When Bitcoin Is Mined Out? | Bitcointalksearch.org

Amph

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Quote from: jonald_fyookball on September 06, 2015, 02:04:36 PM

Quote from: randy8777 on September 06, 2015, 01:55:44 PM

Quote from: Shattered on September 06, 2015, 01:44:02 PM

Quote from: ai3rocks57 on September 06, 2015, 01:10:55 PM

Fees will drastically increase we'll probably be paying 0.002 or something like that to keep people mining....but bitcoin will be x10 the value it is now

Even if the transaction btc fees drastically increase by 2025, they will still be better than the fees credit card companies charge in 2015.

it depends. if the price is around $2000 when all coins are mined, and you are forced to include at least 0.001btc as fee, the advantage of bitcoin, as far as fees, isn't that much of a selling point anymore.

in 125 years, i'm pretty sure the price ain't gonna be $2000.

if it is not zero by 2024-230, it will be probably be very very high, like satoshi predicted

Mickeyb

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Move On !!!!!!

Quote from: GriffinHeart on September 06, 2015, 12:30:51 PM

We all know, at it's current rate, it's inevitable.

When bitcoin is all mined dry, what are we all going to do?
Of course there are the BIP100, BIP101, BIP103 etc. debates, but when bitcoin reaches it's maximum 21 million hard-code, (assuming it isn't increased/modified) what will happen?
Prices may rise, drop or whatever we can speculate...
Realistically, would we move to other altcoins? Trade BTC like PreMineCoin, maybe it will even be a global currency which we use for services instead of fiat and wages may be paid in BTC.
Can anyone shed their own thoughts on the outcome of our cherished Bitcoin?

Fanks,
Griffin.

I kind of don't care what will be happening in 125 years. We have enough to worry about at the current moment. We don't need that extra weight on our shoulders on what the far future is holding.

Anyways, I think that next 5-10 years are crucial for Bitcoin. If it survives all of the challenges and emerges as a robust payment system, I am sure that people in 2140 will still be using it and that everything will work out for them once the mining halts altogether.

Shattered

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Quote from: randy8777 on September 06, 2015, 01:55:44 PM

Quote from: Shattered on September 06, 2015, 01:44:02 PM

Quote from: ai3rocks57 on September 06, 2015, 01:10:55 PM

Fees will drastically increase we'll probably be paying 0.002 or something like that to keep people mining....but bitcoin will be x10 the value it is now

Even if the transaction btc fees drastically increase by 2025, they will still be better than the fees credit card companies charge in 2015.

it depends. if the price is around $2000 when all coins are mined, and you are forced to include at least 0.001btc as fee, the advantage of bitcoin, as far as fees, isn't that much of a selling point anymore.

I accept your possibility, however as a btc user you would still have the advantage of using the better option considering you will NEVER have to pay interest.
*For the record im pretty sure we are on the same side of the argument Wink

I also dont think people realize how much they have to pay to use their own money when using an ATM for example.

To get back on topic, i sincerely hope by the time btc is all mined, we have a massive global user base and a rock solid rate.

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: randy8777 on September 06, 2015, 01:55:44 PM

Quote from: Shattered on September 06, 2015, 01:44:02 PM

Quote from: ai3rocks57 on September 06, 2015, 01:10:55 PM

Fees will drastically increase we'll probably be paying 0.002 or something like that to keep people mining....but bitcoin will be x10 the value it is now

Even if the transaction btc fees drastically increase by 2025, they will still be better than the fees credit card companies charge in 2015.

it depends. if the price is around $2000 when all coins are mined, and you are forced to include at least 0.001btc as fee, the advantage of bitcoin, as far as fees, isn't that much of a selling point anymore.

in 125 years, i'm pretty sure the price ain't gonna be $2000.

randy8777

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Quote from: Shattered on September 06, 2015, 01:44:02 PM

Quote from: ai3rocks57 on September 06, 2015, 01:10:55 PM

Fees will drastically increase we'll probably be paying 0.002 or something like that to keep people mining....but bitcoin will be x10 the value it is now

Even if the transaction btc fees drastically increase by 2025, they will still be better than the fees credit card companies charge in 2015.

it depends. if the price is around $2000 when all coins are mined, and you are forced to include at least 0.001btc as fee, the advantage of bitcoin, as far as fees, isn't that much of a selling point anymore.

