What is going to happen when we reach the 21 Million BTC supply limit? - page 7.

julius caesar

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Quote from: WaveFront on November 05, 2017, 03:00:06 PM

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D

that's too possible to happen, the more that the supply decrese the more the Bitcoin being expensive, a marketing strategy in which if you really want something then get it using a higher amount of money, the more that it was lessen the harder for us to get income, onxe you stip and be confident you didn't know someone is stealing the opportunity that should be count unto you, betger to work harder.

btcprospecter

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The time before 21 million bitcoin mined is a long time away. And even when it is all mined miners will still earn with transaction fees. What will happen with the value is anyone's guess.

gambitcoin53

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first of all, it is impossible to reach the limit of bitcoin supply, do you mean all the supply of bitcoin is already bought by users? even it only reaches half of the supply, the price will certainly very expensive as the supply decreases, no one could afford to buy the other remaining half of the supply, so definitely, it will not reach the limit. these changes in supply and demand creates traffic we called trend, that dictates the current price of bitcoin, even the slightest increase in supply will drastically creates panics from the holders, it is on a regular basis, so no chance of reaching the limit you've mentioned.

ninio

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Quote from: WaveFront on November 05, 2017, 03:00:06 PM

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D

It will actually more expensive before the supply of bitcoin be reach thats the functin of being decentralized of bitcoin and other altcoin everytime that it will decrease the supply the value will be move higher to prevent the stock of supply so in my opinion its not possible to reach the stock of bitcoin in just mining.

IndzheborgC

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At some point, probably around 2140, the last bitcoin will be produced, but this does not mean that the network will collapse. In addition to premiums for calculating hashes, the miners receive transaction processing fees. Now these fees are small, on the order of a percentage share, but as the fee for calculating new units decreases, the amount of the transaction processing commission is likely to grow - together with the cost of bitcoin.

malikusama

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When demand is high and quantity or supply is fixed then the price will start climbing gradually to the sky and it will kept on increasing to attain a stable value(volatility will decrease), but when we will going to achieve that stable value no one knows.
Many of us have a misconception that it will be end of bitcoin but in fact bitcoin will become more precious digital asset than it is now.

Rustamm

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When all 21 million bitcoins are mined, I think that nothing significant will happen. It is unlikely that after this will significantly increase in price. By this time, it will already be a decent price, and if it does not have some exceptional functions by then, people will not buy it too much. What is the point of doing this, if we already have a lot of good crypto-currencies with qualities much greater than bitcoin and at the same time very low in price?
In addition, it should be borne in mind that the high cost of bitcoin will mean a high risk of investing, because given the high volatility of bitcoin, there will be a high risk of its depreciation due to negative information and the consequent panic of investors.

KorakPawon

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actually there is no problem when bitcoin is really exhausted, there are many currencies similar to bitcoin, although the value of the price is still superior but other currencies also can still offset the bitcoin price someday. and if we already have a lot of bitcoin, we can change it to another electronics currency, or can be said to move to another wallet, just keep in mind if bitcoin is almost a bit then the price will be more expensive. but we also do not know whether the bitcoin quotas will increase or not, what if the bitcoin quota will increase.

filharvey

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Miners get bitcoin as reward for mining operations and transaction fee as bonus.When all the 21 million bitcoins get mined,then miners would be getting only transaction fee and no bitcoin.So,the transaction fee would e very high.Otherwise,miners would not show any interest in mining operations which consumes huge electricity.But we should also note that bitcoin price would also be very high at that time.

ruletheworld

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Quote from: krigger on November 24, 2017, 05:27:24 PM

Quote from: Gloiri on November 10, 2017, 04:28:03 AM

Quote from: salihno71 on November 07, 2017, 05:42:20 AM

Quote from: WaveFront on November 05, 2017, 03:00:06 PM

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D

21 million should be reached in 2140. By then many things will be incomprehensibly different from todayso it's practically impossible to predict. Just imagine someone in 1880 trying to predict what will happen in 2030... Unless there is some groundbreaking invention which will enable people to live +200 years, you and all of us will be long gone by then.

I heard a documentation saying that its reached by 2040. My friends are saying that bitcoin will go to zero after it has received his supply limit. I think the price will be expensive.

Many people will hold it because it will be very difficult to obtain bitcoins.

You are literally just talking crap without knowing what you are even talking about.

The earliest estimations for when the final Bitcoin would be mined is in the early 2100's and most estimates put it sometimes between 2120-2150. Of course, it all depends on the amount of hash power and mining done. If governments and large corporations put more than was expected, it could be done sooner, but 2040 would be absolutely preposterous, not to mention BTC will never go to zero. There would always be someone who wants to buy it.

You're right, but small caveat - the reaching of the goal of 2140 isn't dependent on the total hashpower because difficulty adjusts every 1440 blocks. Instead, it depends on how the increase took place, and whether there was any decrease in hashpower, and how the decrease took place. It's a bit more complex than total hash power is all I am trying to say.

krigger

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Quote from: Gloiri on November 10, 2017, 04:28:03 AM

Quote from: salihno71 on November 07, 2017, 05:42:20 AM

Quote from: WaveFront on November 05, 2017, 03:00:06 PM

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D

21 million should be reached in 2140. By then many things will be incomprehensibly different from todayso it's practically impossible to predict. Just imagine someone in 1880 trying to predict what will happen in 2030... Unless there is some groundbreaking invention which will enable people to live +200 years, you and all of us will be long gone by then.

I heard a documentation saying that its reached by 2040. My friends are saying that bitcoin will go to zero after it has received his supply limit. I think the price will be expensive.

