What will happen once the last Bitcoin is created?

Ellery Davies

Ellery Davies, Coprésident: normes de crypto-monnaie Asso. Producteur et animateur: l'événement Bitcoin

Répondu il y a 131w · L'auteur dispose de réponses 738 et de vues de réponses 3.8m

When the last bitcoin is mined, people will finally realize that nothing changes.

First, investors and traders realize that the ultimate circulation cap is 21M coins, even if 5½ million BTC have yet to be put into circulation. (It is no different than if they were held in savings accounts. Their existence is certain, and therefore, they are fully discounted by anyone who cares to know these things).

Perhaps, more interesting, is that miners will lose their reward-incentive. This raises the fear that they will stop mining. After all, there is no longer a reserve to uncover. But we must ask ourselves why we desire to have miners. We desire to have them online, because they are the trusted, crowd-source for validating transactions.

But we musn’t fear. There are many interesting proposals for transaction validation—while still distributing the task to a massive, quasi-anonymous, and non-affiliated crowd. Last year, Andreas Antonopolous presented some great ideas during a keynote at MIT Bitcoin Expo and also at CRYPSA’s Bitcoin Event in NY. I have an alternate idea: Imagine a tiny distributed maintenance tax on transactions (I think that 0.2% would work). The tax is optional and it rewards full-node validators. But anyone with a wallet can avoid the tax by running a full node client (rather than a slim wallet). With a requirement to validate at least 1 transaction for every 10 of their own, it certainly wouldn’t be much of a burden.

In fact, as Bitcoin evolves, I see a future in which every wallet is also a validation node for at least nearby transactions.

Ellery Davies est un contributeur fréquent à Quora. Il est également co-président de Association des normes de crypto-monnaie et rédacteur à Un canard sauvage.

Brian M Lundberg

Brian M Lundberg, Professionnel des technologies de l'information et des services, fondateur de Incorporating Bitcoin

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Répondu il y a 131w · L'auteur dispose de réponses 512 et de vues de réponses 467.8k

Well, if Bitcoin is still around in 100+ years, which it very well may not be, the block reward for finding a new block will be so small, the miners will be making the majority of their money from fees. And it will have been this way for so long, it will most likely just be an event of some kind. There will be parties thrown, stories from people that remember the block size wars and other events, nostalgia pieces, and things like that. They'll parade out old hardware, stories about the mining gold rush, and other stuff. It'll be like us looking back on the creation of computers and mobile phones. Overall, it'll be more of a mark in history than anything drastic.

Again, if Bitcoin is still around in 100+ years.

Pavla M

Pavla M, studied Business Administration at University of Economics in Prague

Répondu il y a 58w

What will happen when there is no more gold or silver to mine?

Its a classic economic case with scarcity. If there is something limited and the demand increases, then the price increases due to the increased demand.. Unless there is some better “gold or silver” around at the time and people are still interested (as is its not ruined by being too obsolete).

Investir heureux!

PS: if you don’t want to have your hard earned coin to be stolen or lost, keep in mind to store it in a hardware storage. Ledger Nano S is worth the wait (there is some wait time due to high demand). Only when you own your private key you can be sure no one will steal your investments.

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Wellington W. Sculley

Wellington W. Sculley, Aider les institutions financières à utiliser la technologie de grand livre distribué depuis 2013

Répondu il y a 131w · L'auteur dispose de réponses 377 et de vues de réponses 746.5k

By that point, it is likely that the transaction validation / consensus method will have become much less inefficient.

If that happens, miners / vslidators will have much lower costs, which means they can operate with much lower compensation - likely in form of transaction fees or membership subscriptions (similar to Visa).

It is also likely that Bitcoin will be one of a multitude of competing or complementary blockchains.

Henry Berg

Henry Berg, Ingénieur

Répondu il y a 126w · L'auteur dispose de réponses 421 et de vues de réponses 1.2m

Nothing will happen once the last bitcoin has been mined. Bitcoins are released to miners on a strict schedule to support the gradual transition of the bitcoin network from incentives tied to the mining block reward to incentives tied to bitcoin transaction fees. Initially, miners were only concerned about the block reward, which started in 2009 at 50 bitcoins per block, went to 25 bitcoins per block at the end of 2012, and will halve again to 12.5 bitcoins per block in July of 2016. These block rewards are critical to bootstrapping the bitcoin network, but they also introduce monetary inflation by issuing new bitcoins to the miners. As bitcoin marches on and becomes adopted worldwide, this inflation will end and transaction fees will become the dominant incentive. This is one reason why decentralization is such a critical part of bitcoin, because in a decentralized system those fees will be kept low in a competitive market. For a case study in how centralized systems result in high fees, just look at the fees for wire transfers, remittances, and credit cards today.

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John Whelan

John Whelan, Directeur de l’innovation de Santander, s’est concentré sur les blockchains et les contrats intelligents.

Répondu il y a 131w · L'auteur dispose de réponses 720 et de vues de réponses 982.1k

Nothing much. By then miners will already be making most of their money from transaction fees anyway. The world will barely notice.

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