This is probably the latest and dumbest question ever - What happens when the last bitcoin is mined? What keeps the Bitcoin blockchain moving and why would miners mine?
I was calling it a dumb question, because I hadn't thought to ask it. I don't know the answer either.
Transaction fees will be the incentive for miners to continue. They get the transaction fees for newly mined blocks.
Agreed with you @eroche thanks ! transaction fees are for miners i heard that some where :)
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When the last Bitcoin is mined, Satoshi's Omega Worm will be activated. As it propagates throughout the blockchain that will by then be the backbone of the Solar System Anarchoconfederation, attention economy bots will reward each of the 42,834,965,265 humanodroids an encrypted clue to the answer to Life's Big Mystery. The game will then begin.
The answer to the big mystery of the universe is already there, it's 42.
ohh man too far from my mind :D lol @preparedwombat i dont understand these big ass words haha Anarchoconfederation , humanoidroids looks like you are very much intelligent and informative :)
By that time bitcoin will be LESS volatile and each satoshi will be even be MORE valuable than it is now...
Preparing to distribute them to be passed down from generation to generation or shall I say from halving to halving...
;)
A good question @whatsup, I think, with the extraction of the last Bitkoin, its price will grow significantly and it will remain traded on stock exchanges, while miners will at the same time switch their capacities to other crypto-currencies :)
I don't think it's a dumb question, it is something someone who does not know much about bitcoins or cryptocurrency will ask. I for one just started paying attention to cryptocurrency and I hope to start investing too
i got great answers in these comments list transaction fees is keeping bitcoin moving thats what i think i got ! :)
I forget the exact date estimate predicted, but isn't it like ~2040 ?? That means, enjoy the profits now ;D!
edit: Could be confusing coins..... forgive me if I'm wrong
No idea, I am new to this subject
But one thing for sure Bitcoin last for sometime, so better make profit now. I think due to the demand for bitcoin, miners are mining...
I would love to learn more on this..
Cheers!
Well excess processing power will begin to mine other coin while transaction fees will be reduced by increase in capacity and excess supply of power. While price doubles (maybe from another fork!) lol- just a guess.
It will be very very expensive.
Good post @whatsup nice question even i am curious to know about it
nice sharing
They would mine something else. And at that time btc would only go up in price.
The huge influencers then would play with the market as they would want to :D
I think before that many hard forks will be coming and bitcoin will be forked into other bitcoins which will have lower transaction fee.
How could the mining process ever stop when there are still transactions made? This ain't Bitshares you know, gotta pay to make those machines work!
I know there will be transaction still and miners get fee's for mining, no new bitcoins but they get the fee's
Hi @whatsup,
After the last sathoshi mined, mining will make rewards via transaction fee of the chain...!!!
100% Upvoted by @MinnowsPower
MinnowsPower is not a bot, I am a Crowdfunding Hybrid
@whatsup - Oh Ma'm, you read my mind. I had this question since I heard about BTC mining. I'm very interesting to hear others opinion about it too ma'm. Nice you shared this <3
+W+ [UpVoted & ReSteemed]
amigo #resteemia at your service
every transaction has a fee, it's the incentive of mining. nice queston @whatsup
ReSteemia
'UpVoted ReSteemed Commented'
I think bitcoin is just like crude oil, miner mine it because it generates wealth. And i think if bitcoin finishes, there are unmined coins that will be explored.😁😁. I enjoyed your question. I dooont know much about cryptos duo, am still learning about them.
@whatsup,
Correct me if I am wrong! BTC mining is not only finding new coins! It also mean providing the processor power for transactions between nodes! For this process we pay transaction fee while BTC transaction between account addresses!
Cheers~
I imagine that at that point, Bitcoin is going to be very expensive. Transaction fees are going to be the incentive that much is clear, but the question really becomes how do we find a balance between the price of those fees to keep Bitcoin in use and miners happy. The fees will have to be lowered for the price to keep increasing, but miners aren't wanting to budge on that either. Right now it's too expensive to send Bitcoin already in my opinion and that's why I use STEEM or LTC to transfer funds. I don't see a long term "super high" price without lowering transaction fees, but who knows what the future holds. That's just my two cents.
To ensure a study rate of distribution bitcoin production was model after gold mining just like mining for a gold cruising difficult over time so does creating new bit coins right now 25 bitcoins are generated every 10 minutes this rate will half every four years until the final bitcoins are created in 2140 and no central bank can add trillions more to the system for their own advantage and destroy its value. so we still have lot's of time isn't it.
Nice question even i an curious to know about it :P
good work @whatsup
wish i have those hands & keep upvoting such as this creative post!!
Thanks for sharing this..
Don't you think when the last BTC is mined, the community of miners didn't increased the number of allowed/possible BTC? ie a change to the algorithm? When BTC stays a store of value, I suppose it can continue like that, but I would also not be surprised BTC will die at some point in time, even if it is the mother of all coins. BTC has no other value then to store, since the tx speed is way to slow for anything else.
thanks for sharing..
upvoted