Wondering about of halving! | Bitcointalksearch.org

iluvpie60

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Quote from: Oceat on September 05, 2017, 01:10:34 PM

I have some question about of this halving thing of bitcoin, i know they were going to be halving every four years. What i wanted to know is that, if bitcoin keep on halving. Does the bitcoin will be extinct if there's no bitcoin to be halve? Or bitcoin will be dead forever?

Please share your humble knowledge about this. Thanks!

Eventually, the halving will get the block reward to be so small that the fees are paying for the bitcoin miners.

This assumes that mass adoption will take place and that larger blocks are possible, so that they can take in tens of hundreds of transactions. If mass adoption does not take place, then another way is that bitcoin becomes worth a lot higher of a price that it is still worth if for miners to mine.

So we have two ways for it to be ok in the end.

leonair

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Quote from: Oceat on September 05, 2017, 01:10:34 PM

I have some question about of this halving thing of bitcoin, i know they were going to be halving every four years. What i wanted to know is that, if bitcoin keep on halving. Does the bitcoin will be extinct if there's no bitcoin to be halve? Or bitcoin will be dead forever?

Please share your humble knowledge about this. Thanks!

I think I already read about this that the last piece of Bitcoin will be mine in the year 2100+ so it will not happen in our lifetime unless scientific research discover the extensions of life, When the halving is totally finish and there is no Bitcoin left to be mine then I think the price of it will surge at is not producing anymore.

Aleister Crowley

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Quote from: OmegaStarScream on September 05, 2017, 01:21:02 PM

We have a maximum supply of 21 million. The block reward will continue to get halved until it reaches zero (multiple 4-year periods) then, no more coins are created and we will only deal with the ones that already exists.

when 21 million bitcoins have been depleted in the mine, then bitcoin price will be more expensive .. and that too if the enthusiasts (bitcoin users are still a lot) and I think maybe bitcoin value will become more expensive when the bitcoin scarcity begins .. this will all happen if the existence of bitcoin can still be maintained ..

stromae

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Block halving feature is comin from bitcoin's nature (coding). This is to make bitcoin's value higher than ever.

http://www.bitcoinblockhalf.com/

We have 1015 more days for next halving, it's almost 3 years. Reward-Drop ETA date: 17 Jun 2020 17:24:38.

When block halving takes places, this doesn't damage bitcoin, don't worry.

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One day miners will recive just fees as reward

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Quote from: amacar2 on September 05, 2017, 01:18:46 PM

When block reward will be reduced to almost zero bitcoin per block after several halving all 21 million bitcoin will be avalailable for use and transaction fee included in tranactions will be enough for miners to make profit with bitcoin mining because price per bitcoin will be really high. No bitcoin will not die when all bitcoin will be mined.

This is absolute answer.

romero121

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There is nothing to wonder. As there are specific process to take place in between the time period of investment, same is happening with bitcoin each and every four year. Based on the block reward the halving continues and once there is no more halving the coins that have got mined till date will keep on circulating creating the demand to supply difference.

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Quote from: amacar2 on September 05, 2017, 01:18:46 PM

When block reward will be reduced to almost zero bitcoin per block after several halving all 21 million bitcoin will be avalailable for use and transaction fee included in tranactions will be enough for miners to make profit with bitcoin mining because price per bitcoin will be really high. No bitcoin will not die when all bitcoin will be mined.

After mining of 21 million bitcoin, If transaction fee will be enough for miners to make profit , it seems time will come for more people to say goodbye to bitcoin because there are many low $ value tranasactions. With high fees, only huge amount of bitcoins will be sent/received to don't see loss because of fees.
Still I don't know what to think about bitcoin's future. Imagine one man created great miner and it passed all dificulties 10x more easily than current antminers. Bitcoins will be mined more soon than it is expected. Also lost coins, more year = more lost coins. Maybe bitcoin can't last for centuries but if it last, I think 40% will be lost and this number will grow.

Oceat

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Quote from: OmegaStarScream on September 05, 2017, 01:21:02 PM

We have a maximum supply of 21 million. The block reward will continue to get halved until it reaches zero (multiple 4-year periods) then, no more coins are created and we will only deal with the ones that already exists.

I almost thought that bitcoin will be gone and we will be dealing those alt coins after i read this, until someone makes it more clearer to me.

Quote from: Emoclaw on September 05, 2017, 01:25:28 PM

Bitcoin will neither go extinct nor die. Once halving reaches effectively zero then it stops forever and no new Bitcoins are made. This just means that we'll be using the Bitcoins that have been mined, and is what makes Bitcoin inflation-proof.

At that point Bitcoin's value will be exponentially higher than it is today and we'll be using smaller units (such as bits/satoshi) for transactions.

Thanks for this information it's all now clear to me. Wink

Emoclaw

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Quote from: Oceat on September 05, 2017, 01:10:34 PM

I have some question about of this halving thing of bitcoin, i know they were going to be halving every four years. What i wanted to know is that, if bitcoin keep on halving. Does the bitcoin will be extinct if there's no bitcoin to be halve? Or bitcoin will be dead forever?

Please share your humble knowledge about this. Thanks!

Bitcoin will neither go extinct nor die. Once halving reaches effectively zero then it stops forever and no new Bitcoins are made. This just means that we'll be using the Bitcoins that have been mined, and is what makes Bitcoin inflation-proof.

At that point Bitcoin's value will be exponentially higher than it is today and we'll be using smaller units (such as bits/satoshi) for transactions.

OmegaStarScream

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We have a maximum supply of 21 million. The block reward will continue to get halved until it reaches zero (multiple 4-year periods) then, no more coins are created and we will only deal with the ones that already exists.

amacar2

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When block reward will be reduced to almost zero bitcoin per block after several halving all 21 million bitcoin will be avalailable for use and transaction fee included in tranactions will be enough for miners to make profit with bitcoin mining because price per bitcoin will be really high. No bitcoin will not die when all bitcoin will be mined.

Oceat

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I have some question about of this halving thing of bitcoin, i know they were going to be halving every four years. What i wanted to know is that, if bitcoin keep on halving. Does the bitcoin will be extinct if there's no bitcoin to be halve? Or bitcoin will be dead forever?

Please share your humble knowledge about this. Thanks!

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