[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 10 KB, 348x145, download.jpg [View same] [iqdb] [saucenao] [google]
10773497 No.10773497 [Reply] [Original]

What happens when all 21 million bitcoin are mined?

How are transactions authorised when there is no longer a reward?

>> No.10773507

go read the fucking paper retard. Its like 2 pages long

>> No.10773526
File: 89 KB, 464x484, 1533111875321.png [View same] [iqdb] [saucenao] [google]
10773526

>>10773497
DYOR

>> No.10773533
File: 6 KB, 265x241, 1534756900376 - Copy (4).png [View same] [iqdb] [saucenao] [google]
10773533

>>10773497
Miners will be forced to mine for free

>> No.10773538

Transaction fees you dumbfuck.

In any event, it'll take over a century for us to reach 21MM, and BTC will be long dead before then. Hell, BTC will probably be dead before the 2010s are out.

>> No.10773913

>>10773538
no production will just be ramped up to crazy levels to get the last coins, this will drive the price up also

>> No.10773924

>>10773497

DELET

>> No.10774089

>>10773913
Is Bitcoin halved at fix intervals, what about the advent of a super ASIC miner of some kind? What if China decides to use their supercomputers to mine Bitcoin? These are very real possibilities that don't seem accounted for.

>> No.10774123

>>10773538
Centuries... at the current rate. Processors will continue to become more and more advanced and efficient at mining. So, my guess is half that time.

>> No.10774223

>>10774123
Oh shit you're right! If only there was some sort of difficulty adjustment every 2000 blocks or so. Theoretically it could even be configured by raising or lowering the number of zeros required in the block hash. I think you're really onto something with this. You should submit an issue about this to the Bitcoin github, I wouldn't want someone else to take credit for your idea.

>> No.10774243

ITT: people who can't be bothered to read a 2 page paper that explains everything