What Happens When ALL 21 Million Bitcoin Are Mined?
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- čas přidán 7. 07. 2024
- Bitcoin proponents often proudly espouse the 21 million bitcoin limit. However, what happens to the network after there are no more block subsidies to reward miners for their work?
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Timestamps:
00:00 Intro
00:17 How Bitcoin mining works
00:39 Bitcoin halving
01:17 What's next to incentives miners?
02:23 An alternative income source
03:05 The future of Bitcoin
03:32 Outro
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#bitcoin #bitcoincryptocurrency #bitcoinminer #bitcoinmining #cryptomining #blockrewards #bitcoinreward #animation #animationvideo #cryptocurrency #crypto #cryptoeducation #coingecko
You asked and we answered! Watch part one to understand why there can only ever be 21 million bitcoin 🤔czcams.com/video/QLBvjhLI7AU/video.html
I'm so glad you did😊
you DIDNT answer, what a waste of time!
I think quantum computers will take entry
Question who owns bitcoin if its just a url anyone can own once there all mined its up to who owns the domain to maintain the legitimacy of the coin from tampering
@ethblock AH YES QUANTUM COMPUTER LIKE IT ISN'T TECH THAT TAKES 2 MILLION ANNUALLY WITH A CONSTRUCTION COST OF 100 MILLION TO 1 BILLION OUR BROKE ASS WON'T BE EVEN ABLE TIA AFFORD RENT ONE FOR DAY FOR WHAT 3 ASS COIN WHICH IS JUST DIGITAL NUMBERS NOTHING ELSE AND NOTHING MORE. yeah that was maybe overreaction. just stop dreaming you won't reach it anyways!
You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life
How can one start,most times people don't know where to start when it comes to crypto.
But it would be great if you can provide proper guidance on steps to follow please
As a beginner investor, it’s essential for you to have a mentor to keep you accountable. Myself, I’m guided by Alex Gomez. A widely known crypto consultant
Please how can I get in touch with this Alex Gomez ? I really need to give him a try
This is he’s telegrams user name
@AlexRcoin THAT IS THE USER NAME
THAT IS HIS USER NAME
"adopt bitcoin as a reserve currency" Umm, I don't think it's wise to adopt a currency that can fall by 90% in a single day
just look at el salvador
Point is that if governments started to hold it as reserve, it wouldn't devalue nearly as fast.. But bitcoin is silly and not really a good currency.. Right now the value is pretty high since everyone just holds the money, by everyone I mean few investors.. Like the twins that own like 10% of bitcoin.. Which makes it fine, until they want to retire, if too many of them do it at the same time or not enough new people come in, its going to deflate fast.
Not a great argument. It can fall 90% because there isn't a lot of money in it. The market cap is much less than a lot of companies. The more people that buy it, the more stable it becomes.
To see this, imagine if 1 person owned 100% of the bitcoin. If they deicide to sell, bitcoin loses 100% of value (assuming they sell into the void). If 2 people evenly share 50%, 1 person selling drops the value 50%. It requires multiple people selling to drop the value the same. And there's only a certain probability that each person will sell, and with more and more people rolling that die, it becomes less and less likely for the value to drop a huge amount.
There's plenty of arguments against bitcoin as a reserve currency, but its ability to drop 90% when its market cap is a drop in the ocean of reserve dollars is a bad argument
To be fair, that 90% figure is only accurate if you use math.
@@awesomedavid2012 Saying that it'd be stable if everybody uses it is also a bad argument, we didn't even team up during the recent plague how would we do the same for Bitcoin?!
About 1/4 of bitcoins are behind locked accounts or were on destroyed hard drives.
what kinda person uses a hard drive for bitcoin 😭
@@urmomlol897 People pre 2012 when BTC was nothing and hadn't become anything for the previous 5 years.
@@urmomlol897 when bitcoin was new, some guy lost thousands of bitcoin in the trash and tried to dumpster dive at a land fill to find it.
@@urmomlol897 it usually means they have the keys to the wallet on that hard drive(afaik), or having their private wallet on it with the keys. It's better to keep your crypto off of exchanges, because then, no one can take your money. some crypto exchanges died, people lost their money because 'not your keys, not your coins'. Exchanges pretty much buy and hold coins whenever you buy them, so they re not yours, you're just buying them through the exchange and they hold it for u
Bitcoins aren't on hard drives.
