What happens when the last bitcoin has been mined? [Year 2140] - page 2.

Kokoy

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Quote from: PipeMaddox on October 30, 2018, 08:55:02 PM

Well, if you count it in that way, that might be the end of bitcoin. But the idea of bitcoin is exemplary, it won't be diminished that easily. Many will come by the time you've predicted.

I agree with this, people will definitely create various modifications to keep Bitcoin running in the market. And given that Bitcoin is being use by the mass, we can say that the stability must always be observe so we can prevent future threat that may end up eradicating this community.

Diced90

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Get'em boys

There's two way this scenario could look like. The first scenario, if the last coin was mined than there will be a massive price surge. The second is another technological breakthrough which could either lead to mining of more coins or the erasion of BTC completely for the next BTC generation?

iqlimasyadiqa

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When more people do mining on Bitcoin then of course that will make bitcoin reach the target faster and bitcoin will run out. When Bitcoin has been mined, I am very confident that Bitcoin will experience a significant price increase. When Bitcoin is increasingly sought after by many people and supply has been fulfilled, more and more people will be interested and that will make the price of Bitcoin automatically increase.

Bitcoin is a financial system in the future, so therefore start investing in Bitcoin from now on and we will get many opportunities to make a profit.

marinama

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How will bitcoin get confirm after last block mined? Same way as today? Miner will still mine at higher difficulty and take only miner fee? Or difficulty will go lower?

tegarp90

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Quote from: aalfadhala on October 29, 2018, 12:14:41 PM

So I was reading an article about the future of Bitcoin, trying to understand what will happen when the last bitcoin has been mined (from a technical perspective).

https://coinlu.com/what-is-the-future-of-bitcoin/

So if we do the math, the last Bitcoin should be mined sometime in the year 2140 - all of us will be dead by then.
However, what do you think will happen and what can we compare the event too?

Huh

I think there are more supply from it's hardfork like BCH or other bitcoin child.
So, people still keep mining but not mine bitcoin

Hivalley

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I do not think it'll have an adverse effect on the bitcoin,yeah miners would not earn bitcoins for solving puzzles anymore,they will simply fall back on transaction fees..

And 2140 is a long period of time, so many features might be created by then,and the last bitcoin mined might not even matter to the system

As you said we might all be dead,i think posterity would have to wait to decide what will happen by then

H1N1

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Quote from: aalfadhala on October 29, 2018, 12:14:41 PM

So I was reading an article about the future of Bitcoin, trying to understand what will happen when the last bitcoin has been mined (from a technical perspective).

https://coinlu.com/what-is-the-future-of-bitcoin/

So if we do the math, the last Bitcoin should be mined sometime in the year 2140 - all of us will be dead by then.
However, what do you think will happen and what can we compare the event too?

Huh

I don't know either, maybe bitcoin will be unable to be mined by miners. But if that happening, the price of bitcoin will increasing overtime because the circulation supply will not adding anymore and become limited. If the demands of bitcoin keep increasing, the price of bitcoin can sky rocketing.

aalfadhala

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Hey!

Quote from: seoincorporation on October 31, 2018, 01:36:08 PM

Quote from: aalfadhala on October 29, 2018, 12:14:41 PM

from a technical perspective...

After the last bitcoin get mined, once each new block gets confirmed miners will only get their income from the transaction fees and not from the block reward this will become zero.

With time will be less bitcoins moving, because the bad practices and ignorance will make bitcoins get lost.

And the blockchain will be enormous, if now days already have a weight of 200GB, when the last BTC get mined then the rolling snowball (Blockchain) will be bigger.

And that's my technical perspective.

Thank you for your insights, very helpful!

maianh09

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When Bitcoin is fully exploited, I believe the bitcoin price will rise sharply as there is no supply for it. Bitcoins cannot be made extra, the amount reaches the limit, and the demand for possession is so high it will make it grow fast.

tikaka

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I think the bosses of the bitcoin mining companies would be really rich at the time. Difficulties in bitcoin mining are high as the amount of bitcoin mined gradually decreases. So I think bitcoin will have a very great price at that time.

seoincorporation

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Quote from: aalfadhala on October 29, 2018, 12:14:41 PM

from a technical perspective...

After the last bitcoin get mined, once each new block gets confirmed miners will only get their income from the transaction fees and not from the block reward this will become zero.

