Topic: What happens when we hit 21,000,000 bitcoins? - page 4. (Read 2636 times)
Bitcoin will not be in the mine again. Besides it could be bitcoin will be a rare item because it is no longer production, legally economically when the goods are scarce while many demand may be the item will have a high selling value, but there could be the possibility of bitcoin like Rare items that will only be made in the collection. Very exciting to wait for it after bitcoin reached 21 million
Surely by the time it happens the price will be so high that transaction fees will also be extremely high to entice miners to continue. Either that or it will be like when we hit the year 2000 and the y2k fiasco. MASS PANIC. time will tell!
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?
I think if we reach that mark there would be no more bitcoin to mine, I don't know what will happen to it's price if all bitcoins were mined. I hope that it will have a positive impact to those who are holding bitcoin. Or maybe another another coin would come up, I think it will just keep going. It's like an endless cycle.
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?
Well, there are only two scenario when that happens. First, btc miners will stop working. Second, these btc miners might shift to different (and probably newly introduced) cryptocurrencies . But again, I think this will not be coming sooner for the algo of btc is not that easy to solve and 21m is a lot of btc, if you get my point, tho. However, miners CAN still stay on working with bitcoins BUT only earn 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?
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?
i think if it reached its maximum potential of 21,000,000 bitcoins, it has be another cycle of mines to be mine to have a another round on this business. and i think the creators of this bitcoin are aware on that. so they have another round to catch up us again and again to make us them more profits.
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.
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?
The law of demand and supply will answer your question in terms of the price. Assuming that every bitcoin is already mined, the supply now will be limited to the ones holding bitcoin and the person who has the most bitcoins might have the potential to control the price depending on his supply. Due to all of these factors, the price of bitcoins would significantly increase on the market and investing it would be the right choice. Though one disadvantage that it might result is the number of campaign signatures might decrease, or rather use another type of cryptocurrency as for their payment; but then again this is all speculation.
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?
I think the price of bitcoin can bump up high if it happen, the miners know it can happen sooner or later, so it is all calculated
I think it can happen not early than 10 years
Later that, the people can directing our "strenght" to other criptos
Satoshi will appear and will tell us what to do.
C'mon. Not again. Use the search function for gods sake. 
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?
we can apply here the law of supply and demand. When bitcoin hit its maximum value then the miners will get nothing to mine.
The supply of the bitcoin will be fix and the value of bitcoin will go high because of the demand.
Miners will still get transaction fees.
right, but for that to matter, we need a functioning fee market (based on limited capacity). there is no guarantee of mass adoption, so to maintain bitcoin as a highly secure network (vis-a-vis proof of work), we need high fees on layer 1.
otherwise, miners will be shutting down en masse as we approach supply being fully mined out, which opens all sorts of attack vectors as hash rate plummets. massive block reorganizations could be the norm in that case. this is why i'm thankful that the core devs have the foresight to deal with this issue now by bringing us closer to layer 2 solutions that will mitigate this push for cheaper fees.
Bitcoin price will go sky high, miners will start getting paid from transaction fees alone, bitcoin will become deflationary. Anonymous voting on the blockchain, global utopia, nano-robots fulfilling our every desire. Then immortality, breaking the boundaries of all form and limitation, the nanobots infecting the rest of reality and ultimately creating new multiverses. And all you have to do is hold.
If bitcoin will be mined all of them then the miners will be just getting profits from confirming the different transactions because the miners are the only one who can validate transactions and they can still get profit via bitcoin by doing that. Miners will never leave bitcoin because the fees from transactions is the key to stay in profitable business.
Should've seen the "You'll be dead, what do you care?" coming.
I know it's difficult to speculate that far down the road (~2140) but it's worth thinking about the bigger picture. I'd have to agree with yoseph. We will probably move on to something different by then.
Or maybe with the commercial release of qubit processors we won't need to have warehouses of ASICs running all day and mining will be done in the palm of our hand. Maybe a bit idealistic but we are talking over 100 years in the future.
Then you run into the issues with private key security. Hopefully encryption scales proportionately to hardware advances.
I know it's difficult to speculate that far down the road (~2140) but it's worth thinking about the bigger picture. I'd have to agree with yoseph. We will probably move on to something different by then.
From the calculations due to the difficulty increasing whenever each bitcoin is mined, it will be another one hundred year or so before the last bitcoin is mined in the entire world, I don't think that even Satoshi will be around to witness the milestone, I am certain that by then the current generation would have moved on to another cryptocurrency then.
Or maybe with the commercial release of qubit processors we won't need to have warehouses of ASICs running all day and mining will be done in the palm of our hand. Maybe a bit idealistic but we are talking over 100 years in the future.
Then you run into the issues with private key security. Hopefully encryption scales proportionately to hardware advances.
if that happend ther will be the end of the bitcoin there is no more bitcoin to get we will buy and sell that amount all we have only 
Definitely bitcoin will rise in value.
Because there is no more mined bitcoin but the demand for bitcoin much.
And possibly alt coins will also experience a significant increase.
Because there is no more mined bitcoin but the demand for bitcoin much.
And possibly alt coins will also experience a significant increase.
the game will end after that. If there is no more big events related with bitcoin, or just stay in there because there is no more supply price will be increase more, people will get less interest with bitcoin, maybe before that happens there is already a new choice from people to replace bitcoin.
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?
We come to the end and this causes huge problems in the demand of bitcoin. The demand increases dramatically and we can't buy anymore bitcoin because the price increases too.
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?
First of all, we are not going to be alive for that moment since I have seen calculations that put that moment in the next century so that is very far away, but what it is going to happen is that as the block rewards gets smaller and smaller the miners will begin to depend a lot more on the fees of the users but as the price of bitcoin goes up with time then the miners will be able to cover their costs with less and less 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?
Jump to: