Topic: Will Bitcoin collapse after 21 million coins are mined? - page 2. (Read 424 times)
A long way to go! Isn’t it unnecessary to think over those things which will happen when you will be no more probably!
Bitcoin has a limit to the number of tokens it will release. That number is hard-coded at 21 million. The estimated date of Bitcoin issuing its last coin is believed to be in the year 2140. No one can predict what will happen at that point, but miners will always earn some profit from transaction fees. Plus, users of the blockchain and the Bitcoins themselves will be incentivized to protect the network, because if mining stops, Bitcoins become vulnerable and so does the data that has been locked into the blockchain.
Bitcoin reaching it hard cap of 21million will not collapse at all. Just imagine when bitcoin hit it's all time high of 20000$ ,it becames scarce (limited in supply and higher demand )and it also increased it values , awareness, more acceptability, more recognition ,more applications into business, etc. world wide .Again Minner may not stop simply because Bitcoin has reached it's hard cap 21 million because, at that time,there must be control put in place to monitor every transaction that come into the block from everyone using bitcoin for various reasons and purpose. In a nutshell, miner will always there to over see that every transaction that come into the block are genuine .
Supply will gradually decrease with every four year halving and will ultimately become zero when 21 million coins are mined. But that figure will reach in 2140. After that Bitcoin will have negative inflation. A deflationary currency will naturally has positive price movement. Since, demand is expected to increase in future, the limited and no supply will give the positive price curve. There won't be a collapse due to 21 million bitcoins being mined, but it might happens because of the no utility or intrinsic value.
I believe it could happen. When people could no longer be able to gain, surely they will be selling their bitcoins because holding it would mean nothing. It will then go back a value somewhat a bit closer to the maximum value then goes stable with nobody gaining much. Unless people will jump to other currency leaving bitcoin value to drop even more and the volatility will then again play a role for it to become worth investing.
The last coins will be mined in about 122 years from now, so we don't need to worry about it. For heaven's sake, there is no guarantee that the human race is going to survive until 2140.
First point, worrying something that is least to happen 122 years from now. (For sure we are totally decomposed that time)
Second point, given that all bitcoins are mined, meaning they are in people's possessions, and it will only revolve around people to people to people. People are mining bitcoins for future use they wont keep it and let it be kept until all people who owns bitcoin dies. Right?
Third point, technology continuously developes , with due respect for the present technology, in 122 years it will change and i know that it'll change for the better. Great people will still exist, and they will not sit down and watch the downfall of every technology that is created for the benefit of the people.
Second point, given that all bitcoins are mined, meaning they are in people's possessions, and it will only revolve around people to people to people. People are mining bitcoins for future use they wont keep it and let it be kept until all people who owns bitcoin dies. Right?
Third point, technology continuously developes , with due respect for the present technology, in 122 years it will change and i know that it'll change for the better. Great people will still exist, and they will not sit down and watch the downfall of every technology that is created for the benefit of the people.
After the 21 million coins are mined that would mean an end of supply of bitcoins. This only means one thing, demand will keep growing while supply will halt which will drastically increase the price of bitcoin.
If one owns 10 BTCs in 2140, each BTC being £1m, thus value of owning 10 BTCs = £10m, these owners are going to mine/run a full node, in order to protect the network, regardless of block reward. It's blooming common sense. Do not panic at all.
Bitcoin will not collapsed after 21 million coins are mined. This is one of the fears among bitcoin users as if this is the end of the world for bitcoin. But let us discuss two kinds of things wherein miners would earn; first from mining bitcoins and second is through transaction fees. This would mean that even all of the bitcoin were mined miners will still work and their work is to process blocks of transactions and confirm it to avoid double spending. Thus even if all bitcoins are mine bitcoins will still be there and we can still continue to enjoy using it.
Bitcoin is new money for millennials. It will not be used by majority of world population not to say about store of value function. In my opinion Bitcoin was experiment. It will not have any value when governments will find out how to track and control your BTC.
By the time the BTC is exhausted, the BTC should be the digital gold. So I don't think we need to worry about that.
Once all coins are mined, I think the price will increase. However, there are many years for this to happen and I think bitcoin will not survive till then.
Bitcoin will not collapsed after 21 million coins are mined. This is one of the fears among bitcoin users as if this is the end of the world for bitcoin. But let us discuss two kinds of things wherein miners would earn; first from mining bitcoins and second is through transaction fees. This would mean that even all of the bitcoin were mined miners will still work and their work is to process blocks of transactions and confirm it to avoid double spending. Thus even if all bitcoins are mine bitcoins will still be there and we can still continue to enjoy using it.
I think that nothing will change because as it gets to the last bitcoin there will probably be a high price and it will not change.
If bitcoin releases 21 million bits of mine I think the miners will move on to the other coin. The value of bitcoin will be quite high because bitcoin has limited quantity and transaction fees will be quite high.
Bitcoin has a limit to the number of tokens it will release. That number is hard-coded at 21 million. The estimated date of Bitcoin issuing its last coin is believed to be in the year 2140. No one can predict what will happen at that point, but miners will always earn some profit from transaction fees. Plus, users of the blockchain and the Bitcoins themselves will be incentivized to protect the network, because if mining stops, Bitcoins become vulnerable and so does the data that has been locked into the blockchain.
What about IOTA? There is nothing like that but it is not collapsing. It is not incentivizing miners since they don't have one. Yet it is not collapsing. So what happened to your half baked thoughts? It's collapsing.
Even after the completion of mining of bitcoins, there will still be need of miners to complete transactions through bitcoin and if it is used by the people for their daily transactions there would still be profitable in the mining business then keeping it still invulnerable and preventing it from collapsing.
Of course, it can not stay as an asset of earning by HODLING forever. There will come a time when it will be used for the purpose of its creation and that will also prevent it from collapsing.
Of course, it can not stay as an asset of earning by HODLING forever. There will come a time when it will be used for the purpose of its creation and that will also prevent it from collapsing.
- The subsidy is reduced every 4 years until about 2140. It will be only 1 satoshi per block for the four years prior to that. It will drop to less than 1 BTC per block in about 15 years.
- In the future, mining will be supported primarily by fees as the subsidy is reduced.
- When some miners quit because they cannot mine profitably, the remaining miners will continue to mine profitably.
- As long as the block reward (whether consisting of fees or fees+subsidy) has value, there will be miners.
I understand that miners will still get miner fees from each transaction, but will that be profitable for them? I really doubt. For example if miners received only transaction fees and no block rewards today, it would not be profitable for them today. The electricity would cost more. And we all want transaction fees to be low, because bitcoin is useless if fee for one transaction is $20 or more. That's why services like Lightning Network are being developed to reduce fees even more. So how is this going to be profitable for miners if the fees will not increase dramatically?
Miners will make money from transaction fees still, so it shouldn't collapse. They should continue mining to keep the network secure, and people will still run non-mining full nodes as a hobby or for their own security.
2140 is a long time away though. If Bitcoin is popular 120 years from now, there's no way it would resemble the Bitcoin we know today. Developers are already working on ways to have instant transactions off chain, with many other people running nodes to test out this technology. Then you hear about many other ideas that aren't yet being worked on. A lot can change in 120 years.
2140 is a long time away though. If Bitcoin is popular 120 years from now, there's no way it would resemble the Bitcoin we know today. Developers are already working on ways to have instant transactions off chain, with many other people running nodes to test out this technology. Then you hear about many other ideas that aren't yet being worked on. A lot can change in 120 years.
If Bitcoin made it to 2140 for real, that would be unreal and I think beyond most of our expectations here. Hard to believe any industry can go that long without being changed, but finance did it before for over 200 years perhaps it can happen again. Dont rule it out is all I am saying.
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