What will happen after all Bitcoins are fully mined?

crypto.bin101

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Quote from: anamie on December 02, 2018, 08:46:57 AM

Kung ang lahat ng bitcoin ay namimina na ng mga miners isa sa napakalaking impact nito ay ang pagtaas ng presyo ng bitcoin, at ang mga miners sa mga transaction fees nalang sila makaka mina ng bitcoin so ibig sabihin nito ay tataas din ang transaction fees dahil dito nalang sila makakamina ng bitcoin. Pero speculation lang ko to.

Not necessary mataas presyo like ngayon bear market pero tuloy pa rin nagmimina sa bitcoin. Pero kong mataas man syempre lahat tayo masaya. Pag na max out na supply madidivert tayo sa Proof of stake (PoS) eg horizen,neo etc.

Si PoS naman new breed of miners/validator usually by VPS+stake coins at kunting know-how mag run ng linux command.

anamie

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Kung ang lahat ng bitcoin ay namimina na ng mga miners isa sa napakalaking impact nito ay ang pagtaas ng presyo ng bitcoin, at ang mga miners sa mga transaction fees nalang sila makaka mina ng bitcoin so ibig sabihin nito ay tataas din ang transaction fees dahil dito nalang sila makakamina ng bitcoin. Pero speculation lang ko to.

CryptoBry

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Quote from: Maus0728 on November 22, 2018, 09:55:35 AM

Are you making an Inquiry or what? Well anyways to answer your question in a simplest way, the total supply of bitcoin is 21 million and the Bitcoin protocol makes the process of mining difficult as more miners join the bounty pool due to the effect of halving every 210,000 blocks. Which simply means the reward of proof of stake will decrease as time goes by. If the last bitcoin was mined, then there will be no reward for the miners for validating each and every transactions in Bitcoin's Blockchain. Thus, these miners will only benefit from transaction fees. Note that if the user allotted a large transaction fees, then the miners will definitely prioritized the one with large fees. This is all I know upon reading articles, I also heard about segwit and lightning network as well as Schnors Signature that will help the Bitcoin Protocol.

I am sure there will be many changes once there will no more Bitcoin to be mined and when miners will be shifting to fees. Fees may not be enough to cover the cost for many miners and even today because of the dip in Bitcoin value there are already many miners who left the business due to high cost and low returns. There is a possibility that only a few miners can be left by the time Bitcoin has already reached the 21 million mark and miners will then be charging high fees for every transaction. Let's hope that solutions to this possible problem is already being tackled.

clickerz

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Quote from: Bagani on November 27, 2018, 03:45:28 AM

Sa tingin ko naman kapag naabot na ng Bitcoin ang kanyang total supply, imposibleng mawala ang mga miners dahil sila ang magaayos ng mga transactions. At kapag naubos na ang Bitcoin in the near future, sigurado akong napakadami ng transaction kasi ang Bitcoin na ang mainstream sa industry in the near future.

Tama, ang mangyari lang siguro ay tataas ang mining/transaction fee at maaring bubulusok pataas din ang bitcoin price. Dagdag pa na ang circulating supply ay hindi dumadami kungdi nababwasan pa, dahil may mga wallet na di na access,nakalimutan ang private keys,na send sa maling address etc.

zupdawg

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Quote from: Bagani on November 27, 2018, 03:45:28 AM

Sa tingin ko naman kapag naabot na ng Bitcoin ang kanyang total supply, imposibleng mawala ang mga miners dahil sila ang magaayos ng mga transactions. At kapag naubos na ang Bitcoin in the near future, sigurado akong napakadami ng transaction kasi ang Bitcoin na ang mainstream sa industry in the near future.

Correction lang po, hindi po nauubos ang bitcoin at hindi din po nagbabago ang max number nito. Nagbabago lang po ay yung total circulating supply na nadadagdagan kada may bagong block na nakikita ang mga miners.

Bagani

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Sa tingin ko naman kapag naabot na ng Bitcoin ang kanyang total supply, imposibleng mawala ang mga miners dahil sila ang magaayos ng mga transactions. At kapag naubos na ang Bitcoin in the near future, sigurado akong napakadami ng transaction kasi ang Bitcoin na ang mainstream sa industry in the near future.

shinharu10282016

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Sa tingin ko lang pag na-mine na ung huling bitcoin, walang problemang mangyayari pero maraming "problema" para sa mga nagmamine nito. Kasi aasa na lang sila sa pwede nilang matanggap sa fees. Wala ng reward. Eto ang catch, lalaki ang fee, possible ung mga hula nilang presyo sa bitcoin and nobody will probably will bat an eye unless some cryptocurrency took over the throne of being number one. And that's what I see. Unless people see something better than bitcoin and its cons, mas maganda lang mangyayari para sa mga malalakas sa bitcoin.

panganib999

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Quote from: Aponkye1 on November 22, 2018, 06:18:54 AM

Satoshi programmed that the total supply of bitcoin that will ever be mined would be 21 Million and currently there are 17,388,387 BTC in circulating supply as at the time this post was being made. In no time the total supply of bitcoins will be mined and most people are making a whole lot of speculations that Bitcoin will collapse after that.
Well i beg to differ because with the increase acceptance of bitcoin as a payment method by marketplaces and online platforms the value of bitcoin will increased with time and the miners would also get funds from confirming transactions on the bitcoin network. Bitcoin is not dead folks, it is a cryptocurrency and it is very volatile hence can fluctuate every now and then.