What is the best strategy to succeed in the market now for someone with more or less than $5000
You need a pro or someone good at navigating the market. Someone like Stephany Reuben
Steph excels at capitalizing on economic shifts and I have confidence in her trades
Almost gave up due to constant losses, but Steph turned my luck around
roughly 12k now comes in weekly
How can she be consulted
Another possibility is that people lost interest in Bitcoin, stopped mining, and because transaction has become so slow and costly, people stop trading Bitcoin and the price plummeted to almost zero and it finally ends.
Well said
If nothing changes this is the most likely scenario.
The other scenarios are some better protocol is developed or there are improvements in the protocol or in 2nd layer networks that enable the use of bitcoin as currency and in this case the transaction fees are sufficient for miners to continue working
@shibawala Forever? It depends on: 1. electricity, 2. internet, 3. computer power for mining or verifying the blockchain, 4. blockchain must be stored somewhere in some computers, even if it is decentralised. A global disaster could easily wipe off any of the above.
Gold isn't dependent of any of the above. Even if human race go extinct, there is still gold on our planet.
Gold has real uses, one of which is in the construction of technology. Such as the computers and phones required for Bitcoin to exist.
@shibawaladont be so sure 😂 its so easy to wipe off internet
I had problem comprehending trading in general. I tried watching other CZcams trading channels, but they made the concepts more complicated. I was almost giving up until when i discovered content and explain everything in detail. The videos are easy to follow
I had some bitcoins once. They were given to me by a nice Italian plumber and his brother, who got them fighting turtles in a faraway land.
Did they also eat mushrooms?
They can also grow bigger with spells and climb flag poles
You forgot to mention the difficulty, the ammount of computing power to find a block. It balances the cost and reward/fee.
And ensures a 10m blocktime so it would not matter for the time for BTC will be depleted out of minable coins.
"Find a block" like it has to go searching 😂
@@Georg3e its called hashing.
Eventually the cost to mine will exceed the return you would get from the mined coin.
@@Cowboycomando54 exactly, and if not, a BIP will be proposed and intergrated by the miners. Since they are in controll ofc it will pass.
Nobody in this conversation will be alive when the 21th millionth BTC is going to be mined
21st*
@@raunaqchandak7363 Whoopi hoo grammar nazi , and probably only speaks english
Talk for yourself, I will still be alive broski x
Halving and nm chip scale limitations is BTCs current risk vector.
@@curtispaul9717 next forge from Nvidia is in Angstrom actually
Any humans in this chat?
I think I'm one
Sorry, as a large language model developed by OpenAI, I cannot pretend I am a human, especially if I am in fact one. Please try with a query that is more likely to not decieve other users.
chat? where is a chat? all i see is a comment section
Buy bitcoin. -I am so a robot. Biep boop.
I am C3PO, but I identify my gender as R2D2.
Nice
Bitcoin will crash to the floor.
No one can know
When?
It’s been 14years…. US dollar lost 98% since 1971
Before that, dollar crash first 🤣🤣 dollar has been crashing 99% its purchase power in 100 years
It wont crash, btc get lost over time due to mishandling. So it will only get more scarce compared to the demand. The miners only will earn the tx costs, which deffenitely might be changed by that time by BIP to keep the hashrate up if really needed.
This video doesn't answer the question in the title. 😔👎
Is miners will have to be incentivized a way other than block rewards not the answer?
The answer is pretty obvious, it dies
@@lampostsamurai2518 I don't think BTC owners would let this happen.
@@silaaron76 I don't understand.
Dividing by anything will never give zero😂
I think they meant the reward will be 0 because there is no more to give.
The "halving" is hypothetical. Rewards will continually be halved until the 21m coins are emitted
your full of sh*t sherlock cant take a goddamn joke?
you need to read bitcoin white paper to cure your ignorance
That’s how we get your IQ.
1:02 Great thing that that the youtube algorithm recommended this to me at nearly the end of april! yay!
bahahaha literally
The btc halving is this month, I’m betting on a fakeout before a massive run. Let’s see what happens from 78k
Two nights after the halving here. We are still in the mid 60k’s. I think we still have a few months left before we make a run for our next peak.
