Post
Topic
Board Bitcoin Discussion
Re: Is it possible that Bitcoin becomes quiescent?
by
shield132
on 14/11/2019, 12:15:01 UTC
In the year 2130 all of the Bitcoins will have been mined and the only reward at this point is transaction fees,if most people are using Bitcoin just as a store of wealth, then there are very few transactions, which means there is very little reward for mining and so a lot of computers would pull out of the Bitcoin network. Would this be a problem? If large Bitcoin transactions occured sparingly in 2130 and beyond, would the Bitcoin concept still work?
That question is asked pretty often. No one can exactly say what will happen but I think situation will go like this:
At some point bitcoin is similar to gold, it has miners too like bitcoin. When all gold will be mined, employees will be out of job (maybe? or start digging in different and different places) --- when all bitcoin will be mined, miners won't be out of job. Because here we have transaction fees which needs miners to confirm it. Nowdays tx fee doesn't seem huge in usd yeah? But what about if bitcoin rises and becomes for example 100K and even more? Just imagine, then transaction fees which currently seems for example 500$, will be 50 000$ which is pretty amazing and close to mining reward.