What Will happen if all bitcoin already mined ? - page 5.

NewBet

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Quote from: NotFuzzyWarm on September 22, 2017, 02:55:03 PM

Quote from: lionheart89 on September 22, 2017, 02:18:39 PM

Quote from: khiholangkang on July 16, 2017, 02:34:37 AM

There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?

once all 21 million have been mained, there will never be any new bitcoins (unless a change to the protocol is made to increase the supply).

And since the last coin will be mined about 2140, who the F cares 'what will happen'? You planning on being around then are ya? Wink

Most coins have already been mined though. There are already like 16 million in existence. Now we need to make Bitcoin more spendable, because at the moment it still can't be used to buy most things.

NotFuzzyWarm

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Quote from: lionheart89 on September 22, 2017, 02:18:39 PM

Quote from: khiholangkang on July 16, 2017, 02:34:37 AM

There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?

once all 21 million have been mained, there will never be any new bitcoins (unless a change to the protocol is made to increase the supply).

And since the last coin will be mined about 2140, who the F cares 'what will happen'? You planning on being around then are ya? Wink

lionheart89

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Quote from: khiholangkang on July 16, 2017, 02:34:37 AM

There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?

once all 21 million have been mained, there will never be any new bitcoins (unless a change to the protocol is made to increase the supply).

DAVETUN

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Bitcoin is the currency of this age

If that ever happen,sure we be another great means to create Bitcoin

theunbeatable

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Quote from: jeraldskie11 on July 16, 2017, 05:31:25 AM

Quote from: khiholangkang on July 16, 2017, 02:34:37 AM

There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?

According to research if bitcoin reach its limit, it will be disappear but it doesn't happen already so don't worry. I think devs will solve the problem to extend.

I've never heard such thing. But that is great threat coming if that's true.

Quote from: marvykkio on August 20, 2017, 10:03:03 AM

After 21 million bitcoins have been deployed by the bitcoin blackchain, the only thing left to do is mine transactions. Miners at that point will make money off of transaction fees.

And miners fee will continue to rise ( because of the hashpower and it's difficulty to handle ).
One of the vision that I'm seeing in the future is that mining transactions of cryptocurrencies will be the main functions of banks ( if cryptocurrencies will ever replace fiat ). And then the miners fee will serve as the taxes.

And by the way, we still got to make a lot of hashpower to mine the remaining BTC.

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Quote from: darkangel on September 15, 2017, 09:59:06 PM

Quote from: khiholangkang on July 16, 2017, 02:34:37 AM

There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?

I think bitcoin mining is not that hard. People can dig up bitcoin by joining the bitcoin network. But if all the bitcoins are exploited then bitcoin participants will be boring, less attractive. Because when they exploit a bitcoin they can sell for a very high price, what they like!

Except there is a Nostradamus in the house no one knows for certain what the situation will be like. We can only make guesses and hypothetical suggestions. By the way, there is no way all the 21million btc will be mined because already some are lost whose private keys have been misplaced.

darkangel

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Quote from: khiholangkang on July 16, 2017, 02:34:37 AM

There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?

I think bitcoin mining is not that hard. People can dig up bitcoin by joining the bitcoin network. But if all the bitcoins are exploited then bitcoin participants will be boring, less attractive. Because when they exploit a bitcoin they can sell for a very high price, what they like!

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Quote from: sikkan on September 14, 2017, 04:31:47 AM

Quote from: grosetracy on September 14, 2017, 01:36:31 AM

Quote from: Preclus on September 13, 2017, 12:47:41 PM

Quote from: khiholangkang on July 16, 2017, 02:34:37 AM

There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?

There aren't 21 million bitcoins. The number of bitcoins is unlimited.

Why? Because right now there are 2 bitcoins. bitcoin cash and bitcoin core. Bitcoin forked into 2 bitcoins. There are now 42 million bitcoins. And it can split again and again. There is not "official" bitcoin because bitcoin itself is decentralized. Each time it hard forks, it splits into another 2 bitcoins, both of which can be mined. And this can go on forever.

So, there is no limit to the number of bitcoins and there is no "official" bitcoin. It is just whatever bitcoin fork is popular at the time.

Hmm. I heard they are priced differently. So in general they are two different currencies right? Sorry if it sounds silly but need to understand the difference.

Lets not get out of hand here..there are MANY coins that has the name bitcoin in it, so there is not two bitcoins. There is ONE original and several altcoins. Important difference. you cannot simply create more bitcoins just by forking it. the hardcap is 21 million bitcoins and nothing else. If someone decides to create a fork which no one find usefull, it will be totally worthless.

Well I got confused with other member's comment. Thanks for clarifying.

sikkan

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Quote from: grosetracy on September 14, 2017, 01:36:31 AM

Quote from: Preclus on September 13, 2017, 12:47:41 PM

Quote from: khiholangkang on July 16, 2017, 02:34:37 AM

There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?

There aren't 21 million bitcoins. The number of bitcoins is unlimited.

