When we hit the maximum amount of BTC, then the value will go up a lot because no more can be created and demand will rise but supply will stay the same.
true dude, as like diamond or other valuable thing, demands of these thing are very high whereas the supply of diamonds is very limited that's make the price of diamonds are very high beside the beautiful reason which many people Interested. when bitcoin supply is limited but demands of bitcoin keep increasing the results is bitcoin price will sky rocket. 
Topic: What happens when we hit 21,000,000 bitcoins? (Read 2647 times)
If all 21 million bitcoins are to be extracted, it will most likely turn from a means of payment into a means of storing valuables. In addition, it must be taken into account that during this time a significant proportion of bitcoin will disappear irrevocably due to various reasons, such as loss of access to the digital wallet, etc.
If there are less miners, the transaction will be as slow as you can imagine. Also this will affect the users, they might switch to other alternative coins for fast transactions. So in this scenario, less demand, low price.
But if the miners will just rely on transaction fee of course this will not be enough for them versus in what their getting in block rewards as a result of this, over time miners will not be interested to this and will quit. The lesser the miners ther slower will be the confirmation of transaction.
The Bitcoin protocol is designed to produce one block every 10 minutes. If the number of miners goes down, the difficulty will automatically adjust to keep the block time approximately the same. Thus, transaction speed will not change.Because it becomes exponentially difficult, then there is no possibility to obtain the last bitcoin of the 21,000,000 of the bitcoins. So computation will continue forever, and give exponentially difficult results. This will give the possibility for the bitcoin to exist forever. The last bitcoin, or the last part of it will be never obtained.
Because bitcoins are measured in Satoshis (.00000001 BTC), as an integer value, the block reward will actually go to zero, 4 years after it goes to 1, because 1 divided by 2 is 0, when using integer arithmetic. This morning I was talking about this with a buddy of mine.
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
Then all the bitcoins available would have been mined and then there would be nothing left to mine, so all we can just do is to keep confirming transactions as miners then, and earn just a little from transaction fees.Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
At this time bitcoin is going popular very fast and day by day usage of it is increasing.No body can imagine price of bitcoin at the time of mining completion.but it true bitcoin will be stand on great and big handsome price with 6 digit figure. i think it will run very fast after the completion as compare to current time of growth.because at that time every body will know about this and total bitcoin will see less amount for the whole world.
i think nothing happen if we have to reach 21 million Bitcoin . because there is still are Ethereum , Litecoin , and another potencial Altcoin waiting for mining ..
When we hit the maximum amount of BTC, then the value will go up a lot because no more can be created and demand will rise but supply will stay the same.
true dude, as like diamond or other valuable thing, demands of these thing are very high whereas the supply of diamonds is very limited that's make the price of diamonds are very high beside the beautiful reason which many people Interested. when bitcoin supply is limited but demands of bitcoin keep increasing the results is bitcoin price will sky rocket. the supply of diamonds is actually quite high. It is just that the market go and hype it up and link it to engagement rings etc that cause the trends/hype. Otherwise, diamonds would be a worthless piece of junks. On the other hand, bitcoins solve a lot of real life issue like oversea transaction, seller protection, fees, limited quantity etc.
This morning I was talking about this with a buddy of mine.
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
All coins are destroyed and bitcoin starts from the genesis block again.
That will not happen so soon so I'm not worried yet but when it comes to that the price will go wild. Demand is increasing all the time and with the time it will be even bigger and supply will be limited. Natural consequence of this will be huge pump of the price. Probably the fees will be also very high which is the bad thing. Bitcoin market will look very much different comparing to now.
Because it becomes exponentially difficult, then there is no possibility to obtain the last bitcoin of the 21,000,000 of the bitcoins. So computation will continue forever, and give exponentially difficult results. This will give the possibility for the bitcoin to exist forever. The last bitcoin, or the last part of it will be never obtained.
When we hit the maximum amount of BTC, then the value will go up a lot because no more can be created and demand will rise but supply will stay the same.
true dude, as like diamond or other valuable thing, demands of these thing are very high whereas the supply of diamonds is very limited that's make the price of diamonds are very high beside the beautiful reason which many people Interested. when bitcoin supply is limited but demands of bitcoin keep increasing the results is bitcoin price will sky rocket. This morning I was talking about this with a buddy of mine.
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
1. Ill be dead. And you will be too.
2. There wont be any empty blocks anymore.
This morning I was talking about this with a buddy of mine.
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
There will be never 21 000 000 bitcoins. It will divide into infinity.
And when dividing will be to small - miners will start earn from fees of transactions.
For me this is the thing that will happen.
The whole bitcoin supply will be divided among owners...
Of course the price will really be going high.
And blockchain will be fueled by transaction fees
.
But it is still a very long way to go...
It is a good question. But I do not know what will happen, but I know one thing, I will be following the news to always be updated, because this is very important.
This morning I was talking about this with a buddy of mine.
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
Volatility will end and Bitcoin will begin to be used for its purpose.
This morning I was talking about this with a buddy of mine.
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
When that happens then it means all the available bitcoins have been mined, then there would be no new one to mine, all transactions happening will just be involving exchange of bitcoin from users who already have bitcoins. Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
This morning I was talking about this with a buddy of mine.
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
Then all the bitcoins available would have been mined and then there would be nothing left to mine, so all we can just do is to keep confirming transactions as miners then, and earn just a little from transaction fees. Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
Mathematically, we cannot really reach 21 million bitcoins. But there will come a time when bitcoin mining would not be worth it because miners will just mine for the transactions.
Well once we hit that milestone, miners won't have much to gain so probably we'll see a big bom on the transaction fee and that will probably make people leave bitcoin for other cryptocurrencies. But hey we still have a long way to go (probably +20 years) and I sure know that bitcoin is unpredicatable and it has always amazed me so let's hope for the best.
Miners are the ones that get the fees. The assumption is, especially now with larger blocks, is that if the system actually lasts til this point, it should be a given that adoption scaled with it. The fees at this point should surpass the proportionate share of block rewards. We will also assume it should be much, much cheaper to mine in general, as the mining technology should be hyper efficient by this point as well.
This morning I was talking about this with a buddy of mine.
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
Right now we have miners all over the world trying to solve this exponentially hard algorithm to earn their bitcoins. That is their incentive and that is what drives them to do so.
What happens when we remove that incentive to "mine" aka "verify transactions" on the blockchain? What I'm basically asking is what happens when we hit 21,000,000 bitcoins from the perspective of the miners?
Volatility will end and Bitcoin will begin to be used for its purpose.
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