What will happen after all bitcoin are mined

pawanjain

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Quote from: Oshosondy on May 03, 2021, 08:43:31 AM

I am just thinking about this, I believe block reward might be the cause of most bitcoin communities not agreeing for some ways to increase transaction time to be able to get faster transaction with low fee. But I am thinking of the future when block reward is not having any effect compared to transaction fee.

But to more specific, there will be a time when all bitcoin would have been mined, during the time, will the time miners will be confirming transaction reduce from 10 minutes to 1s or a time lesser than a second. The reason is that the whole block reward scenerio will not be a reason at the time not to reduce the time for bitcoin transaction confirmation.

I do not know how bitcoin network will work at that time, but I think it can happen, it will make scalability issue to totally ans finally be solved at the time.

What is your opinion?

According to me, only those miners will continue mining who are interested to earn bitcoins out of the transaction fees.
Not many will be interested in this since LN will probably be well established and people will be making transactions on the second layer.
Very few transactions will be done on the bitcoin blockchain. This will decrease the number of miners and hence the difficulty will reduce.

Since the block rewards will be vanished very few miners will remain active and continue to receive bitcoins from transaction fees.
This will stabilize the network a lot I guess.

TheNineClub

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I am guessing not that much. Bitcoin should by that time become more or less stable (as any FIAT currency) and will function as it does today with people lending, paying and accepting payment with it. I doubt that the lack of mining would do much for it at that point.

Lucius

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Quote from: Welsh on May 03, 2021, 05:05:04 PM

Plus, you'll likely see the effects of Bitcoin getting closer to its 21 million limit sooner than that, despite it not being mined for another 100 odd years.

If only people knew that 99% of all Bitcoin would be mined in less than 10 years, then maybe they wouldn't be so obsessed with such a distant future - which, despite everything that's happening today, we can't influence too much. Unfortunately, if something does not change dramatically in the human relationship to the planet we live on, I still claim that in 100 years people will have much bigger problems than how Bitcoin will work without mining rewards.

Who knows, maybe the future of Bitcoin is somewhere else, maybe on Mars...

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Quote from: cryptoaddictchie on May 03, 2021, 08:32:19 PM

Quote from: zasad@ on May 03, 2021, 09:25:41 AM

We cannot be sure that the American government or a large corporation will not take control of the Bitcoin ecosystem.

If this happened there will be massive propaganda against it. People love bitcoin and cryptocurrency due to their decentralized approach hence for Bitcoin actually. If someone just wanted to jeopardise this Satoshi vision I think majority will not agree or will make a way to stop this ever happening.

Im also curious what would be the effect when bitcoin all mined. Nice reads from you guys. Very informative statement and opinions.

As long as there will be people using BTC, there will be miners mining for transaction fees, they could still make money out of it. There will be attempts to take control but if they succeed everybody will sell their coins, what benefit would that do to them?

I'm still unsure what would happen though. But then I'm not going to be around anymore when the time comes all Bitcoins are mined.

cryptoaddictchie

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Quote from: zasad@ on May 03, 2021, 09:25:41 AM

We cannot be sure that the American government or a large corporation will not take control of the Bitcoin ecosystem.

If this happened there will be massive propaganda against it. People love bitcoin and cryptocurrency due to their decentralized approach hence for Bitcoin actually. If someone just wanted to jeopardise this Satoshi vision I think majority will not agree or will make a way to stop this ever happening.

Im also curious what would be the effect when bitcoin all mined. Nice reads from you guys. Very informative statement and opinions.

sheenshane

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For now, let's enjoy what Bitcoin had that potentially brings us more profit, the 100+ years are far away, and approximate it will occur in the year 2140 which is may I think Bitcoin more expensive and can't even use as a mode of payment because of the high fees.

Miners can still be rewarded through the transaction fee even though if once the circulating supply reaches the maximum and Bitcoin miners will not able to receive the block reward. It might Bitcoin miners will still earn through the transaction fee and I don't know in that year how much the transaction fee, it could be thousands of dollars in value even in a small amount of fraction.

Welsh

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Quote from: Lucius on May 03, 2021, 09:41:24 AM

Personally, I don't see the point in discussing things that will happen in 100+ years, people will then have much bigger problems than how to keep Bitcoin alive.

That might be true, but this is a question that will always be interesting to speculate on. Plus, you'll likely see the effects of Bitcoin getting closer to its 21 million limit sooner than that, despite it not being mined for another 100 odd years.

Also, there's the question about how Bitcoin the technology we care about evolves, and many of us might have families that are going to use Bitcoin, and therefore we should be caring about their future. We might just be the foundation that shapes the future, and the decisions we take as a community, will shape how much of a success Bitcoin is in the future.

aoluain

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Quote from: Lucius on May 03, 2021, 09:41:24 AM

Quote from: Oshosondy on May 03, 2021, 08:43:31 AM

I am just thinking about this...