@@markwilson4078 yess sir! I’m slowly adding my position till the end of summer to average down hopefully
A block is signed every 10 min. Difficulty is dependent on world mining power. It is always 10 min. Even when there is only one single miner with a raspberry pi.
So it just gets less and less secure
It's worrying that you think 'halving' can ever reduce something to zero
But i can be negative
@@GabrielTobing What
@@oyuyuy You can divide by a negative number, but you cannot divide by a 0.
@@GabrielTobing Are you a bot or why are you making so little sense?
@@oyuyuy Are you a bot, or why are you making such little sense?
Right on thank you
I think that it will be very difficult to keep miners around. Miners need to spend a lot of money to buy new computer equipment, pay for electricity cost etc. Fees alone won't cut it.
Mining is a cut throat business but will remain profitable for those that survive.
Fees can go up if they won't cut it. Also don't underestimate how much more a bitcoin will be worth until the halvings stop.
They also left out the difficulty adjustment. Blocks have to be processed every 10 minutes. When exceeding that there's an adjustment.
And cheaper energy is possible outside of the foolish western countries with self destructive energy policies.
@FlorisDVijfde halving doesn't need to stop for it to be unprofitable to mine, even with almost free electricity. BTC and nothing else goes up in value forever...besides that BTC is obsolete from a tech perspective.
@FlorisDVijfde How high do fees have to be in order to make it worth it for miners to continue validating. Can it go up to 1 bitcoin per transaction?
@curtispaul9717 I think the largest weakness in Bitcoin is maintaining the network once most of the Bitcoin has been mined.
@@david1999 Nodes and miners are the network. Fees simply have to be high enough to keep miners incentivized. Just ask yourself how much you'd be willing to pay to get like 250.000 from an account to pay for a house. Would 1000 bucks be too much?
50 in binary is 110010. You only need 25 bits to store 21 million BTC. Every time you half, you really just bitshifting the number. So 110010 / 2 -> 11001.0
Four bit shifts just means it's worth 11.001 BTC in binary.
I don't know what bit limit BitCoin operates with. There is a lower limit just like there is overflow. However, this is different from the rounding error people in the comments are thinking. Honestly, if BitCoin operates on 256bit and it bit shifts once per 4 years, that's literally a millennium. By the time this is an issue, we'll have better computer technology. Heck, since there's only 5 significant digits, the reward itself might be stored incredibly efficiently. After 20 halving, you wouldn't need to store 0.0000000000000011001 but 11001-10011, which is only 11 bits of information. Even after 256 halvings, you wouldn't need all 256 bits. You'd just need 11001-1111111 which is 13 bits.
Play safe.....for those buying expensive........
Plot twist , original bitcoin reveals himself at the wery last mined bitcoin and reseting the bitcoin price to 0 😅
Bro the owner of bitcoin cant control the price are u stupid or something
Cool video.
the fees are crazy, I did a transfer of 30 usd worth of bitcoins and the fee was 10 usd
On what brokerage?
@@zaiphu not your keys not your crypto
Yea but its for any amount that its $10 so if youre sending 10k its significantly better than other ways of transfering money
How? I pay less than 2 USD. Maybe you should put your bitcoin in a wallet that let's you choose the fees yourself.
@@DreadHalfling9 didnt know that bank transfers or paypal transfers do cost you a single penny? why people always try to find excuses for disadvantages that cryptocurrencies have...
There are a lot of original bit coins not moving because they lost the password. like any con you have to keep the investment coming in, otherwise there is no new money to pay out and value drops. Like musical chairs the slowest buyer loses. Value can literally collapse before you can cash out.
If something that generates good returns for almost every long-term holder for decades until it eventually crashes is a con, count in almost every stock and derivative to date.
@@Hankblue I do and so do you.
@@Number6_ Sure, I just don't think such a broad definition holds much weight. When I think of I think of a con, I think "run the other way because you're definitely gonna lose something". Not "run the other way because maybe in 50 years some of your distant ancestors might lose something".
Bro, electricity makes bitcoin. And dollar is ponci scheme too
watching a lot of these cons and large holding of Bitcoin in companies where the ONE operator is dead, or something happens and the key is lost.......just doesn't make any sense to me. The most deregulated and decentralized IDEA managed by a few con men, or even kids. !!! Then they drop dead overseas somewhere.