Very interesting ang pwedeng mangyare kung mamina man ang lahat ng bitcoin pero isipin din natin na hindi matatapos doon ang journey ng bitcoin at sa tingin ko magkakaroon na ng price stabilization more likely and less volatility, baka tuluyan na ring iadopt ng mundo ang changes sa currency like crypto hindi malabong mangyari iyon. Magandang nalaman agad natin ang cryptocurrency at pupwedeng tayo pa ang maging pioneers sa susunod na era.

zupdawg

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Quote from: Rhizchelle on November 24, 2018, 09:56:28 AM

Well, if bitcoins are all mined, I guess that was the end of Bitcoin, and people who mined will be more richer. but I know it will took longer years before all the Bitcoin's are fully mined.

Lahat tayo patay na bago mamina lahat ng bitcoins saka kapag namina na ang lahat ng bitcoins hindi naman katapusan agad. Minsan kailangan din natin pag aralan ang mga sinasabi minsan kasi parang ewan lang kinakalabasan hehe

Adreman23

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Quote from: Bagani on November 24, 2018, 09:17:06 AM

Quote from: Adreman23 on November 23, 2018, 12:21:43 AM

Siguro ay di na dapat natin problemahin kung ano ang mangyayari kapag namina na ang lahat ng bitcoin, dahil ayon sa nabasa ko year 2140 pa mamimina ang huling bitcoin. Siguro wala na tayong lahat noon. Sa ngayon ay pagtuunan na lang natin kung pano kumita ng bitcoin para maipamana natin sa ating mga ka apo apohan.

I slightly agree sayo kabayan, maganda yung layunin mong pagtuunan nalang ang kumita para sa darating na hinaharap pero hindi natin maiiwasan ang curiosity sa ating mga pinoy kaya naitatanong ang mga bagay na ito. Which is maganda naman dahil napakameaningful nung sagot nya at sa tingin ko ay marami ding gustong malaman ang sagot. Pero sa tingin ko kapag naabot na ang total supply ng bitcoin ang makukuhang reward na ng miners ay yung mga transaction fees sa network.

Tama ka kabayan. Napakagandang paksa eto para magpalitan ng mga opinyon tungkol sa kung ano ang mangyayari kapag ang lahat ng bitcoin ay namina na, hindi ko hinahadlangan na ang topic na eto ay tapusin na, ang aking mensahe lang ay para doon sa iba na baka problemahin pa yung mga bagay na hindi na natin maaabutan halos mahigit isang daang taon pa bago eto mangyari.

Rhizchelle

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Well, if bitcoins are all mined, I guess that was the end of Bitcoin, and people who mined will be more richer. but I know it will took longer years before all the Bitcoin's are fully mined.

Bagani

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Quote from: Adreman23 on November 23, 2018, 12:21:43 AM

Siguro ay di na dapat natin problemahin kung ano ang mangyayari kapag namina na ang lahat ng bitcoin, dahil ayon sa nabasa ko year 2140 pa mamimina ang huling bitcoin. Siguro wala na tayong lahat noon. Sa ngayon ay pagtuunan na lang natin kung pano kumita ng bitcoin para maipamana natin sa ating mga ka apo apohan.

I slightly agree sayo kabayan, maganda yung layunin mong pagtuunan nalang ang kumita para sa darating na hinaharap pero hindi natin maiiwasan ang curiosity sa ating mga pinoy kaya naitatanong ang mga bagay na ito. Which is maganda naman dahil napakameaningful nung sagot nya at sa tingin ko ay marami ding gustong malaman ang sagot. Pero sa tingin ko kapag naabot na ang total supply ng bitcoin ang makukuhang reward na ng miners ay yung mga transaction fees sa network.

bharal07

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Quote from: eagle10 on November 23, 2018, 03:42:48 AM

Quote from: Adreman23 on November 23, 2018, 12:21:43 AM

Siguro ay di na dapat natin problemahin kung ano ang mangyayari kapag namina na ang lahat ng bitcoin, dahil ayon sa nabasa ko year 2140 pa mamimina ang huling bitcoin. Siguro wala na tayong lahat noon. Sa ngayon ay pagtuunan na lang natin kung pano kumita ng bitcoin para maipamana natin sa ating mga ka apo apohan.

Tama. Wag na natin isipin yan kc di lang bitcoin and cryptocurrency na namina kung halimbawa man na natapos na minahin ito. Ang bitcoin ay tataas at tataas ang value mamina man lahat o hindi. Kahit pa sabihin dadaan ulit sa bear market at mas mababa pa shalaga ngaun ang bitcoin tataas pa rin yan. Magtiyaga lang sa paghihintay at mangyayaring may kapalit na malaking halaga ang bitcoin mo.

