question is searchable and it's has been answered many times. The summary of answer is this:
1. Miners will still work and will still have a profit or reward and that is the transaction fees. In which i think is still profitable.
2. Bitcoin will not fall apart, it will continue to grow on transactions and volume.

And I think BitCoin will fall, because the weaknesses, limitations and disadvantages of BitCoin is much more than other currencies.

How can you say this??. bitcoin is the pioneer, limitations and disadvantages will always exists on other currencies but you cannot just conclude that because of the limitations and disadvantages a coin will fall or die. The support from the community is one of the biggest requirement of a coin to continually live and as of now, the support from the community to Bitcoin is incomparable to other cryptocurrencies.

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So anyway, I applied as a merit source :)

Quote from: Rhaizan on October 22, 2017, 01:48:11 AM

Quote from: Esmeral on October 22, 2017, 12:08:16 AM

Quote from: OrangeII on October 21, 2017, 11:42:53 PM

if bitcoin is still used, maybe the bitcoin price will be to the moon. but if not, maybe slowly, bitcoin price will reach its lowest point. well, it could be the price of bitcoin to be completely stable.

HAHA, many people also think that bitcoin will go to the moon when the supply reaches its maximum.
Only 21 million bitcoins have been created, but the world has 7 billion

So its very imposible that all people can have bitcoin, if people reach the maximum in that case i think bitcoin price will have more value. So many people can use it for every day. But im sure not all people can have bitcoin. That's why there is a lot of kind of any coin. (Correct me if im wrong)

When bitcoin reaches its max supply no more coins will me mined anymore. The miners will simply mine the transactions from then on and no more blocks. Now there is no reach to think that the supply will be small for the world population because satoshi has thought of that previously and that is why the limited supply makes it only a more precious asset - hence the price will increase in future and there is no one to stop that. Every person will be abble to theoretically buy bitcoin but the price spikes will happen.

ICOmonster

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Quote from: stompix on October 22, 2017, 04:53:04 AM

Quote from: Sasuke102001 on October 22, 2017, 12:09:43 AM

If bitcoin reaches its maxed supply wouldn't that create a situation of more demand less supply and the prices could go high maybe.

Quite the opposite.
It would create that situation.

Quote from: r1a2y3m4 on October 22, 2017, 04:16:43 AM

When Bitcoin reaches its max supply its value may surge up because it will be limited. One thing I know in this world is that if something is rare it will be of high value. Gold and Silver for example. This elements are both expensive but gold has a higher value than silver because it is more difficult to find. Diamond has a much higher value than gold and silver because it is harder to find than both gold and silver and It is harder to produce. I am pretty sure bitcoin will be react the same. Of course there is still the possibility that some forces will act to bring down bitcoin.

Scarcity does not always guarantee high prices.
The price ratio for silver does not reflect the available supply in the earth crust.
Also there are 5 other rare metals, some of them 10 times more rare than gold but they aren't more 10 times more valuable thna gold.
An example will also be titanium which if far more expensive than zinc.

Quote from: vandvl on October 22, 2017, 01:34:10 AM

ithink reaching 21m is didn't happen because we are have 2 hardfork for now itmeans half bitcoin was seperated so that bitcoin is going down after the hardfork.

Nothing is going down, stop spreading FUD.

Also, about the 2140 date.
That is not the date when the last bitcoin will be mined. More like the last few satoshi.

By 2040 miners will receive 0.09BTC reward by block and by 2100 around 600 satoshi.

Woah thank you for this Picture... I started trading bitcoin since 2013 and i heard of the news about halving. But sadly i didn't believed it and i was convinced that bitcoin was dying when mtgox was hacked... but now i know that bitcoin will live on and grow big time Cheesy

hitrawal91

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It's not the appropriate question here to answer it i think the confirmation of transaction fees could not be done without the mining fees and just imagine what would be the bitcoin price at that time. I cannot justify here how could it be possible but yes i know one thing that mining fees will exists at every time. If the supply is showing no activity with the same amount of demand in action then the value will rise for sure. This imbalances in the demand & supply will make the price of the bitcoin fall, lets see how this prediction works and how the bitcoin moves in the future.

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Quote from: Sasuke102001 on October 22, 2017, 12:09:43 AM

If bitcoin reaches its maxed supply wouldn't that create a situation of more demand less supply and the prices could go high maybe.

Quite the opposite.
It would create that situation.

Quote from: r1a2y3m4 on October 22, 2017, 04:16:43 AM

When Bitcoin reaches its max supply its value may surge up because it will be limited. One thing I know in this world is that if something is rare it will be of high value. Gold and Silver for example. This elements are both expensive but gold has a higher value than silver because it is more difficult to find. Diamond has a much higher value than gold and silver because it is harder to find than both gold and silver and It is harder to produce. I am pretty sure bitcoin will be react the same. Of course there is still the possibility that some forces will act to bring down bitcoin.

Scarcity does not always guarantee high prices.
The price ratio for silver does not reflect the available supply in the earth crust.
Also there are 5 other rare metals, some of them 10 times more rare than gold but they aren't more 10 times more valuable thna gold.
An example will also be titanium which if far more expensive than zinc.

Quote from: vandvl on October 22, 2017, 01:34:10 AM

ithink reaching 21m is didn't happen because we are have 2 hardfork for now itmeans half bitcoin was seperated so that bitcoin is going down after the hardfork.

Nothing is going down, stop spreading FUD.

Also, about the 2140 date.
That is not the date when the last bitcoin will be mined. More like the last few satoshi.