When the last bitcoin is mined, people will just move to other coins, it value will plummet.
There was the Dutch Tulip Bulb Market Bubble, but one could argue that they had intrinsic value.
I’d say it’s more likely for the world to end before all Bitcoin are mined than it is for miners to give up when it’s down to just fees
If mining prices go down, they could always make the algorithm easier to incentivuze miners to stay.
after all the bitcoin is mined, the miners will make their money from transaction fee's.
@@HamguyBacon says who?? the transactions are run by large organizations that don't do ANY mining at all, several of which have been cons run by ONE guy, who then drops dead overseas. doesn't make any sense. Miners would have zero power to morph into charging fees for anything.
It already does, it's a dynamic algorithm?
Interesting guys. I'm new to BTC, getting tons of info from my new Canadian neighbor. Thanks for the info!
No gummy ball machine will be safe
In its attempt to imitate gold, Bitcoin may accidentally create a worse environmental impact than gold mining…
it already accounts for 15-25% of the CCPs energy load....
What year do we decide that the last coin has been mined? My understanding was that the number would get smaller and smaller but never reach zero. My rationale was that when (in decades from now) miners are only receiving fractions of btc, the value of a single coin would be so high that even 0.01 of a coin would be compensation enough.
2140
Bitcoin's minimum divisibility is 1 satoshi - 0.00000001 BTC. And you are correct with your rationale, the concept is that by 2140 a small amount of BTC rewards or pure transaction fees is enough to sustain the network
Edit: in fact, the economics in relation to mining difficulty essentially guarantee that the rewards are enough: if the rewards are too small, miners will leave the network/shut down their operations because they can’t afford it, which decreases the difficulty of solving a block, making rewards more frequent until more miners come back and an equilibrium is reached.
Dude no. It means you won't mine it anymore. Network stops
@@Recraw7 right so if it loses its network does it lose its value completely and becomes completely obsolete?
@@drbookie2169 Thats a good question and the answer is most likely no, it does not become completely obsolete.
As long as people are buying and selling and they see value in it, it does not matter (that's part of the actual explanation).
The hashrate power needed to pool or solo mine is backed by use of eletric energy and asics degradation, which automatically gives value to btc. In this case is not human-labor mined but computer-labor mined, so there's ''work'' involved, just not the same kind of work you are used to see. So, this work and use of energy are converted into btc or any other pow, giving it its value and maintaining the valuation which is calculated based off a capitalism invented currency, that has nothing backing its value, (each state can print new notes every second when they wish to). There's a ton more of info i will not be explaining rn but i think i simplified it enough.
Im pretty sure once its all mined people will hold and sell whenever they want something purchased. Then people will have to fight to buy those available bitcoins so bitcoin will be extremely expensive
A problem in itself - you're talking about a deflationary currency. That's not workable - there's a reason that governments aim to keep their fiat currencies running a constant but slight inflation, around 1-2%. The problem with a deflating currency is that no-one ever wants to spend it: Why would you buy something today when you can buy it later for less? So it sits around, never getting spent unless people have absolutely nothing else to spend and desperately need something.
And that's the problem with bitcoin. You have to exchange it for a real currency to spend it.
super video
Offtopic but I really like the art style
So wouldn't it become deflated and super valuable?
Not always, doesn't mean it's scarce it has value
Wild how it has any value since it’s literally nothing to begin with
I still don't get it. If fees will skyrocket, it means buying say $50 worth of BTC and sending it will be crazy expensive or not viable at all. This will essentially freeze existing bitcoins and they will stop moving.
It’s meant for big money, not small consumer transactions… there is other coins that help solve consumer needs
@YuYu-we2ys I use bitcoin on a daily and it is not slow, and it's cheaper then eth
@@YuYu-we2yswhat are you talking about 😂
You will have to consolidate smaller unspent transaction outputs (UTXO) into one bigger UTXO.
Indeed BTC is broken and L2 won't fix it. But don't worry BCH fixed it! Big blocks = low fees = alot of microtransactions = money for the miners :D
If the rewards are slashed, then wouldn’t it end in a supertask? Where you never actually reach zero, but just slow down? Like that greek myth when an athlete would run half of the track, then half of that, and so on?
