What happens when Bitcoin reaches its Max Supply? - page 6.

ICOmonster

newbie

Activity: 47

Merit: 0

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..

bitart

hero member

Activity: 1442

Merit: 629

Vires in Numeris

Quote from: Zarbout on October 21, 2017, 01:04:30 PM

I had the same idea. Who will confirm the transactions without mining fees? and what will be bitcoin price then?

Don't worry mining fees will exist every time. Just remember a few months ago, when BCH and BTC were 'fighting' and miners were hopping from and to the different chains to mine. This caused high fees on the BTC chain, so the miners earned the block reward and serious profit from fees as well. This amount of profit from the fees should be enough for the miners if the block reward disappears.

HabBear

hero member

Activity: 1106

Merit: 637

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.

Zarbout

full member

Activity: 168

Merit: 100

Live Stars - Adult Streaming Platform

I had the same idea. Who will confirm the transactions without mining fees? and what will be bitcoin price then?

cellard

legendary

Activity: 1372

Merit: 1252

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?

In theory, the price should be so high that it is economically viable to mine the transactions profit being only the fees of them without any newly generated coins as rewards.

Some theorize that this will not hold and suggest a small % of inflation. I think it's bullshit, we don't need inflation. If someone doesn't want to keep mining and reap the profits of fees, someone else will. The system will continue self adjusting just like it does now.

Inflation would never have enough consensus for a hardfork.

ICOmonster

newbie

Activity: 47

Merit: 0

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?

Topic: What happens when Bitcoin reaches its Max Supply? - page 6. (Read 1709 times)