What will happen after all Bitcoin blocks have been found?

chronicsky

legendary

Activity: 2786

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Just looking for peace

Quote from: klondike_bar on January 24, 2015, 12:29:33 PM

average is he key word. sometimes a block is solved within a minute, other times it can take hours. The average is always about 10min, and probably 50% of blocks are found within 5-15min

kool! got it now Wink

Thank you

Quote from: serje on January 24, 2015, 12:36:05 PM

Quote from: chronicsky on January 24, 2015, 12:06:08 AM

well! i won't be alive around 2140 , neither of us will be , so i ain't worrying over that , it was just Curiousity

OMFG 2140??? They got it all wrong! Maybe 2040

)))

Show us the link I really want to laugh my ass off

P.S. also sent you a pm with the content of the page is not loading

Yeah thank you just saw it!
https://bitcointalk.org/index.php?topic=924929.0;topicseen

here it is , someone posted a video on it

serje

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Activity: 1232

Merit: 1002

Quote from: chronicsky on January 24, 2015, 12:06:08 AM

well! i won't be alive around 2140 , neither of us will be , so i ain't worrying over that , it was just Curiousity

OMFG 2140??? They got it all wrong! Maybe 2040

)))

Show us the link I really want to laugh my ass off

P.S. also sent you a pm with the content of the page is not loading

klondike_bar

legendary

Activity: 2114

Merit: 1005

ASIC Wannabe

Quote from: chronicsky on January 23, 2015, 04:07:08 PM

Quote from: klondike_bar on January 23, 2015, 03:52:33 PM

Quote from: chronicsky on January 23, 2015, 01:49:24 PM

Quote from: klondike_bar on January 23, 2015, 12:56:36 PM

right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average.
In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block
another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees

I expect the transaction fees>block reward before 2040

oh! wow! well! means the confirmation will be quite alot more slow though the mining will continue
Thanks

confirmation time wont change, there will always be a block every 10min (on average). Its likely that block size (in MB) will scale up with time and demand to allow even low-fee transactions to be included in the current/next block. The 1MB limit right now has no real reason why it cant scale up to 1GB or more in the next decade or two as long as storage and bandwidth capabilities continue to increase for the average bitcoin node computer.

ammmm.. kinda confused here
sometimes when i receive or send btc from blockchain.info , a single confirmation(double spend) takes as long as 30 minutes sometimes
that should not happen right ? since , the average time is 10 minutes

average is he key word. sometimes a block is solved within a minute, other times it can take hours. The average is always about 10min, and probably 50% of blocks are found within 5-15min

chronicsky

legendary

Activity: 2786

Merit: 1222

Just looking for peace

well! i won't be alive around 2140 , neither of us will be , so i ain't worrying over that , it was just Curiousity

tadakaluri

hero member

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Yes, we can think about it after 2050.

cheekychap

full member

Activity: 182

Merit: 100

Lets get to 2050 and then worry about it .
Until thenn sit back and have fun Wink

tonygal

hero member

Activity: 560

Merit: 504

Quote from: chronicsky on January 23, 2015, 04:07:08 PM

sometimes when i receive or send btc from blockchain.info , a single confirmation(double spend) takes as long as 30 minutes sometimes
that should not happen right ?

Hmm, I think you got something wrong here.. Huh

chronicsky

legendary

Activity: 2786

Merit: 1222

Just looking for peace

Quote from: klondike_bar on January 23, 2015, 03:52:33 PM

Quote from: chronicsky on January 23, 2015, 01:49:24 PM

Quote from: klondike_bar on January 23, 2015, 12:56:36 PM

right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average.
In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block
another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees

I expect the transaction fees>block reward before 2040

oh! wow! well! means the confirmation will be quite alot more slow though the mining will continue
Thanks

confirmation time wont change, there will always be a block every 10min (on average). Its likely that block size (in MB) will scale up with time and demand to allow even low-fee transactions to be included in the current/next block. The 1MB limit right now has no real reason why it cant scale up to 1GB or more in the next decade or two as long as storage and bandwidth capabilities continue to increase for the average bitcoin node computer.