By 2040 miners will receive 0.09BTC reward by block and by 2100 around 600 satoshi.

r1a2y3m4

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When Bitcoin reaches its max supply its value may surge up because it will be limited. One thing I know in this world is that if something is rare it will be of high value. Gold and Silver for example. This elements are both expensive but gold has a higher value than silver because it is more difficult to find. Diamond has a much higher value than gold and silver because it is harder to find than both gold and silver and It is harder to produce. I am pretty sure bitcoin will be react the same. Of course there is still the possibility that some forces will act to bring down bitcoin.

bitalive

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Don't actually know what happens next after the max supply is mined. Google returned this-
After 21 million bitcoins have been mined, no more can be generated, but the network will still need to be secured. The incentive for mining might diminish, but the generation of new blocks is important to provide the publicly available, network-distributed ledger of transactions. Miners will still be able to turn a profit from transaction fees.

Rhaizan

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Quote from: Esmeral on October 22, 2017, 12:08:16 AM

Quote from: OrangeII on October 21, 2017, 11:42:53 PM

if bitcoin is still used, maybe the bitcoin price will be to the moon. but if not, maybe slowly, bitcoin price will reach its lowest point. well, it could be the price of bitcoin to be completely stable.

HAHA, many people also think that bitcoin will go to the moon when the supply reaches its maximum.
Only 21 million bitcoins have been created, but the world has 7 billion

So its very imposible that all people can have bitcoin, if people reach the maximum in that case i think bitcoin price will have more value. So many people can use it for every day. But im sure not all people can have bitcoin. That's why there is a lot of kind of any coin. (Correct me if im wrong)

HabBear

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Quote from: ICOmonster on October 21, 2017, 09:47:43 PM

Quote from: HabBear on October 21, 2017, 01:12:21 PM

Bitcoin would still work.

Miners would get paid differently, because there would be no more block rewards. They'd get paid only by fees. Fees may increase as a result, but in theory the value of Bitcoin should increase as well so the % of a transaction devoted to a fee may not have as much change.

If supply is stagnant there will be a greater effect on value given the same amount of demand. This is when the value of bitcoin could really take off. Unfortunately all bitcoin won't be mined until the year 2140. BUT, given the process of halving block rewards (and therefore the creation of Bitcoin) we'll have mined nearly all of bitcoin well before (like many many decades before) the last satoshi is unlocked.

Well if that's the case. the concept of bitcoin of being decentralize and low transfer fee will be gone...
i think a new coin will rise and replace bitcoin 50 years before it happens..

Why would a new coin need to arise if Bitcoin is working as planned 100 years ago?

Quote from: Esmeral on October 22, 2017, 12:01:17 AM

Then the bitcoin supply will run out, BitCoin can only deflate, ie increase the value

Bitcoin wouldn't deflate in value, it would inflate in value! When demand exceeds supply value inflates!

You're confusing the inflation of value of currency with the inflation of prices for goods and services (which is the deflation of the value of currency).

vandvl

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ithink reaching 21m is didn't happen because we are have 2 hardfork for now itmeans half bitcoin was seperated so that bitcoin is going down after the hardfork.

13abyknight

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Quote from: Esmeral on October 22, 2017, 12:08:16 AM

Quote from: OrangeII on October 21, 2017, 11:42:53 PM

if bitcoin is still used, maybe the bitcoin price will be to the moon. but if not, maybe slowly, bitcoin price will reach its lowest point. well, it could be the price of bitcoin to be completely stable.

HAHA, many people also think that bitcoin will go to the moon when the supply reaches its maximum.
Only 21 million bitcoins have been created, but the world has 7 billion

And how many of the 7 billion population would be using Bitcoin? Maybe like 1% tops or even lesser. The point here is looking at the long term future when every single coin is mined and yes, expect it to reach the moon by all means.
It would take many decades to reach the max supply as the block reward would be decreasing and difficulty would he increasing exponentially.

jc89

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Quote from: ICOmonster on October 21, 2017, 12:00:05 PM

Hi i have a question, i hope someone could answer it
As of now, the circulating supply of Bitcoin is 16.6M
I was wondering what would happen if it reaches 21M?

Will bitcoin still work even without mining?
Or will bitcoin fall apart?

At first, that was really one of my concerns. But then one day my brother and I had a small talk about btc and this concern came up. So yeah, basically we have the same opinion like others here that mining will still continue as there will always be a fee to be paid on every single transaction and that might increase too as there'll be no more btc to mine. And for sure there will be more upgrades to cope with the situation. Btc will never fall apart and its price will then be unimaginably expensive. But then at the end of the conversation my brother and I came up with an agreement not to think of it anymore. Simply because by that time btc have been mined we will no longer be here. Well not unless we made it to our 170th birthday. Grin

szpalata

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Quote from: Ludmilla_rose1995 on October 22, 2017, 12:38:30 AM

Quote from: ICOmonster on October 21, 2017, 12:00:05 PM

Hi i have a question, i hope someone could answer it
As of now, the circulating supply of Bitcoin is 16.6M
I was wondering what would happen if it reaches 21M?

Will bitcoin still work even without mining?
Or will bitcoin fall apart?

I think bitcoin will still work but no more mining so it is very difficult to find and become rare and the price is definitely very high

That's what we call scarcity, and that's one attribute of all money and where there is scarcity of any legal tender there's a corresponding demand of it and hence an appreciation of it's value; the same can be thought of bitcoin should we max out all that's supposed to be mined.

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