When all the Bitcoins are gone, it means that Bitcoin might finally start dropping in value and Crypto might finally lose one of its major pillar.
ONE is it's \O|NLY "pillar"!!
Xrp is the closer comparison to gold
Sounds like there’s a real long term problem.
Let's me put it this way. There are several materials worth more than gold, platinum, palladium, diamonds and we do not use them as currency. If something is too rare, it's worth too much and you can't do meaningful transactions with people to buy things. That's why silver and copper coins were also used, because gold became too valuable to do normal transactions. As the population increases the scarcity of bitcoin increases making it worth even more. If it's used as currency, it will only be used as a currency for rich and ultrarich people.
Im holding until 2028 when I believe the end will start. The lack of a use case, slow transactions, and low rewards will start to erode the value. Unless the community changes the coin to reward coins forever, maybe stop the halving at 1 coin, it will die
What if coingecko launched their own crypto? Would you buy it?
Yes
No
lol,yet people are currently dgen-ing into a frog meme coin which is nearly outperforming most of the market🙄
@@jaimel2037 who said coingecko would be a meme? Haha
No
Ive been thinking about running a miner on solar power to mega cut costs, but id need so many
Open it in the desert.
Farm electricity in the day to run the farm at night. 🤔
But idk shit just throwing shit out there
@@shahid55s52if you do that you would have to buy a fuckton of expensive batteries to store it all day lmao
@@romaboo6218 expensive?
1 bitcoin would pay for all that.
getting a successfull mining hit will give you 6 of them (3 of them in 10 days. the halving is soon)
There is one situation where I can see this being cost-effective: An off-grid property that has enough solar panels for the winter will be generating excess power during the summer when daylight hours are longer. So a person who owns it might be able to use mining as a way to make some use of otherwise-wasted capacity. Even then it wouldn't be able to cover the substantial cost of a modern mining device, running only for part of the day and part of the year. But if you've a computer anyway, you could do GPU mining of another currency. Or partner with someone who does mine bitcoin to take their cast-off obsolete mining equipment: Their equipment, your power, split the income.
There is a limit?!?
Also money works kinda on a physical concept soo idk about switching to something digital
“Somehow Bitcoin survived”…
nah bitcoin is just gonna drop in value as it always does and the value of bitcoin seems to have been stagnant for the past 2 months anyways so id predict a fall in value regardless
crazy!1111!11!!!
What would be the difference between miner's charging fees to send money and a Western Union type operations?
Bitcoin got in existence not to provide cheaper transactions, it's main moto to be decentrailised currency where we cannot manipulate it's inflation rate and to avoid double spending. The Traditional Banking Systems what we are using now those belongs to 1970's, some revolutionary things makes the bitcoin got into existence.
@@GvkMohan it caNT BE DECENTRALIZED coz black rock are involved
If a gold mine runs out of gold, does it continue to profit just off selling food to its employees?
I think the biggest issue is that Bitcoin will become too expensive to validate, and if it cannot validate, you can't use it anymore.
We will all die at this time of writing before 21 million bitcoin will be mined.
there is only 6% left wym?
@@MBsr52140 will be the last bitcoin mined due to the decreased rate
@@MBsr5last one wont be mined till 2100… it will keep halving until then
@@MBsr5 last block mined will be in 2140
@@MBsr5While this is true, remember that the number of Bitcoin mined is cut in half each time we have a halving. Currently, miners mine 3.125 BTC per block, so we will begin mining the final million 100,000 blocks into this new cycle, which should happen sometime early in 2026. But because fewer enter each time, our number increases at a slower rate. For example, last cycle that just ended, 1,312,500 BTC were mined, but now in this 4th cycle that number is now 656,250 BTC. Next cycle, only 328,125 BTC will enter. See how this works?
Now, fast forward a few decades later to the 24th halving. When that halving occurs, all remaining Bitcoins yet to be mined will take more than 1 halving to be mined because the reward will have been cut so much. In turn, the last Bitcoin will literally take decades to mine. I can’t say for certain in which cycle we will be down to our last Bitcoin, but my guess would be it will start somewhere after 29 or 30 cycles of halvings.
So while you are technically in the we have already mined over 93% of all Bitcoins, the rate in which they get mined slows at an exponential rate, and it will eventually get so slow that even mining a single Bitcoin will take years and even decades to complete.