ammmm.. kinda confused here
sometimes when i receive or send btc from blockchain.info , a single confirmation(double spend) takes as long as 30 minutes sometimes
that should not happen right ? since , the average time is 10 minutes

klondike_bar

legendary

Activity: 2114

Merit: 1005

ASIC Wannabe

Quote from: chronicsky on January 23, 2015, 01:49:24 PM

Quote from: klondike_bar on January 23, 2015, 12:56:36 PM

right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average.
In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block
another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees

I expect the transaction fees>block reward before 2040

oh! wow! well! means the confirmation will be quite alot more slow though the mining will continue
Thanks

confirmation time wont change, there will always be a block every 10min (on average). Its likely that block size (in MB) will scale up with time and demand to allow even low-fee transactions to be included in the current/next block. The 1MB limit right now has no real reason why it cant scale up to 1GB or more in the next decade or two as long as storage and bandwidth capabilities continue to increase for the average bitcoin node computer.

chronicsky

legendary

Activity: 2786

Merit: 1222

Just looking for peace

Quote from: tonygal on January 23, 2015, 11:58:03 AM

Quote from: chronicsky on January 23, 2015, 11:37:07 AM

Quote from: tonygal on January 23, 2015, 07:08:55 AM

The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever.
Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because
of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found..

what do you mean by "Fees" , what fees exactly ? :/

https://en.bitcoin.it/wiki/Transaction_fees

the site ain't loading for me , idk why , thanks anyways

Quote from: klondike_bar on January 23, 2015, 12:56:36 PM

right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average.
In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block
another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees

I expect the transaction fees>block reward before 2040

oh! wow! well! means the confirmation will be quite alot more slow though the mining will continue
Thanks

Amph

legendary

Activity: 3206

Merit: 1069

they mining will continue with fee, but the reward would be too low for the majority, maybe only one mega farm will remain

klondike_bar

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Activity: 2114

Merit: 1005

ASIC Wannabe

Quote from: tonygal on January 23, 2015, 11:58:03 AM

Quote from: chronicsky on January 23, 2015, 11:37:07 AM

Quote from: tonygal on January 23, 2015, 07:08:55 AM

The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever.
Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because
of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found..

what do you mean by "Fees" , what fees exactly ? :/

https://en.bitcoin.it/wiki/Transaction_fees

right now the block reward is 25BTC, and each block contains about 0.1-0.2BTC of transaction fees on average.
In 6 years from now the reward will be 6.25BTC, and its likely transaction fees will be about 0.6BTC/block
another 8 years later the block reward will be at 1.6125 BTC, and each block will likely have 1BTC of transaction fees

I expect the transaction fees>block reward before 2040

tonygal

hero member

Activity: 560

Merit: 504

Quote from: chronicsky on January 23, 2015, 11:37:07 AM

Quote from: tonygal on January 23, 2015, 07:08:55 AM

The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever.
Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because
of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found..

what do you mean by "Fees" , what fees exactly ? :/

https://en.bitcoin.it/wiki/Transaction_fees

chronicsky

legendary

Activity: 2786

Merit: 1222

Just looking for peace

Quote from: tonygal on January 23, 2015, 07:08:55 AM

The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever.
Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because
of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found..

what do you mean by "Fees" , what fees exactly ? :/

tonygal

hero member

Activity: 560

Merit: 504

The term "all blocks will be found" is not correct. Block finding (i.e. mining) will continue forever.
Just in 2140 all block rewards will be distributed. Miners will continue mining (hopefully) just because
of the fees. I'm sure there's a good introductory exposition somewhere on this forum to be found..

chronicsky

legendary

Activity: 2786

Merit: 1222

Just looking for peace

Though as we know , we get a confirmation and our blockchain move's because somewhere someone is mining a block, though lately cos of high load of hashes , it takes quite time much time(sometimes 30 minutes) for blockchain.info(i prefer using it) to get a Confirmation.
Recently i saw a video showing it is expected all blocks will be found till year 2140.
What will happen then ? I mean how will the chain move ?
i know it's gonna be lot time for that , but am just curious . Shocked

Topic: What will happen after all Bitcoin blocks have been found? (Read 1717 times)