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nolep

When will bitcoin run out?

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Do you ever think bitcoin will be used up for mining and it will disappear ?
I think there is a possibility that bitcoin runs out because bitcoin continues to experience halving and the amount can definitely run out someday. so I think if it runs out what bitcoin will disappear and everyone will move to another coin.

let's give your opinion, is it possible that bitcoin runs out.🙂

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Mining is how bitcoin are minted called block subsidy and passed on to the supply through the miner(s) of that block. The halving is a process that halves the amount of block subsidy and thus reduced the amount given to the miner per block. Since the total amount of bitcoin to be minted is fixed, the 21mil will finally be the amount to be minted in total. This does not mean that after all coins are mined the coin will shut down. It means no more coins are to be minted but the transactions that are done will be mined because the blockchain has to go on with newer transactions.

So this debate ends up with one thing only, people use bitcoin and thats why there will be a demand for bitcoin. Now every halving is important to keep the supply to the miners at check and so that they dont the opportunity to continuously dump huge amounts of coins and crash the market.

Bitcoin will not just disappear. The amount of bitcoin owned by someone is a the result of some type of "work". It was mined by someone and then it has been changing hands (ownership) from one person to another in exchange of some other currency. Just like any other fiat currency in the world.

So why this false idea of "bitcoin running out and people moving to another coin" comes up during every halving?

I have seen this with every halving and thus what I understand is that some altcoin lovers are jealous of the rise of bitcoin and they want their coins to go up to but they never do because altcoins dont have any proper or actual use case. They will always be secondary to bitcoin. It is their method of market manipulation to make people sell bitcoins for buying their coins and in doing so the people who are holding altcoins can sell and get a profit.

The important thing in this market is to keep your mind clear on what you are putting your money in. Bitcoin is something to be kept for the long term or even short term for day trading but if you are going for an altcoin the be careful because none of them actually have anything to build on.

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7 hours ago, UltraChief said:

Mining is how bitcoin are minted called block subsidy and passed on to the supply through the miner(s) of that block. The halving is a process that halves the amount of block subsidy and thus reduced the amount given to the miner per block. Since the total amount of bitcoin to be minted is fixed, the 21mil will finally be the amount to be minted in total. This does not mean that after all coins are mined the coin will shut down. It means no more coins are to be minted but the transactions that are done will be mined because the blockchain has to go on with newer transactions.

So this debate ends up with one thing only, people use bitcoin and thats why there will be a demand for bitcoin. Now every halving is important to keep the supply to the miners at check and so that they dont the opportunity to continuously dump huge amounts of coins and crash the market.

Bitcoin will not just disappear. The amount of bitcoin owned by someone is a the result of some type of "work". It was mined by someone and then it has been changing hands (ownership) from one person to another in exchange of some other currency. Just like any other fiat currency in the world.

So why this false idea of "bitcoin running out and people moving to another coin" comes up during every halving?

I have seen this with every halving and thus what I understand is that some altcoin lovers are jealous of the rise of bitcoin and they want their coins to go up to but they never do because altcoins dont have any proper or actual use case. They will always be secondary to bitcoin. It is their method of market manipulation to make people sell bitcoins for buying their coins and in doing so the people who are holding altcoins can sell and get a profit.

The important thing in this market is to keep your mind clear on what you are putting your money in. Bitcoin is something to be kept for the long term or even short term for day trading but if you are going for an altcoin the be careful because none of them actually have anything to build on.

the reason I say bitcoin can run out is because bitcoin transactions come from mining activities so that bitcoin fees will be more expensive when bitcoin is halved and the process will be longer if the fees we use are small.
How is your response :)

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7 minutes ago, nolep said:

the reason I say bitcoin can run out is because bitcoin transactions come from mining activities so that bitcoin fees will be more expensive when bitcoin is halved and the process will be longer if the fees we use are small.

Fees depend on how much congested the network is at any instant of time. Mining the transaction is a inherent process of creating the new blocks for the blockchain. Fees increase when the load on miners is big, but it is transient and with time as the network is decongested the average fees reduce again. There are some online resources to check this and choose the right time to send at cheap fees.

Also check what is Segwit and Lightning Network. Using a segwit wallet incurs less fees but not all sites support it yet. LN is newer system which is completely in terms of what cryptocurrencies ideals is and is going to be a big change in future if fees become a bigger problem.

Halving has no such effect on "increasing" the fees. But a falsely positive rise in fee can happen before the halving because everyone is trying to get a quick sell done on exchanges and this leads an inflated fee value.

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11 minutes ago, UltraChief said:

Fees depend on how much congested the network is at any instant of time. Mining the transaction is a inherent process of creating the new blocks for the blockchain. Fees increase when the load on miners is big, but it is transient and with time as the network is decongested the average fees reduce again. There are some online resources to check this and choose the right time to send at cheap fees.

Also check what is Segwit and Lightning Network. Using a segwit wallet incurs less fees but not all sites support it yet. LN is newer system which is completely in terms of what cryptocurrencies ideals is and is going to be a big change in future if fees become a bigger problem.

Halving has no such effect on "increasing" the fees. But a falsely positive rise in fee can happen before the halving because everyone is trying to get a quick sell done on exchanges and this leads an inflated fee value.

I just found this out, thank you for sharing your knowledge. I was greatly helped by the explanation you gave because the opinion that I had was wrong.:)

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Of course bitcoin will not just disapear, but your point about the fees going to be higher because of the halving is right. If people want fast and cheap transactions, bitcoin is not the best option. There is a lot of alt coins, with much lower feed, and much faster transaction time. If people want a good investment bitcoin is for sure one of them. The halving will most likely make the price rise

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I cannot find it is a logical idea. Bitcoin was designed with avoiding all previous mistakes in the course of other currencies that have disappeared and another thing appeared instead of them.

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