Miners also get transaction fees, with the block reward at zero, mining will contine to pay miners the fees.
at that point no more halvings are needed either.
Gold is commodity so regardless of it's value, itself can be used as a factor of production. Bitcoins can't be used as anything and just represent the amount of power wasted.
Same can be said about any currency
There are too many miners for bitcoin at the moment so halving is a good thing
It’s a trend that will fade away. Blockchain stays.
a video on a pyramid scheme trying to position itself as educational. I'm impressed, every year we smash through the bottom of another barrel...
if bitcoin is pyramid scheme then real paper mony is also a pryamid scheme.
A commenter trying to make himself look smart when he's clearly not, impressive.
When everyone hodles there will be no transactions and no fees.
They go back to stamp collections
i wont be alive when that happens lol
When it happens, Satoshi gonna wake up and give 1million more to us... 🤪
The waste heat from mining has value…
I was going to buy 10 when they were $600, but the sites to buy them and have a “wallet” were sketchy AF in my opinion at the time, kept getting hacked, and wanted massive amounts of information such as my social and all my bank account info. I wanted to, but just couldn’t…. Who know?
Btw I never would have held it long enough anyway to see the 60-70k peaks even if I had bought them. Probably would have sold when they crashed at 10k or sooner. Still 100k for a 6k investment would have been nice.
At that point, it will be used as a reference for other alt coins like Sui. As a standard of exchange.
1:17 - in the moment the winning(!) accountant of the blockchain gets 6.25 BTC = $440,000 for adding a block. The losing accountants get nothing. Per block there are about 4000 transactions, which means, each transaction cost about $110. Now imagine being in a super market and paying with bitcoin costs you about $100 on top of what you have to pay.
And the cost must increase with how many concurrent accountants do exist, since only the winning accountant gets paid. So it is obviously what will happen: because nobody wants to pay those high transaction costs, the concurrency will decrease. It already did, since some of the accountangs run huge "mining farms", to increase their chance to be the winning accountant.
This decrease of concurrency means that "decentral" bitcoin will become more and more "central".
😂
Mining = Printing bank notes
When the power goes out you can still trade GOLD which is a HARD commodity unlike bitcoin which is a digital toy much like the dollar.
There will be other cryptos that will make you wealthy you don't just need Bitcoin.
not if you're against inflation. Bitcoin will be huge down the road, just have to be patient. Has always been the best investment.
If you keep "halving", you never reach zero...
Yeah but the reward becomes so minimal it’d be less than a cent, thus 0
they can only halve it 6.2 more times with the amount left.
one halving is in 10 days so lets say 6 more after that. (because of the 0.2)
@@JakeEliteYT the lowest it can ever get to because of the way the system is designed. will be 0.04 bitcoin.
with the current prices that is still 2800 dollars.
and bitcoin will be more expensive by then.
and that 0.04 isn't all the miners get. they get transaction fee's aswel.
April 2024 is now thats crazy
If bitcoin value drop to 0 what happen to proof of stake cryptocurrency like ethereum
Technically bitcoin has never crashed. It dips, so it's cheaper to buy.
I literally WISH it crashed to 1 dollar a coin again...could you imagine?
if it did, you wouldnt buy cuz you would be too scared to buy. @@AdamMichael-jy6by
Lol no. An 50-80% drop which it has already done 3 times in only 14 years, is an absolute crash. Absolutely terrible place to put money.
@@bdegrds lol if it crashes 50-80% I'm buying lots of them
@@bdegrds You're forgetting that it's on an upward trend.
What happens to the 3.7 million that have been lost already?
They are lost, no one can use them
@@Mohammad-bm3gnaka they are lost like a treasure ship that sunk
At some point a rich guy or several comes along, purchases 80/90% of all Bitcoin, and just stores everything, removing them from circulation
it will never be 0 if you halved even one you could do it an infinite number of times and still have something left because half of something is always going to be something
You can never get to 0 by halving a number......
Yes and no lol😂😂😂
You can't half something indefinitely when it has a limited amount of decimal places and a btc consists of 100-million satoshis. There is no smaller amount than one satoshi which means you can't half one satoshi. It's set in the code of btc that after a specific moment somewhere around the year of 2140, that there just are no btc-rewards anymore. It's declared that way in the code and can't be changed.
you didnt answer how does Bitcoin obtain validators when there are no miners left because all the coins have been mined
Just because there are no new coins to mine doesn't mean miners will leave. There are transaction fees for a reason.