People thought about it long before you, so if someone, for example, took the opportunity to search a forum or some other search engine, he would be surprised how many times this question has been asked. If I had more time I would find more similar threads, but I think this is enough Wink

after all BTC has been mined, what then?(2013)
Post Bitcoin mining. (2014)
what happen with bitcoin after not mineable? (2016)
After all bitcoins mined (2017)

Personally, I don't see the point in discussing things that will happen in 100+ years, people will then have much bigger problems than how to keep Bitcoin alive.

This question has indeed been asked many many times before.
Searching for "when all bitcoin is mined" = results on the first page >

when all bitcoins are mined, then what
What incentive is there for proof of work when all the bitcoins have been mined?

Vladimir back in 2011 so eloquently replied ...

Quote from: Vladimir on May 30, 2011, 12:52:53 AM

fees

Transactions will still be taking place and these will need to be
confirmed, thats what miners do and they will get paid to do it.

CryptocurencyKing

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This is one question that have always got the mind of crypto enthusiast puzzled and its a very serious question. Trying to have a leap into the future is not always an easy thing, especially to the far distant 20 years, that's a lot of analysing and coupled with the fact that, there are no available statistics or variable to make estimate with.

My perception lives me to presume that, bitcoin would become more of an asset than it would be a currency. People would still use it for an exchange of value but, it would be more rear and valuable as there would be no more bitcoin being mined into the community for circulation. What we are left with is the exchange of this rear commodity which would continue to be rear still with the activities of hodlers.

Lucius

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Quote from: Oshosondy on May 03, 2021, 08:43:31 AM

I am just thinking about this...

People thought about it long before you, so if someone, for example, took the opportunity to search a forum or some other search engine, he would be surprised how many times this question has been asked. If I had more time I would find more similar threads, but I think this is enough Wink

after all BTC has been mined, what then?(2013)
Post Bitcoin mining. (2014)
what happen with bitcoin after not mineable? (2016)
After all bitcoins mined (2017)

Personally, I don't see the point in discussing things that will happen in 100+ years, people will then have much bigger problems than how to keep Bitcoin alive.

zasad@

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The last bitcoin will be mined in 120 years (approximately). Why do you care about this question?
We cannot be sure that the American government or a large corporation will not take control of the Bitcoin ecosystem.
All modern blockchains can operate at a speed of several thousand operations per second and bitcoin will have to increase the transaction speed

Yogee

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Quote from: Oshosondy on May 03, 2021, 08:43:31 AM

I am just thinking about this, I believe block reward might be the cause of most bitcoin communities not agreeing for some ways to increase transaction time to be able to get faster transaction with low fee.

You mean faster not increase? Decreasing the block time could increase the reward of these miners since the faster confirmation and cheaper fees would encourage more people to move BTC around.

The 10 minute block time is kind of a security feature of the Bitcoin protocol to deal with chain splits and to avoid double spending in truly decentralized way.

SquirrelJulietGarden

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Quote from: Oshosondy on May 03, 2021, 08:43:31 AM

But to more specific, there will be a time when all bitcoin would have been mined, during the time, will the time miners will be confirming transaction reduce from 10 minutes to 1s or a time lesser than a second. The reason is that the whole block reward scenerio will not be a reason at the time not to reduce the time for bitcoin transaction confirmation.

Never happen.

Per Protocol, the block time is 10 minutes. It can be longer or shorter than 10 minutes but never be in a few seconds. Some blocks can be mined with few seconds in between two continuous blocks. Those blocks are not common and the average block time is 10 minutes.

https://en.wikipedia.org/wiki/Bitcoin

jackg

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This assumes bitcoin has been going for over a century. At that point, miners are going to have to ensure the chain remains attractive for transactions to be made on it.

If it's not attractive to use, it's no longer innovative and could just die out. Within the next 10 years we'll probably see the price stabilising some way, and miners and developers might make productive differences to the chain (eg increasing block size). I like the interval of 10 minutes for this chain as we have the lightning network for other transactions and altcoins like ltc.

Oshosondy

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I am just thinking about this, I believe block reward might be the cause of most bitcoin communities not agreeing for some ways to increase transaction time to be able to get faster transaction with low fee. But I am thinking of the future when block reward is not having any effect compared to transaction fee.

But to more specific, there will be a time when all bitcoin would have been mined, during the time, will the time miners will be confirming transaction reduce from 10 minutes to 1s or a time lesser than a second. The reason is that the whole block reward scenerio will not be a reason at the time not to reduce the time for bitcoin transaction confirmation.

I do not know how bitcoin network will work at that time, but I think it can happen, it will make scalability issue to totally ans finally be solved at the time.

What is your opinion?

Topic: What will happen after all bitcoin are mined (Read 112 times)