Topic: What would happen when 21 million bitcoins come into existence? (Read 1912 times)

It would need to be a pretty big fee each time a transaction is sent and we would also need to have mass adoption at this point to keep miners mining otherwise i think bitcoin will die a lonely death.

Bitcoin is a currency, so I think it will no be owned by very few people. People will use it to buy things.

When 21 million bitcoins come into existence maybe we will not be alive, but a good percentage of them will be lost and the rest will be held by few people like it is today and a percentage to others.

The price will go to the moon, as it always does after each halving.

When we've got 21 million coins the block reward would be tiny as hell. We need high BTC prices to incentivise miners.

I'm sure we won't see that happen

I tough that there will be always 21 million bitcoins, I hear now that they are so much lost bitcoins that you can get it back.
So I don't what will happen if it reach 21 million maybe we will come at the end a stable price for bitcoins if there is just 21 millions.
When is lost I think the worth of bitcoin will be more and more.

There are too many lost Bitcoins in the world. But figuratively, if 21 million Bitcoins came into existence, the price would shoot up because there would be no more coming onto the market.

I think the miners will earn money then via the tx fees while broadcasting through the blockchain.

too many time, we dont see it,

If mankind is going to adopt to bitcoins.. the price will rise the further we walk on timeline.

The only thing that stood out in that long post was this line. Nothing related to price is guaranteed. Price has to keep up with the rise in computing power on the network for miners to earn consistent returns. If price doesn't keep up, mining income falls. At the halving, my prediction is it forces a lot of miners out of the market who can't mine enough to break even.

Good question!
Personally I don't think that too much will change.

If the hashrate drops significantly, that might have a negative effect on the price.
But if we can't get any more btc by mining, that might have a positive effect on the price.

Will be interesting to see when the time comes!

I think if price doesn't get increased, it may crash the bitcoin system. As to compensate miners reward per transaction fee slould be increased where as for senders that fee will be quite bigger than what we have today.

We need more number of bitcoins in slow progress. That's the reason Satoshi designed bitcoin as controlled supply over time.
When all the 21M bitcoins will be mined out, there will be a demand for bitcoin like 1000 more times of bitcoin is required. This will help bitcoin value appreciations. Further more, satoshi or bits type of usage will solve the demand in greater ways.

I think the future lies on the colored coins which are stored into the Bitcoin blockchain. Bitcoin itself will just keep the reward for maintaining and supporting the network.

When the price goes up, the fee from the transaction can support the mining infrastructure. The miners can still make some profit.

much better to say when the last coin was mined. by the way i think the price will increase hiigh rocketed to the moon containing your private key..

dont worry about the lost coins. satoshi once said "Lost coins only make everyone else’s coins worth slightly
more,

I think that we will not be alive when all 21 million will come into existence because it is far away from now, but it depends on the popularity which i believe the price will be to the moon.

I think the price will go up, because people will see that the supply is really limited. I want to know will transactions increase, because miners will not be rewarded blocks anymore?

After further thoughts, this is a complex topic, involving several variables

At each reward halving, to keep the miners running with same incentive, either the bitcoin price need to double or the fee income per block would compensate for the loss of the block reward

Currently the fee income per block is around 0.5 bitcoin, very little comparing with the block reward. So the only thing works is to raise the bitcoin price by 100%, otherwise miners will shutdown their operation due to unable to profit, resulting in weak security

After a couple of halving, 12.5, 6.25, 3.125, 1.5625, 0.78125, 0.390625, the block reward will become less than the fee per block today. I think that price doubles every 4 years are still guaranteed, so the incentive holds

However the development of fee per block is different, this is decided by the cpu/network capacity increase and possible other scaling solutions

In general, there is an extra delay when including one transaction, and that delay will increase the risk of a block being orphaned thus lose the whole block reward altogether. If you include 2000 transactions today (1MB block), that will add up to 1 minute delay when broadcasting to the whole network, which is about 5% risk of being orphaned (not precisely calculated from poisson distribution, just an example, 10 minutes delay means the block will be orphaned half of the time), so 5%x25btc=1.25 btc is the cost of 1MB, divided by 2000 transactions, you get 0.000625 btc fee per transaction, which is a fee that is accepted by all the miners today, which means the real cost is lower today

If the cpu/network speed doubles at next reward halving, then each block can include double amount of transaction at the same opportunity cost today, e.g. 4000 transactions for 5% risk of being orphaned. However, the block reward is 12.5 coins by then, 5%x12.5btc=0.625 btc is the cost of 2MB, divided by 4000 transactions, that is 0.00015625 fee per transaction

So the fee will be cut to 1/4 at next reward halving, if bitcoin price doubled, then it means the fee is getting 1/2 cheaper for end user. If bitcoin price quadrupled, then the fee costs the same as today

Following this route, when block reward is cut by half, the fee per block will also cut by half, with double amount of transaction capacity, resulting in 1/4 of the btc fee per transaction. If bitcoin's value x4 every 4 years, then the fee per transaction will stay at current level. If bitcoin's value X8 every 4 years, the fee will double each time, still manageable for decades. It seems that the fee per block will stay small relative to block reward in foreseeable future

And this is the case that you directly use blockchain to do transaction, if you use clearing based solutions then the fee can be 0 for end user, and the real traffic on blockchain might grow much slower