What happens if the last Bitcoin is mined?
What happens if the last Bitcoin is mined?
Maybe you don't know but Bitcoin has a limited supply.
But ask yourself:
What will happen if all Bitcoins are mined?
This will cause some changes
Miners only get rewards from transaction fees.
This could be a bad thing, miners would take a risk, it is possible that a lot of miner will quit because they are not sure they will make profit.
Some miners will keep on mining, with a big risk.
The coin could be unstable because of this whole situation. But it could also go to the moon because of the limited supply.
Action before reaction?
We know that it will take a long time in order to reach the last bitcoin.
And if that happens there will never be any BTC made.
unless a change to the protocol is made to increase the supply.
If this happens, it won't be soon.
In my opinion they will be working on it when the miners have mined 80-90% of the coin.
They could apply it even before the last coin is mined, or they could monitor the market and let the coin increase a bit.
Both could have a big impact on the Bitcoin. Either in a positive or negative way.
No panic
We are talking about the last Bitcoin, nothing to worry about at the moment, but it is something you shoud keep in mind for sure.
If Bitcoin would be used more for payments, I think there would be no problem, but we can't predict the future, can we?
Eth doesn't have a limited amount of coins. So the miners will be happy and the network keeps stable.
But on the other hand, Bitcoin could increase in value a lot when we are close to the last few bitcoins.
Where are we?
We already have 16,441,313 BTC in circulation at the moment and the limit is 21,000,000.
Which means we are at 78.29%.
To check this information you can go to: http://www.bitcoinblockhalf.com/
So I think the Bitcoin will keep rising more and more. But we can't know.
Tell me what you guys think in the comments below!
Transaction fees are up the butt right now. Bitcoin is useless as a mirco payment method. Even for payments under $10... I hope something can change this. But for now, I am using DogeCoin for all of my transactions. Very low fee, and I can send mere dollar amounts. #DogeCoin
With limited supply value should indeed increase, not decrease. There is no other way. Then all existing Bitcoins will be traded like ordinary stocks, with no mining.
Yes, but there will be no btc to be mined, and miners will only profit from transaction fees.
So in my opinion a lot of miners will step over to other coins. I don't know how much but we will see a change I think. And they other ones might profit from the rewards because the price could increase a lot.