What happens when we hit 21,000,000 bitcoins? - page 5.

yoseph

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Quote from: Sephil on August 25, 2017, 03:28:40 PM

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?

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.

odolvlobo

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The block reward consists of two things:

1. The subsidy, currently 1,250,000,000 satoshis (12.5 BTC).
2. The transaction fees.

The subsidy portion is cut is half every 210,000 blocks (approximately every 4 years). Eventually, it will go from 1 satoshi to 0 satoshis. You can read more here: https://wiki.bitcoin.com/w/Controlled_supply

Miners will still get transaction fees.

Note that the last bitcoin will take 30 years to mine (and the one before that will take almost 4 years), so there will probably not be any surge in price when the subsidy hits 0, as many believe.

Jet Cash

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https://JetCash.com

Well based on previous actions, there will be a hard fork, and the limit will be raised to 50 million. Blocksize will be increased so that people can include the lord's prayer in their transactions.

knircky

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Quote from: Sephil on August 25, 2017, 03:28:40 PM

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?

1. Ill be dead. And you will be too.

2. There wont be any empty blocks anymore.

HashFace

full member

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For the miners, If bitcoin is still popular and there are a lot of transactions, it may still be worth mining just for the transaction fees.

The incentive to mine will be greatly reduced over the coming years, each time the reward "halves", anyway. What we may see is slow phase-out of the hashpower, rather than everyone continuing to mine like crazy until the last bit coin is had.

tavr

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Quote from: skyline247 on August 25, 2017, 04:34:19 PM

When we hit 21,000,000 Bitcoins people will stop mining as much because there will be no more reward excepts transaction fees.

I think by that time, when bitcoin reaches it limit, it could be some other useful currency or even a bunch of currencies or maybe there will be another useful method to make money as now it is mining

Kaller

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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.

skyline247

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When we hit 21,000,000 Bitcoins people will stop mining as much because there will be no more reward excepts transaction fees.

craZyLovE0916

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Then there will be no more Bitcoins. It is that simple. After we reach 21,000,000 there cannot be any more and only the value can go up over time (or down, of course).

The One

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Quote from: Sephil on August 25, 2017, 03:28:40 PM

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?

All coins are destroyed and bitcoin starts from the genesis block again. Tongue

klarki

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Top Crypto Casino

This should definitely have a positive impact on the price.

Sephil

newbie

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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?

Topic: What happens when we hit 21,000,000 bitcoins? - page 5. (Read 2605 times)