With time will be less bitcoins moving, because the bad practices and ignorance will make bitcoins get lost.

And the blockchain will be enormous, if now days already have a weight of 200GB, when the last BTC get mined then the rolling snowball (Blockchain) will be bigger.

And that's my technical perspective.

kryptqnick

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Quote

The rate at which Bitcoin consumes power isn’t even sustainable now. So in 50 years, something will have changed, or Bitcoin will have ceased to exist.

That's a little harsh. Bitcoin mining takes as much electricity as a small country, but the reason for mining being to hard it strong competition. And I don't think this problem is big enough for bitcoin to stop existing.

Quote

It may even be that they decide to completely outlaw Bitcoin in their countries and go down the route of government-issued cryptocurrencies.

Outlawing bitcoin and other top cryptocurrencies means not only making millions of people angry, but involves a high risk of underground economy that will have more negative effects on national economies than some regulations making usage of bitcoin 100% legit.

In general, I think this article is just too negative about btc and its future.

dothebeats

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Cashback 15%

A hypothetical and rhetorical question. If the last of the 21 million bitcoin is mined by 2140, it's either the price of 1 bitcoin is too high for the miners to continue hashing or it the network wouldn't live to exhaust the supply due to petty geopolitical and economical issues (hi Trump, China and Russia!) We're going to incline on the safer side just to satisfy your question. If bitcoin lived up until 2140, it could be that it's due to the constant pouring of demand + price increases to motivate the miners to keep hashing. By then, bitcoin is regarded as the new gold and is an integral part of the world's economy. If not, then bitcoin might not even see the last coin to be mined since there's literally no incentive for the miners to do so + the cost of mining will surely outweigh their profit.

livingfree

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Quote from: liuqi on October 31, 2018, 12:43:26 PM

I think after 5 years it will be completely mined so demand is the only role of future market.

Are you pointing to the 21 million supply of bitcoin? 5 years won't be enough and estimation of OP is correct. Its around 100+ years before all bitcoins will be mined. And when that time comes, miners will continue to mine if bitcoin is still there for confirming transactions.

Speculating something 100 years ahead is difficult but if bitcoin still has the floor by that time, people who are holding around 0.001BTC and above will become the new wealthy citizens of the world.

oppasong

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certainly no one can predict how long bitcoin will run out in the mine, because the level of difficulty in mining bitcoin is very high which I think is the price of bitcoin in the year 2140 might just touch the highest price.

liuqi

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I think after 5 years it will be completely mined so demand is the only role of future market. All the cryptocurrencies are follow the Bitcoin way so most of the altcoins are move to critical stage in future because of legalisation of Bitcoin. Slowly each countries has decide the Bitcoin legalisation so positive result is possible in forever.

rabinot

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it seems to me that the mining will not die after the last bitcoin has been mined because the miners will be paid for more transactions in the network

Argoo

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Quote from: Dexter Mills on October 31, 2018, 11:29:11 AM

Once, the last of the Bitcoin has been mined, the market will take a sharp turn. The supply of the Bitcoin will be limited while the demand will continue to rise. As a result, the price will go up.

Of course, nothing special will happen if the last bitcoin is extracted. What should or can happen? What will happen is that in a hundred and twenty years no one will need Bitcoin in this state. By that time, the cryptocurrency has completely changed. The question is whether Bitcoin will change by then and what it will be. Of course, we will not know.

Babyrica0226

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Quote from: aalfadhala on October 29, 2018, 12:14:41 PM

So I was reading an article about the future of Bitcoin, trying to understand what will happen when the last bitcoin has been mined (from a technical perspective).

https://coinlu.com/what-is-the-future-of-bitcoin/

So if we do the math, the last Bitcoin should be mined sometime in the year 2140 - all of us will be dead by then.
However, what do you think will happen and what can we compare the event too?

Huh

Do you think that would really be happen? Perhaps, there is no people here in the forum who is a time traveler? Because, none of us here in this field of business knows what will happen in the future. But it could be that Bitcoin can become a world currency someday due to its potentiality and capability.

Dexter Mills

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Once, the last of the Bitcoin has been mined, the market will take a sharp turn. The supply of the Bitcoin will be limited while the demand will continue to rise. As a result, the price will go up.

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