Well it'll affect 2 things for sure -
1) Bitcoin Minners - In this case, bitcoin miners may need to completely rely on the transaction fees in order to maintain operations. Bitcoin.com stated in an argument that the minners will find this process unaffordable which will result in reduction of their number and numerous negative effects on the bitcoin system.
2) Price of bitcoin - As the bitcoins reaches to the urge of their depletion, their price will significantly increase. If you are setting a goal for mining all the bitcoins that means bitcoins has successfully taken over the world in future, making it more valuable than ever.
There are also some stockpiles of inactive bitcoins all around the world, the largest of which belongs to the creator of bitcoin, Satoshi Nakamoto which is around one million bitcoins. It is actually being saved for a time when the global supply is facing increased levels of demand.
Topic: What when 21m BTC is reached!!! (Read 296 times)
The situation which you presented is an hypothetical situation and I don't agree with your points op. No one can say what is going to happen after so many years. Bitcoin might die or bitcoin might survive, but I am betting on the latter. Why? Since bitcoin is not just dependent on the miners mining bitcoin. Many people hold a substantial amount of bitcoins to this day and as long as people continue to place their faith in this coin, bitcoin is not going anywhere according to me. HODL people.
On the theory everything seems to work fine, but let's see on practice... Another currency offering better conditions for miners is a threat to Bitcoin on long term. If miners can make more profit with another currency I'm sure they will move on. Miners want to make profit and at same time users want to pay low fees. I believe to make it work perfectly on this case, the quantity is better than quality (expensive fees), so people can spend low transactions fees and miners enjoy the quantity of them, making profit this way.
Well by the time this happens you wont be alive so dunno why you are worrying about it. However when that happens bitcoin price will likely be so high 1m+ that the fees gained from mining are probably more than enough
What has the value of one bitcoin to do with the tx costs?
Right now the tx are hovering between 1-3$ for a reasonable confirmation, with the price at 7000$.
Do you think that once the price will reach 70000$ the average tx will be 10-30$?
You're telling me you're going to spend 30$ for a transaction?
Danny explained it perfectly.
It has all to do with the amount of transactions processed , not with the BTC price.
Small transactions offline so you're not going to spend 5$ to send 4$ and larger ones like it's happening now.
If miners stop making profits some will turn off their miners> difficulty decrease > the remaining earn more.
Well by the time this happens you wont be alive so dunno why you are worrying about it. However when that happens bitcoin price will likely be so high 1m+ that the fees gained from mining are probably more than enough
to keep miners happy. Still very tough to say because there are so many variables which we do not have stats on. Those are but not limited to this include
1) Will bitcoin even make it this far?
2) How much money will be in the world cirriculating?
3) Is bitcoin international currency?
With all the unknowns it is too hard to answer what will happen at that point and time but we sure can speculate on it.
to keep miners happy. Still very tough to say because there are so many variables which we do not have stats on. Those are but not limited to this include
1) Will bitcoin even make it this far?
2) How much money will be in the world cirriculating?
3) Is bitcoin international currency?
With all the unknowns it is too hard to answer what will happen at that point and time but we sure can speculate on it.
well you are right,once all the bitcoins have been mined, transaction fees will be the sole source of income for miners. The main concern, then, is whether or not transaction fees will be enough to keep miners financially afloat. but there are several different ways that Bitcoin mining can remain profitable after the block reward goes away for example transaction fees, and since the bitcoin price is rising so more miners will come to the network
What happens when the block reward will dissapear after 21m coins?
That's more than 100 years from now. Why are you concerned about it?
IMO it can go two ways.
Miners do not think the fees are enough and stop mining btc (BTC dead)
Miners keep mining but transaction fees get too high (people are not paying with btc anymore)
Can you guys share your vision on this?
Miners do not think the fees are enough and stop mining btc (BTC dead)
Miners keep mining but transaction fees get too high (people are not paying with btc anymore)
Can you guys share your vision on this?
You don't seem to understand how this works.
Approximately every 4 years (exactly every 210,000 blocks), the size of the block subsidy is cut in half. It doesn't go from "all the bitcoins" to "0 bitcoins" all at once. The subsidy slowly gets smaller and smaller over the next 120 years.
During that time, the miners will adjust to the reduction in subsidy. If some miners stop mining, then other miners will be more profitable (BTC not dead).
If bitcoin becomes more popular, there will be more transactions (more transactions means more fees to collect).
Very cheap transactions may be handled off-chain, and the blockchain may just be used for the larger value transactions, so that higher fees are affordable (people are still paying with bitcoins).
IMO proof of stake coin is the future but that is only speculation.
IMO you are completely wrong, and have a lot to learn before you can offer an opinion worth paying attention to.
Hey guys,
I am here on the forum for a while now but someting crossed my mind.
I am a long term holder of bitcoin and some altcoins.
Also i have a mining rig with 18 nvidia 1060 gpu's.
Bitcoin works with proof of work.
That means the miners solve the blocksand get paid a block reward.
What happens when the block reward will dissapear after 21m coins?
IMO it can go two ways.
Miners do not think the fees are enough and stop mining btc (BTC dead)
Miners keep mining but transaction fees get too high (people are not paying with btc anymore)
Can you guys share your vision on this?
IMO proof of stake coin is the future but that is only speculation.
I am here on the forum for a while now but someting crossed my mind.
I am a long term holder of bitcoin and some altcoins.
Also i have a mining rig with 18 nvidia 1060 gpu's.
Bitcoin works with proof of work.
That means the miners solve the blocksand get paid a block reward.
What happens when the block reward will dissapear after 21m coins?
IMO it can go two ways.
Miners do not think the fees are enough and stop mining btc (BTC dead)
Miners keep mining but transaction fees get too high (people are not paying with btc anymore)
Can you guys share your vision on this?
IMO proof of stake coin is the future but that is only speculation.
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