Topic: What Will happen if all bitcoin already mined ? - page 6. (Read 14728 times)
People will start to spend it?)
wow, its a good question, i dont know what happen if all bitcoin already mined, i hope some developers in bitcoin will expand it if all bitcoin already mined. and i hope bitcoin price is better than now if all bitcoin already mined
For me if Bitcoin reaches 21 million then surely this market will enter the new era, the real era of cryptoucurrency because everything in this market will continuously increase in price especially Bitcoin. I think when it reaches the limit then surely people will switch to ETH.
We'll find out in a few decades.
With technology now, I think it will be very soon bitcoin will be exploited. Then, their price will increase sharply because of this small amount.
You *are* correct that the value of BTC should continue to rise as they become harder to mine.
The network is self regulating to maintain an average of 10min per-block regardless of how fast miners work and how many are running. That means there is a FIXED DATE when the last coin is mined. That date is 2140. As technology gets faster Diff goes up to hold the 10-min per block.
Yes that means miners have to continually expand/update their farm to keep the same income but that is not much different than *any* business. Case in point: I started in Feb 2014 with 2x little 10GHs miners from BFL. Now I run 245+THs. Total starting cash into things was $8k up to April 2014 when from then on ALL expansions and upgrades were paid for by my farm income with a very tidy amount of profit as well.
Using the simple Google "when will the last Bitcoin be mined" turns up this as top answer:
Quote
The estimate is 2140 based on the block reward halving frequency of four years
Since none of us will be around then, can this damn newbie discussion of 'when' now finally die? 
We'll find out in a few decades.
With technology now, I think it will be very soon bitcoin will be exploited. Then, their price will increase sharply because of this small amount.
We'll find out in a few decades.
There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?
It is assumed that Bitcoin will disappear, but perhaps there is the chance that this limited could be extended, or considering that Bitcoin founder Satoshi Nakamoto has a great stock of inactive coins this stock could be used as the asset for further existence of Bitcoin itself.
Bitcoin will just circulate in the market, mining hardware will be useless, the peak difficulty had been reached.
How could mining hardware be useless exactly? I think the difficulty for mining bitcoins by that time would be significantly less compared now since more powerful processors would have been created then.
This is not the right one, mining hardware are still needed at that time because the function of bitcoin mining is to use it for confirmation of your transaction that was generated from one peer to another peer. It is not just used to mine coins but it's actually used to confirm the transaction by solving the smart equations embedded into the transition.
There will be advancement in the chips as well and the transaction will be very much faster as compared to today's speed. There will be fees which I'm concern about because miners will not be getting rewards anymore so they will have to incur us more fees to survive.
if thats the case I think they will change the protocol and re anrrange it and maybe they will produce new ones
But I think it will never happen the exchange in everyday is not enough for bitcoins to mine..
if they trade it or exchange to cash the bitcoin will continue to circulate and they will get back
you can read these http://www.investopedia.com/news/what-happens-bitcoin-after-all-21-million-are-mined/
But I think it will never happen the exchange in everyday is not enough for bitcoins to mine..
if they trade it or exchange to cash the bitcoin will continue to circulate and they will get back
you can read these http://www.investopedia.com/news/what-happens-bitcoin-after-all-21-million-are-mined/
Well the network still has to run..transactions need to be processed.
Will we get a slower network once this happens, likely so.
Will we get a slower network once this happens, likely so.
Bitcoin is celebrated by supporters and admonished by skeptics because of its finite supply. There are only 21 million bitcoins that can ever be mined, regardless of the earth’s population and its corresponding demand for bitcoins. Once all 21 million have been mined, there will never be any new bitcoins (unless a change to the protocol is made to increase the supply).
Or what happens when 21million limit is reached. That "Mining" Metaphor isn't really the most suitable.
Well, guess Satoshi placed the limit for a reason. Fees will eventually become the main source of income for the miners.
Fortunately, it will take a very long day for the limit to be reached.
Well, guess Satoshi placed the limit for a reason. Fees will eventually become the main source of income for the miners.
Fortunately, it will take a very long day for the limit to be reached.
The simple logic is that,if all bitcoins minced than demand of bitcoin also rises due to it's popularity and decentralized nature.So it simply increase the value of bitcoin.So be ready to face it .
Yeah same will happen as well as mining fees will be increased too. Miners won't be having any other source if getting their money or profits so they will just out more fees on us. Bitcoin will be costly as well so everything is going to be costly at one point in crypto world. This might be the era when altcoins will start taking the leap into trading and investments market. Moreover, miners will have only one thing to do and that's confirming the bitcoin transactions. :-)
When all Bitcoins are mined. Miners only get paid for the transactions fees. This most likely means a lot of miners will go off the network. Curious how they are planning to solve that after that. I do believe Bitcoin transactions will be even faster near that date. Miners are needed to keep the network alive. So I can see donation funds happen to keep miner farms alive to keep the Bitcoin network alive basically. Maybe the transaction fees then will be enough to keep miners interested. We will see when we get there. 
I don't think miners will get off the network.. Things will reach an equilibrium, and by the time bitcoin reaches its 21 million units, hopefully it'll be already adopted by many and have scaled well - meaning plenty of tx/s to keep the miners going profitably.
When all Bitcoins are mined. Miners only get paid for the transactions fees. This most likely means a lot of miners will go off the network. Curious how they are planning to solve that after that. I do believe Bitcoin transactions will be even faster near that date. Miners are needed to keep the network alive. So I can see donation funds happen to keep miner farms alive to keep the Bitcoin network alive basically. Maybe the transaction fees then will be enough to keep miners interested. We will see when we get there.
Maybe the number of business people to switch to other businesses or could just switch to offline business
There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?
After all 21 million bitcoins are mined - which will take quite a long time with the block reward reductions, about 60 years if I remember right - miners will still receive transaction fees from solving blocks and advancing the blockchain. Assuming bitcoin value increases on a trajectory that tracks with the increasing difficulty of mining, it should still be worth solving blocks just for the transaction fees. If it's not, presumably miners will find other coins until the difficulty decreases enough for it to be worth mining again without block rewards.
There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?
From what I know, the law of demand and supply will be relevant in terms of determining the price of bitcoins on the market. If there are less supplies (meaning all bitcoins are mined out), then the demand for the bitcoin will increase resulting to a significant impact on its price. But from what I know, this will probably take years from now to be fully mined out. Another thing, I guess that there might be a cryptocurrency that may potentially replaces bitcoin on the future.
Bitcoin will just circulate in the market, mining hardware will be useless, the peak difficulty had been reached.
How could mining hardware be useless exactly? I think the difficulty for mining bitcoins by that time would be significantly less compared now since more powerful processors would have been created then.
There are only 21 million total bitcoins that can be mined, what will happen if all bitcoin is already mined?
Many years or one hundred years from now. The bitcoin will be going to be mined, all of that 21 million bitcoins. And if is that will happen, bitcoin price will be increase, because it is limited, it's only have 21 million bitcoins all over the world. So that is why the price of bitcoin will be get much higher, cause of its rarity. Rare is equal to high value, right?
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