WHEN THE LAST COIN HAS BEEN MINED. | Bitcointalksearch.org

henmark

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Quote from: Eclipse26 on October 23, 2019, 10:24:23 AM

We don't know what will actually happen if all coins were already mined and we'll never find out cause we're already dead by that time. But if all bitcoin were already mined, bitcoin will still continue circulating and to be used for trading. No more bitcoin to be mined doesn't mean it's already the end. And I think during that time, bitcoin will be more valuable.

That is what many people have said, they have calculated the last bitcoin to be mined as year 2140 which you already said that many of us would have been dead by then, but I believe that by that time, the value of bitcoin will really increase because what will be circulating in the market now would be coins that has already been bought and no one will be able to get mined coin again which would make the value of bitcoin to become so expensive.

Bitcoin would be kind of scare by that time, and i think whatever investment we leave in bitcoin right now no matter how small it is, is what our generation them would bank on and always appreciate us for, which is why we need to keep our coin for long term investment that would benefit is and our generations.

lixer

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Quote from: ?? on ??

It hasn't happened yet, so don't think about it now

That is the fact, we are talking of something that might not happen until year 2140 which majority of us would have been dead by then, and even the oldest that manage to stay alive them will not even have the strength and the memory to think of it, and that would be for the other generations that are in the future. Although that year quoted is still something I don't want to believe yet even if we have formula that has showed that, I think bitcoin can even be mined far before then when there is very high level of adoption.

Let us assume that the government of the world really approve bitcoin to be the cryptocurrency of the world, the number of people that we have in the world is more than enough to make the last bitcoin to be mined within the shortest possible time even at 50 percent adoption.

Tonteus

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The price will soar, that's what will actually happen, a limited number of bitcoins will only increase the appetite of investors

HighRed

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The reward is always halved every once in a while so theoretically it would take forever to mine every single coin in existence but because of technical limitations, there might be a limit to how many digits the lowest denomination can have. In that case, the last coin will be mined and the full supply of coins will be in circulation. However, that's not the only way miners make money. They also get miner fees, and as the reward goes down, they go up. So nothing will change much in the end, maybe the coin prices will go up, just like how it usually is with every halving.

Betwrong

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Quote from: odolvlobo on October 28, 2019, 01:53:26 PM

~ Even if no more coins are mined, there will still be a supply. There will always be people who are willing to sell their bitcoins -- that's the definition of supply.

Furthermore, demand (and price) would not "instantly rock up". Scarcity does not affect demand. People won't want to buy more bitcoins just because they are no longer produced.

I agree, only for that reason they won't. Theoretically they could want to, if because of the hype, like it happened with CryptoKitties, having 1 BTC was in vogue, and the rich would buy it just to brag in front of their friends that they have one. I still don't discard that possibility completely, but I think that it is much more likely that the price of Bitcoin will be rising because of its utilization. If you want to pay for some goods and/or services with BTC, you should buy the currency first, right?

qwertyup23

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Quote from: Lawrenzoo on August 20, 2019, 10:41:54 PM

Hello all, i have always wondered about what happens after the last coin of a COIN has been mined, does that mean that people would not be able to buy it again? if not, if someone i to come to the market to purchase a coin and he/she sees that a coin limit has already been exhausted through the history given on coinmarketcap, would that not make the buyer withdraw from taking step further based on the mentality that the limit has been exhausted?

It is estimated that by the year 2140, all the remaining bitcoins will be mined out and its overall supply of 21 million will be spread throughout the world on each individual. When this time comes, expect miners to profit from the transaction fees as bitcoin prices will be significantly high. This is also the reason on why most are expecting its price to pump and HODLing most of their coins at the moment.

crossabdd

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usually in economics is when an item is scarce to obtain, its value will increase. so, I don't think people can withdraw from bitcoin, while for every 21000 blocks, bitcoin will make half the scarcity of mining rewards. so bitcoin is increasingly difficult to mine. and what if the last bitcoin has been mined? Can it still be a transaction? it has already been explained. Even though the last Bitcoin has been mined, the transaction will not stop. miners can still verify. and maybe that will happen in 2140 years.

GideonGono

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Quote from: mk4 on August 21, 2019, 12:45:00 AM

Quote from: Lawrenzoo on August 20, 2019, 10:41:54 PM

does that mean that people would not be able to buy it again?