Tamang tama dahil wala n tayong magagawa kondi ang mag hintay sa darting na blessing para sa ating lahat, tama lang talaga na maghintay sa mga paparating na blessing dahil nandyan lang si god mag dasal tayo na gumada ulit ang pamamalakad sa bitcoin at ang presyo nito.

cleygaux

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Ang unang apektado jan syempre yung mga bitcoin miners kasi wala ng silang reward na makukuha sa pagmina ng bitcoin so stop operation sa mining so less income when it comes to bitcoin miners malamang maraming minero ang magshift sa ibang coins or sa transaction fees nalang sila pwede kumita well kung sa 2140 pa naman sabi nga ng iba malamang mas mataas na ang value ng btc niyan malamang 10x sa value niya as of now or higit pa kaya mas ok den ang kitaan kung sa fees nalang sila makakuha ng btc kasi mataas naman ang value.

bL4nkcode

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Quote from: aervin11 on November 22, 2018, 11:16:09 PM

If all bitcoin is mined, I think the problem would be the transaction time and fees

Actually not, once segwit and lightning network fully implemented there will be lesser fee and probably faster transaction as well. And of course, core developers will keep upgrading the software/codes without opposing the vision of Satoshi.

Quote from: aervin11 on November 22, 2018, 11:16:09 PM

On the positive side, If bitcoin would be fully adopted (which is hard to happen), there would be scarcity of btc which would make it more valuable than before.

Once it happened, as per the law of supply and demands goes, even miners get only little by little fraction of block rewards until btc fully mined and only rely from transaction fees, it still enough for them. As for that time, approximately 2140, bitcoin value might be 6 digits or even more.

So it all depends on the adaption of users to crypto, especially in bitcoin.

Fappanu

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Quote from: Strufmbae on November 22, 2018, 09:46:44 AM

The more bitcoin is mined the price will get strong, if the circulating supply comes to an end, say HI. to the new era of millionaires. The market is crying but no need to worry, calm and relax and enjoy.

Kaya ang pagtuonan natin ng pansin ay ang pag ipon pa ng maraming bitcoin. Dahil malaki ang chance na isa tayo sa mga maging bagong milyonaryo kapag dumating na ang araw ng panunumbalik ng bitcoin.

Samantalahin natin ang murang presyo ngayon !

eagle10

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Quote from: Adreman23 on November 23, 2018, 12:21:43 AM

Siguro ay di na dapat natin problemahin kung ano ang mangyayari kapag namina na ang lahat ng bitcoin, dahil ayon sa nabasa ko year 2140 pa mamimina ang huling bitcoin. Siguro wala na tayong lahat noon. Sa ngayon ay pagtuunan na lang natin kung pano kumita ng bitcoin para maipamana natin sa ating mga ka apo apohan.

Tama. Wag na natin isipin yan kc di lang bitcoin and cryptocurrency na namina kung halimbawa man na natapos na minahin ito. Ang bitcoin ay tataas at tataas ang value mamina man lahat o hindi. Kahit pa sabihin dadaan ulit sa bear market at mas mababa pa shalaga ngaun ang bitcoin tataas pa rin yan. Magtiyaga lang sa paghihintay at mangyayaring may kapalit na malaking halaga ang bitcoin mo.

Adreman23

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Siguro ay di na dapat natin problemahin kung ano ang mangyayari kapag namina na ang lahat ng bitcoin, dahil ayon sa nabasa ko year 2140 pa mamimina ang huling bitcoin. Siguro wala na tayong lahat noon. Sa ngayon ay pagtuunan na lang natin kung pano kumita ng bitcoin para maipamana natin sa ating mga ka apo apohan.

aervin11

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Here's my catch

If all bitcoin is mined, I think the problem would be the transaction time and fees because I think miners won't get as much value of bitcoin as before when bitcoin could still be mined. What they would receive as a reward are those transaction fees only.

On the positive side, If bitcoin would be fully adopted (which is hard to happen), there would be scarcity of btc which would make it more valuable than before.

Miners : Would take lesser money.
Bitcoin : Higher price because of scarcity.
Transaction Fees : Higher tx fees to feed the miners that runs the network and keeping it secure.
Users : Depends on regulations which could lead global adoption.

Maus0728

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Are you making an Inquiry or what?

Well anyways to answer your question in a simplest way, the total supply of bitcoin is 21 million and the Bitcoin protocol makes the process of mining difficult as more miners join the bounty pool due to the effect of halving every 210,000 blocks. Which simply means the reward of proof of stake will decrease as time goes by.

If the last bitcoin was mined, then there will be no reward for the miners for validating each and every transactions in Bitcoin's Blockchain. Thus, these miners will only benefit from transaction fees.

Note that if the user alotted a large transaction fees, then the miners will definitely priotized the one with large fees.

This is all I know upon reading articles, I also heard about segwit and lightning network as well as Schnors Signature that will help the Bitcoin Protocol.

Topic: What will happen after all Bitcoins are fully mined? (Read 365 times)