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jamyr

When all btc has been mined, what happens?

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Today miners get to own new generated coins for every block,

and since transactions only gets confirmed when new blocks are found, how would we do transactions after all btc is mined. Miners only mine because of rewards right?

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3 minutes ago, jamyr said:

Today miners get to own new generated coins for every block,

and since transactions only gets confirmed when new blocks are found, how would we do transactions after all btc is mined. Miners only mine because of rewards right

You're rigth mate, but the mined btc will be use and create transaction again. So it's a cycle. 

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hmmm you got good Question but im more intrested in its price than how its gona be transacted cuz ppl will find a solution if ots not found already

but yeah miner make the confirmation, so how are they gona be transacted ??? lets wait some BTC pro :) 

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2 minutes ago, phpkiller said:

hmmm you got good Question but im more intrested in its price than how its gona be transacted cuz ppl will find a solution if ots not found already

but yeah miner make the confirmation, so how are they gona be transacted ??? lets wait some BTC pro :) 

It's hard to explain word by word on how blockchain works. It's more helpful to you to check it on youtube. There is a video that explains about blockchain. 

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7 minutes ago, Han2x said:

It's hard to explain word by word on how blockchain works. It's more helpful to you to check it on youtube. There is a video that explains about blockchain. 

ik how block chain but i wana know how transaction will work after we reach 21mil BTC, as far as ik didnt see any one talk about it.

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3 minutes ago, phpkiller said:

ik how block chain but i wana know how transaction will work after we reach 21mil BTC, as far as ik didnt see any one talk about it.

So let's wait for someone who can explain to us about that. Good luck to us here. It will be an interesting information. 

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41 minutes ago, jamyr said:

Miners only mine because of rewards right? 

Transaction fee is also known as mining fee. That is paid to the miners mining that block. Block subsidy is the prize for mining that block which is divided proportionally among those miners who contributed their hashpower collectively/singularly to mine that particular block.

Once all 21mil bitcoin has been mined, miners will mine the transactions - they are the third party verifiers that the parties transacting are in consensus and that miner fee is paid to keep the network secure.

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I think the price of Bitcoin will be very high, and miners will earn only on transactions. But this is still far away and I advise you not to think about it. Time will tell.

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3 hours ago, UltraChief said:

Transaction fee is also known as mining fee. That is paid to the miners mining that block. Block subsidy is the prize for mining that block which is divided proportionally among those miners who contributed their hashpower collectively/singularly to mine that particular block.

Once all 21mil bitcoin has been mined, miners will mine the transactions - they are the third party verifiers that the parties transacting are in consensus and that miner fee is paid to keep the network secure.

Thank you. 

So there is definitely a big possibility of crazy tx fees in the future. I mean currently mining pools earn mostly because of rewards or they do it because of the profitability that from I can understand is coming from the block reward.

sampleblock.thumb.png.a6b7a5800385ea1eeb20089efd5c6d1e.png

Take this as example, 
To keep their mining operational, it must be costing them more than the tx fees in power consumption and other expenditures given the difficulty to mine these blocks.

Maybe there will also be less miners when there's no more reward to earn, thus making every block to be mined to take longer. I hope I am making sense here, sorry for poor explanation.

 

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I don't know exactly but if end block is mined, all mining in the world is not receive any reward  when join mining bitcoin network, we will receive fee from send and receive bitcoin to wallet

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1 hour ago, jamyr said:

Maybe there will also be less miners when there's no more reward to earn, thus making every block to be mined to take longer.

No. The less the numbers in the mining network, the more the rewards each will get and the less the hash-competetion. Hence more miners would be encouraged to join the network. Thus a balance strikes between hashwars and total number of miners.

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Posted (edited)
7 minutes ago, UltraChief said:

No. The less the numbers in the mining network, the more the rewards each will get and the less the hash-competetion. Hence more miners would be encouraged to join the network. Thus a balance strikes between hashwars and total number of miners.

I think I'm getting some idea on it now. Thank you. I also was given answer by somebody in social media that, this will be happening after 140 something years so probably there will be computers that can make this hard calculations/processes more efficiently and cost-friendly.

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