Many people will hold it because it will be very difficult to obtain bitcoins.

You are literally just talking crap without knowing what you are even talking about.

The earliest estimations for when the final Bitcoin would be mined is in the early 2100's and most estimates put it sometimes between 2120-2150. Of course, it all depends on the amount of hash power and mining done. If governments and large corporations put more than was expected, it could be done sooner, but 2040 would be absolutely preposterous, not to mention BTC will never go to zero. There would always be someone who wants to buy it.

katiecbell

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Quote from: Razick on November 05, 2017, 07:41:10 PM

There are two different ways you can code a cryptocurrency coin. First of all, it can have a fixed end such as Bitcoin. This is when a final number of Bitcoins are mined and then there is no more reward upon completing blocks. However, on the other hand some cryptos will never be fully mined, only splitting into smaller and smaller portions over time, with some always remaining to be mined.

Agreed! There is no reason to deny this fact that the demand of crypto currencies is increasing with each passing day especially when we talk about bitcoin. It is because of the reason that with each passing day, more people are getting to know about bitcoin and all other crypto currencies. With increase in demand, the supply of bitcoin will also be increased. Mining is the best possible way to have more crypto coins.

Gloiri

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Quote from: salihno71 on November 07, 2017, 05:42:20 AM

Quote from: WaveFront on November 05, 2017, 03:00:06 PM

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D

21 million should be reached in 2140. By then many things will be incomprehensibly different from todayso it's practically impossible to predict. Just imagine someone in 1880 trying to predict what will happen in 2030... Unless there is some groundbreaking invention which will enable people to live +200 years, you and all of us will be long gone by then.

I heard a documentation saying that its reached by 2040. My friends are saying that bitcoin will go to zero after it has received his supply limit. I think the price will be expensive.

Many people will hold it because it will be very difficult to obtain bitcoins.

Quidat

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Quote from: WaveFront on November 05, 2017, 03:00:06 PM

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D

Dont stress out yourself because the last bitcoin would be mined on year 2100+ which means we are already dead on that time for sure if we can still able to live on those years then we are already too old to mind this matter but to answer you if adoption will continue to rise which would lead up on higher demand then expect prices would really soar up high too but the main problem here is on the fees and the confirmation traffic will really be a big hindrance.

777Bitcoin

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Quote from: Yamifoud on November 07, 2017, 01:43:01 AM

Quote from: 777Bitcoin on November 06, 2017, 11:07:46 PM

Some other replies has a good point, the transaction fees might go up at that time is that really matters. Bitcoin is about 7400$ this week then what more it will be if the 21million will be reached. If I do have 1bitcoin at that time then I can make my own prices two times higher than in a market. Because those who badly needed one will have no choice.

Reaching that time, possible of having huge modifications and hardfork happens. Even though mined bitcoins is far from 21 million but the price of each coins is expensive, how much more if it is only a single steep left to reach? Possible it could be more expensive on that time. And usually fees will vary also to its price of bitcoin.

Yup I agree that most might go desperately to do forking to make something different and hoping they would minimise or decrease bitcoin prices but the data from previous hard fork like bitcoin cash and bitcoin gold speak differently. Bitcoin price always on increasing position everytime there is a hradfork and that will be the trend even on that time.

lighpulsar07

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Activity: 518

Merit: 271

Quote from: WaveFront on November 05, 2017, 03:00:06 PM

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D

Well the block rewards will be halved for every 4 years this will continue until last bitcoin were mined currently the block reward is 12.5 btc and this will halved again to 2020 again and again for every 4 years but after all the rewards had been distributed and the last bitcoin were mined the miners will only rely on transaction fees so, in my own opinion the transaction fees will a lot higher than the current transaction fees because there will no block reward will compensate for the miner and also, the block difficulty will be high in that time.

salihno71

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Quote from: WaveFront on November 05, 2017, 03:00:06 PM

Hello,
I have several questions?
The maximum supply amount of bitcoins in circulation is 21 Millions.
The amount that are mined so far is more than 16 Millions (more than 79%)
What is going to happen when the 21 Million limit is close to be reached?
Since it going to be more and more difficult to mine bitcoins, does that mean that the price of a transaction is going to be extremely expensive?

Thanks for taking the time to answer :-D

21 million should be reached in 2140. By then many things will be incomprehensibly different from todayso it's practically impossible to predict. Just imagine someone in 1880 trying to predict what will happen in 2030... Unless there is some groundbreaking invention which will enable people to live +200 years, you and all of us will be long gone by then.

chimcoin

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if the supply of a commodity fall the demand of such commodity will rise (the law of demand and supply will play out here).Now if bitcoin has a limit of 21million to be mined and it has reached 79% then the demand will increase and investors will hold on to their bitcion leading to more scarcity of bicoin.I think this situation will definitely pave the way for other coins to pump up.

sofi@

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If the supply of bitcoin will reach its limit surely the value of bitcoin will rise but the problem is that when the price continue to increase investors will hold their bitcoin until such time they can sell them with a very high profit but that may took a long period of keeping which may result to out of stock in the market or no bitcoin will go on the circulation with this the only way is to develop another coin that could possibly divert the market and can be use to sustain the increasing market demand for bitcoin.

Akash1243

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When the bitcoins will reach 21 million bitcoin supply limit then miners would have to only rely on the transactions fees therefore transactions fees are going to be expensive and price of bitcoins would also increase like anything as there would be more demand of bitcoin due to its limit.And i don't think so that more Bitcoins would be added.And till now almost 16 million has been mined and it is going to be harder to mine as the limit closes in.

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