Topic: What will happen to Bitcoin after all 21 million are mined? (Read 227 times)
You might have to be very direct with your question. But generally, after the last 21st million BTC is mined the circulating supply remained capped forever. But hey, that will take another century to happen. At this stage, miners fees will be solely based on transaction fees.
IMO, with the limited supply, the more bitcoin you have, the wealthier you are. When the 21 million bitcoin supply was already mined, most of bitcoin transactions would be per sats. That is only my prediction, because in that time, accumulating 1BTC might be too expensive and since bitcoin will be developed, people might transaction through it even with groceries, and small scale item transactions. Well about miners, some other members here already answered that, but there's still no assurance what will really happen who knows, maybe satoshi hides a very good feature of bitcoin at the very last block.
As we know mining bitcoin will ended at 2140, so we don't know what will happen that time. Likely we will not alive or bitcoin will not exist during this time but who know. I am pretty sure there will not any problems on the chain even bitcoin mined full supply of 21 million. Miners will still be active because we can't imagine now what will be the price of bitcoin after 2140 like we hadn't imagine 2010. Only transaction fees will be enough for miners and likely would be more benefit from now. If bitcoin exist upto 2140 then there will not any problems but thousands people will get advantage of it.
These transaction fees could potentially rise to many thousands of dollars or more per block as the number of transactions on the blockchain would eventually grow.
It will still take more than a decade before all bitcoin will be mined, we do not really know what could happen, but I do not think the transactions fee can be as high as thousands of dollars because:First, bitcoin transaction fee may increase to an extent that more people will prefer to use lightning network which makes the transaction faster and at low fee charges, this could be one of the solutions to increasing bitcoin transaction fee.
Second, there could be another bitcoin improvement proposals that could gain bitcoin community interest in such a way to reduce the increasing bitcoin transaction fee.
But I am not disputing the fact that bitcoin transaction fee will increase, it will surely increase because the adoption of bitcoin will increase, the price will increase and this will results in transaction fee inceease, but increase to as high as thousands of dollars will discorage people which I believe is not possible.
Yes, the Lightning Network can be the best solution for bitcoin transaction fees, But miners must also continue to confirm transactions in order to protect the network from 51% attack.
These transaction fees could potentially rise to many thousands of dollars or more per block as the number of transactions on the blockchain would eventually grow.
It will still take more than a decade before all bitcoin will be mined, we do not really know what could happen, but I do not think the transactions fee can be as high as thousands of dollars because:First, bitcoin transaction fee may increase to an extent that more people will prefer to use lightning network which makes the transaction faster and at low fee charges, this could be one of the solutions to increasing bitcoin transaction fee.
Second, there could be another bitcoin improvement proposals that could gain bitcoin community interest in such a way to reduce the increasing bitcoin transaction fee.
But I am not disputing the fact that bitcoin transaction fee will increase, it will surely increase because the adoption of bitcoin will increase, the price will increase and this will results in transaction fee inceease, but increase to as high as thousands of dollars will discorage people which I believe is not possible.
We know each block rewards the miners who mined it with both new coins being created and the transaction fees within this block of transactions.I think by then(2140) bitcoin mining would be reliant on transaction fees miners will likely continue to actively participate and validate new transactions. These transaction fees could potentially rise to many thousands of dollars or more per block as the number of transactions on the blockchain would eventually grow.
Once the total supply of bitcoin has been mined, there will be not much any difference as compared to the present day. Transaction fees are enough to cover the block reward for miners who have done their job verifying and adding blocks into the blockchain.
[1] https://satoshi.nakamotoinstitute.org/emails/cryptography/threads/1/#014858 - just to support my claim
The question is google-able though, you can find other existing discussion regarding this topic
.
- https://bitcointalksearch.org/topic/how-will-bitcoin-survive-after-all-21m-coins-have-been-mined-5128657
- https://bitcointalksearch.org/topic/what-will-happen-to-miners-when-bitcoin-limit-supply-completely-mined-5191418
- https://bitcointalksearch.org/topic/what-happens-after-21-million-mined-btc-2065266
[1] https://satoshi.nakamotoinstitute.org/emails/cryptography/threads/1/#014858 - just to support my claim
The question is google-able though, you can find other existing discussion regarding this topic
.- https://bitcointalksearch.org/topic/how-will-bitcoin-survive-after-all-21m-coins-have-been-mined-5128657
- https://bitcointalksearch.org/topic/what-will-happen-to-miners-when-bitcoin-limit-supply-completely-mined-5191418
- https://bitcointalksearch.org/topic/what-happens-after-21-million-mined-btc-2065266
I have recently read an article on the topic of what will happen after all BTC's are mined.
Decrypt-->https://decrypt.co/33124/what-will-happen-to-bitcoin-after-all-21-million-are-mined
What are your thoughts on this?
Decrypt-->https://decrypt.co/33124/what-will-happen-to-bitcoin-after-all-21-million-are-mined
What are your thoughts on this?
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