Why wouldn't they be able to buy? Even if every single bitcoin gets mined today, people will still be able to buy. Why? Because the markets are open 24/7 and there will always be sellers in the market regardless of what the current supply is and what the future supply will be. The chances of there being absolutely ZERO sellers is next to impossible.

Yup, think a reality on how if all over the world if the gold was already mined? So if this was happen then the gold can increase the price depend on the demand of it. It is like crypto when the supply limit then the demand would increase, the bitcoin will be more expensive.

odolvlobo

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Quote from: hello_good_sir on October 28, 2019, 08:01:58 AM

1. Transaction fees would instantly go up, to accommodate the lack of block rewards being a thing and transactions would likely become a lot more expensive consistently.

Eliminating the subsidy does not affect supply or demand of block space, so how can it affect the price?

Quote from: hello_good_sir on October 28, 2019, 08:01:58 AM

2. The coin would die, or be dead before it's fully mined out - this is my personal prediction for Bitcoin, don't think it'll survive enough for every last coin to be mined out.

The evidence contradicts you. The subsidy has been halved twice now, and rather than Bitcoin approaching death as the subsidy approaches 0, Bitcoin is growing. Also, there are coins that have no subsidy and are mined just for fees, and while they may ultimately die, it won't be because they have no subsidy.

Quote from: hello_good_sir on October 28, 2019, 08:01:58 AM

3. It would only be available for purchases on exchanges and P2P, with there being no supply, demand and the price would instantly rock up causing the coin to be instantly worth a lot more.

You are confusing "production" with "supply". Even if no more coins are mined, there will still be a supply. There will always be people who are willing to sell their bitcoins -- that's the definition of supply.

Furthermore, demand (and price) would not "instantly rock up". Scarcity does not affect demand. People won't want to buy more bitcoins just because they are no longer produced.

WandererofCrypto

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Miners still earn hefty transaction fees and as the price of BTC should continue to rise as economic theory would dictate the transaction fees will cover their mining operations. Furthermore, there's nothing to stop people from conducting transactions especially if BTC continues to move the way it does.

hello_good_sir

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Quote from: Lawrenzoo on August 20, 2019, 10:41:54 PM

Hello all, i have always wondered about what happens after the last coin of a COIN has been mined, does that mean that people would not be able to buy it again? if not, if someone i to come to the market to purchase a coin and he/she sees that a coin limit has already been exhausted through the history given on coinmarketcap, would that not make the buyer withdraw from taking step further based on the mentality that the limit has been exhausted?

Here's some outcomes that could happen if a coin with a limited supply ran out and was basically unable to be mined.

1. Transaction fees would instantly go up, to accommodate the lack of block rewards being a thing and transactions would likely become a lot more expensive consistently.

2. The coin would die, or be dead before it's fully mined out - this is my personal prediction for Bitcoin, don't think it'll survive enough for every last coin to be mined out.

3. It would only be available for purchases on exchanges and P2P, with there being no supply, demand and the price would instantly rock up causing the coin to be instantly worth a lot more.

Mandoy

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Quote from: ?? on ??

It hasn't happened yet, so don't think about it now

The answer is so funny. There are already answers to that questions and it is a very important news and information about bitcoin. I have already explained what will happen when the last bitcoin will mine and I will no longer mention it again. But the relevance of knowing what will happen when all the coin will be mined is very important as a miner and as a trader. As a trader when all coins are mined then that will be the start of bitcoins value increasing since there are no longer additional coin supply being sold at the exchanges.

Casdinyard

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Quote from: ?? on ??

It hasn't happened yet, so don't think about it now

Nice. HAHAHA!

Quote from: Betwrong on October 28, 2019, 03:45:10 AM

Quote from: apoorvlathey on October 23, 2019, 11:35:08 AM

Tell me do you trade the bitcoins directly with the miners only and that too every time? I guess no.
Consider this what if there no gold left on the earth to be mined? The remaining one in circulation would still continue to change hands regardless.

Similarly, when no new coins are mined the remaining coins would keep on transferring from one person to another.

I think this is a wrong analogy. Bitcoin can't exist, or "change hands", without miners, while gold perfectly can. So, answering the question, we should rather concentrate on the motivation for miners to continue doing their job. And the motivation will always be there, as shown in the comments above.

I would agree with that, I mean how you can transfer bitcoin if there will be no miners and bitcoin isn't something tangible that you can just transfer by hand.