Shattered

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Quote from: ai3rocks57 on September 06, 2015, 01:10:55 PM

Fees will drastically increase we'll probably be paying 0.002 or something like that to keep people mining....but bitcoin will be x10 the value it is now

Even if the transaction btc fees drastically increase by 2025, they will still be better than the fees credit card companies charge in 2015.

pooya87

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first of all this is not going to happen for a long time. besides all the bitcoins will never be mined since the block reward halves.
but IMO whatever happens to bitcoin in the future mostly depends on the bitcoin price. it means that if the price is high enough that makes the mining profitable and keep the fees as low as possible then bitcoin can continue its way, otherwise i don't think it can have a good future afterwards.

bryant.coleman

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Quote from: ai3rocks57 on September 06, 2015, 01:10:55 PM

Fees will drastically increase we'll probably be paying 0.002 or something like that to keep people mining....but bitcoin will be x10 the value it is now

In the next 10-12 years, the block reward will continue to outsize the transaction fee (in terms of absolute value) by quite a large margin. Take a look at the recent blocks. In less than 10% of the blocks, the transaction fee exceeds BTC1.00. So you can't even compare the block reward (BTC25.00) with the transaction fee. If we increase the tx fee, then it will do no good for the miners, and will just reduce the transaction volumes.

ai3rocks57

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Fees will drastically increase we'll probably be paying 0.002 or something like that to keep people mining....but bitcoin will be x10 the value it is now

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: GriffinHeart on September 06, 2015, 12:30:51 PM

We all know, at it's current rate, it's inevitable.

When bitcoin is all mined dry, what are we all going to do?
Of course there are the BIP100, BIP101, BIP103 etc. debates, but when bitcoin reaches it's maximum 21 million hard-code, (assuming it isn't increased/modified) what will happen?
Prices may rise, drop or whatever we can speculate...
Realistically, would we move to other altcoins? Trade BTC like PreMineCoin, maybe it will even be a global currency which we use for services instead of fiat and wages may be paid in BTC.
Can anyone shed their own thoughts on the outcome of our cherished Bitcoin?

Fanks,
Griffin.

Nothing special will happen. Miners will continue to mine blocks of transactions, collect transaction fees, and secure the network.
Why would anything change just because the distribution curve ends? The slowdown will be happening decades in advance.
Just means Bitcoin supply will slow down and approach its finite limit, as was the plan the whole time.

What's the problem?

pedrog

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Quote from: newIndia on September 06, 2015, 12:59:49 PM

Quote from: pedrog on September 06, 2015, 12:57:14 PM

Blockstream will hijack all transaction fees and some other way of protecting the network will be developed, probably centralized and also owned by Blockstream.

LoLz... in the year 2140, you, me or GMaxwell wont be here to see the blockstream domination Cheesy

99% of all bitcoin supply will be mined in the next 20 years.

By 2024, 93% of all supply will be mined.

We will see big changes in our life time.

newIndia

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Quote from: pedrog on September 06, 2015, 12:57:14 PM

Blockstream will hijack all transaction fees and some other way of protecting the network will be developed, probably centralized and also owned by Blockstream.

LoLz... in the year 2140, you, me or GMaxwell wont be here to see the blockstream domination Cheesy

pedrog

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Blockstream will hijack all transaction fees and some other way of protecting the network will be developed, probably centralized and also owned by Blockstream.

leipebarry

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Quote from: GriffinHeart on September 06, 2015, 12:30:51 PM

We all know, at it's current rate, it's inevitable.

When bitcoin is all mined dry, what are we all going to do?
Of course there are the BIP100, BIP101, BIP103 etc. debates, but when bitcoin reaches it's maximum 21 million hard-code, (assuming it isn't increased/modified) what will happen?
Prices may rise, drop or whatever we can speculate...
Realistically, would we move to other altcoins? Trade BTC like PreMineCoin, maybe it will even be a global currency which we use for services instead of fiat and wages may be paid in BTC.
Can anyone shed their own thoughts on the outcome of our cherished Bitcoin?

Fanks,
Griffin.

I have thought about that and I think Bitcoin will gain the same status as Gold.
It will be used as a store value or for big purchases like a house.
1 bitcoin equals 1 kilo gold, but that is probably in the future.

For payments you are going to get an international cryptocurrency wich is large in numbers and I think it will be Digibyte but that is just a gutfeeling.
Also I think more countrycoins will come up.
Currently in the Netherlands they have Guldencoin wich is a big success and in Equador the government is also playing with a centralized cryptocurrency.

But in the end it is all just guessing.

RGBKey

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rgbkey.github.io/pgp.txt

I don't believe the core devs would change that number, it would screw so much up. Miners will keep mining for the transaction fees.

BTCPOOLMINING

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Never, when bitcoin block rewards reduce miners will keep mining for transaction fees that will good in numbers after mass adoption of bitcoin

GriffinHeart

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Hello there!

We all know, at it's current rate, it's inevitable.

When bitcoin is all mined dry, what are we all going to do?
Of course there are the BIP100, BIP101, BIP103 etc. debates, but when bitcoin reaches it's maximum 21 million hard-code, (assuming it isn't increased/modified) what will happen?
Prices may rise, drop or whatever we can speculate...
Realistically, would we move to other altcoins? Trade BTC like PreMineCoin, maybe it will even be a global currency which we use for services instead of fiat and wages may be paid in BTC.
Can anyone shed their own thoughts on the outcome of our cherished Bitcoin?

Fanks,
Griffin.

Topic: When Bitcoin Is Mined Out? (Read 735 times)