Why? Because right now there are 2 bitcoins. bitcoin cash and bitcoin core. Bitcoin forked into 2 bitcoins. There are now 42 million bitcoins. And it can split again and again. There is not "official" bitcoin because bitcoin itself is decentralized. Each time it hard forks, it splits into another 2 bitcoins, both of which can be mined. And this can go on forever.

So, there is no limit to the number of bitcoins and there is no "official" bitcoin. It is just whatever bitcoin fork is popular at the time.

Hmm. I heard they are priced differently. So in general they are two different currencies right? Sorry if it sounds silly but need to understand the difference.

Lets not get out of hand here..there are MANY coins that has the name bitcoin in it, so there is not two bitcoins. There is ONE original and several altcoins. Important difference. you cannot simply create more bitcoins just by forking it. the hardcap is 21 million bitcoins and nothing else. If someone decides to create a fork which no one find usefull, it will be totally worthless.

grosetracy

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Quote from: Preclus on September 13, 2017, 12:47:41 PM

Quote from: khiholangkang on July 16, 2017, 02:34:37 AM

There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?

There aren't 21 million bitcoins. The number of bitcoins is unlimited.

Why? Because right now there are 2 bitcoins. bitcoin cash and bitcoin core. Bitcoin forked into 2 bitcoins. There are now 42 million bitcoins. And it can split again and again. There is not "official" bitcoin because bitcoin itself is decentralized. Each time it hard forks, it splits into another 2 bitcoins, both of which can be mined. And this can go on forever.

So, there is no limit to the number of bitcoins and there is no "official" bitcoin. It is just whatever bitcoin fork is popular at the time.

Hmm. I heard they are priced differently. So in general they are two different currencies right? Sorry if it sounds silly but need to understand the difference.

sikkan

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Quote from: mistletoe on September 13, 2017, 09:23:46 PM

Creators will probably just add more if that happens. OR the cost of bitcoin will go up the wazoo. Either of the two.

Not likely, the idea is when all BTC have been mined, the miners will get paid from all the transactions fees, and that would, if all goes well, cover electricity cost and keep the tx-es continue

mistletoe

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Creators will probably just add more if that happens. OR the cost of bitcoin will go up the wazoo. Either of the two.

NotFuzzyWarm

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Quote from: Preclus on September 13, 2017, 12:47:41 PM

Quote from: khiholangkang on July 16, 2017, 02:34:37 AM

There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?

There aren't 21 million bitcoins. The number of bitcoins is unlimited.

Why? Because right now there are 2 bitcoins. bitcoin cash and bitcoin core. Bitcoin forked into 2 bitcoins. There are now 42 million bitcoins. And it can split again and again. There is not "official" bitcoin because bitcoin itself is decentralized. Each time it hard forks, it splits into another 2 bitcoins, both of which can be mined. And this can go on forever.

So, there is no limit to the number of bitcoins and there is no "official" bitcoin. It is just whatever bitcoin fork is popular at the time.

That is taking a rather wide view of things, by many in the community BCC is considered an altcoin - not Satoshi's original Bitcoin. BTC proper is limited to the 21 million. Now how the max coins count for BTC and its offspring inter-relate you need to look elsewhere in the forum. I do remember seeing something about it and *believe* that BCC did NOT restart the count, it took note of the current BTC blockchain and coins produced up to the instant the fork activated. BCC then continued on its merry way. Now again, how/if BTC and BCC somehow sync with each other I have no idea. That issue was part of the kerfuffle in some folks moving their coins from BTC to BCC when it activated.

edit: Looking here https://www.cryptocompare.com/coins/bcc/overview/BTC it sure looks like BTC and BCC coins are tracking each other as far as the 21mil go and how coins are left.

Laktorom

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there will be other crypts that need to be mined

Preclus

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Quote from: khiholangkang on July 16, 2017, 02:34:37 AM

There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?

There aren't 21 million bitcoins. The number of bitcoins is unlimited.

Why? Because right now there are 2 bitcoins. bitcoin cash and bitcoin core. Bitcoin forked into 2 bitcoins. There are now 42 million bitcoins. And it can split again and again. There is not "official" bitcoin because bitcoin itself is decentralized. Each time it hard forks, it splits into another 2 bitcoins, both of which can be mined. And this can go on forever.

So, there is no limit to the number of bitcoins and there is no "official" bitcoin. It is just whatever bitcoin fork is popular at the time.

Robert78

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I think transaction fees will increase and the reward will still be nice income for the miners.

grosetracy

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Decentralization will make it difficult to shut down. So when all is mined then countries will start trying to take profit out of it

arjen20

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Mining Maganda paba?

In my own opinion bitcoin will never disappeared as long as many people using it. Bitcoin help so many people to achieve their own goals like financial goal.

IamMe13

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If its gonna happen I think it will only be circulated because there are lots of business to do in the internet , bitcoins will never disappear as long as internet is there.

vc888888

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Probably price will finally stabilize and bitcoin will become "digital gold".

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