Quote from: Lawrenzoo on August 20, 2019, 10:41:54 PM

would that not make the buyer withdraw from taking step further based on the mentality that the limit has been exhausted?

I doubt that he couldn't get the logic not unless that person is new in crypto currency. Imagine if the last coin will be mined while the surge of demand is there, what could possibly happen? Simply, the law of supply and demand.

Bitcoin is not an altcoin that could be easily exhausted in the market.

Betwrong

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Quote from: apoorvlathey on October 23, 2019, 11:35:08 AM

Tell me do you trade the bitcoins directly with the miners only and that too every time? I guess no.
Consider this what if there no gold left on the earth to be mined? The remaining one in circulation would still continue to change hands regardless.

Similarly, when no new coins are mined the remaining coins would keep on transferring from one person to another.

I think this is a wrong analogy. Bitcoin can't exist, or "change hands", without miners, while gold perfectly can. So, answering the question, we should rather concentrate on the motivation for miners to continue doing their job. And the motivation will always be there, as shown in the comments above.

apoorvlathey

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Tell me do you trade the bitcoins directly with the miners only and that too every time? I guess no.
Consider this what if there no gold left on the earth to be mined? The remaining one in circulation would still continue to change hands regardless.

Similarly, when no new coins are mined the remaining coins would keep on transferring from one person to another. This eliminates any form of inflation as seen with fiat where the banks keep on printing notes till eternity.

DoublerHunter

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Quote from: Betwrong on October 23, 2019, 11:09:51 AM

Quote from: linenoise on August 21, 2019, 12:48:27 AM

Over 42 BTC in transaction fees were given to miners in the last day. Even without new coins being minted there will always be incentive to mine.
~

Also, if some miners will leave, the reward for those who remained will increase. Even 20 BTC daily in transaction fees is enough money to incentivize thousands of miners to keep mining. And I mean at today's price, let alone in hundred years from now. Also, with the development of new technologies the price of miners and energy consumption can drop significantly resulting in more profitable mining.

^ Definitely right, as long as we continue making transaction it seems we feed all miners from the transaction. So, it means the more bitcoin transactions have and that is enough to reward miners. Some miners will come and go and replace another one. There's nothing long last to them because mining machine will encounter also a defect. Nevertheless, the answer is there is no accurate numbers where is last suppose to be mined.

Betwrong

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Quote from: linenoise on August 21, 2019, 12:48:27 AM

Over 42 BTC in transaction fees were given to miners in the last day. Even without new coins being minted there will always be incentive to mine.
~

Also, if some miners will leave, the reward for those who remained will increase. Even 20 BTC daily in transaction fees is enough money to incentivize thousands of miners to keep mining. And I mean at today's price, let alone in hundred years from now. Also, with the development of new technologies the price of miners and energy consumption can drop significantly resulting in more profitable mining.

Eclipse26

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We don't know what will actually happen if all coins were already mined and we'll never find out cause we're already dead by that time. But if all bitcoin were already mined, bitcoin will still continue circulating and to be used for trading. No more bitcoin to be mined doesn't mean it's already the end. And I think during that time, bitcoin will be more valuable.

Mandoy

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Quote from: Lawrenzoo on August 20, 2019, 10:41:54 PM

Hello all, i have always wondered about what happens after the last coin of a COIN has been mined, does that mean that people would not be able to buy it again? if not, if someone i to come to the market to purchase a coin and he/she sees that a coin limit has already been exhausted through the history given on coinmarketcap, would that not make the buyer withdraw from taking step further based on the mentality that the limit has been exhausted?

If all coins were mined then there is nothing to mine anymore. But buying and mining are two different things. Also if all coins were mined the buyer will not withdraw since mining and buying is different. It does not mean that if all coins were mined you can no longer buy. There is a difference between confirming a transaction and mining a block. Even if mining will already stop, the miners could still verify and confirm a transaction and will still earn transaction fees. But on the market since there will be no more coins to mine it means that the supply will no longer increased then that is a good chance for the value to go up except otherwise somebody dump their coins.

linenoise

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Over 42 BTC in transaction fees were given to miners in the last day. Even without new coins being minted there will always be incentive to mine.

https://bitcoinvisuals.com/chain-fees-day

With the peak being nearly 1000 BTC in fees in one day the potential in a hundred years could be significant.

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