The block subsidy could be 0, but if there is 100BTC worth of fees the miner would get 100BTC
They add a letter at the and start again 😂
5thScape is finally delivering after all those 'wen roadmap?' memes 😬😂
With Bitcoin, there is no metal clink sound as demonstrated in this video.
Waiting for 2140. Idk if I’ll make it, but I just wanna know if it’s bung by then
I remember that the last Bitcoin will be mined in 2140 based on past technology. But I think it will be much earlier than analyst had thought.
The downside is that you won't be here to see it, since you will be stardust...
Will never be able to understand how you people can call money some pretty numbers in a "platform" which no one is answering for
And if the SHTF what can you do with Bitcoin? I'll keep buying precious metals.
But what happens when ETFs start trading paper bitcoin they dont actually own?
Infinity computer power+ infinity time= infinity Bitcoin?
2224 bitcoin block rewards= 0.000000000000003?
No, there can only ever be 21million total bitcoin.
@@FNSandDune yeah i guess your right if the smallest block reward is 1 satoshi, 1/ 100million.
In 29 halvings from now the reward will be 1 satoshi. 2024+(4x29)=2140
After that there won't be any more bitcoins introduced into the system.
most likely scenario: something new and better comes around, bitcoin will be seen as obsolete and forgotten, its not like a bubble pop but similar, like when aluminum used to be the most expensive metal in the world until a new discovery or material replacing or devalueing it. even tech companies will most likely not do backward compatibility on the current SSD/HDD in 50 years when new storage unit tech gets aused, the programing language may change also in 50 years and we wont be able to use windows 11 on the future PC
Can’t they switch it to prove of stake like Etherium?
It has to do with a total supply being reached, not the consensus mechanism.
Both mining and staking have a reward associated with it, and if a coin/chain defines a max supply, we at some point reach that max supply. Whether the rewards are gained through proof of stake or proof of work doesnt matter, we still need a reward.
Saw a video where anyone who owns say 0.05 btc in the future will run a small device that you plug into your electric outlet and to the internet. It will be a mini miner.
If say the population in the world is 10 billion by 2040 and there are 1% of people who run these mini miners....there would be 100 million of these miners who would secure the network.
Its almost like paying bank fees...but a more honest system where you help secure the network.
When it reach 21 million, just add more to the pool, just like actual gold, there will always be another gold mine
This makes no sense. There’s a limited supply. Doesn’t matter how many gold mines we build, there’s only so much gold in the earth.
My man thinks this is Minecraft and we gonna just start up a new world every time we drain the resources lol
It will go reverse in value until will reach zero
Crypto is a scam. There may be a limited amount of them all but they can keep making different crypto. If there were limited amounts of a type of gold but they could keep making different types, would you buy gold?
good point
Absolutely bogus point.
There are no different types of gold, gold is gold and there are other metals like iron copper aluminium etc.
And each of them is priced as per their utility, demand or store of value like gold. There are some metals which perhaps very little or no value.
Just like that crypto is a technology, which is trying to solve different problems. Bitcoin is store of value and others are trying to solve other issues, and just like everything else there are scammers who are trying to rob people of everything, please do not generalize.
Government is powerful and corrupt because they control the money, money is an instrument for value transfer, people use money to transfer and transact values between them in terms of product and services, government can print money as per their requirement, they are not liable to answer to anyone for their miss deeds, corruption etc.
So government can control people because they control money, there is no competition, they don't have to earn their money, and no competition creates monopoly, Monopoly is not good, there should be open market, only open market creates a fair price.
Should government only have the sovereign right to print money and control everything? And do whatever they like with people's life for they are vote bank politics.
Sad to see this😔
THATS why halving exists lol
Well minerals are sold. And yes they are different types of gold my guy. From 0.1 Qk to 24 k there are almost 1000 types of gold. As it contains different minerals. Then why are we buying gold if gold is gold why can you and I have it? Because we have the one that is less pricy. 1k of 24 qk it’s worth today 76,000. But 1k of 2k gold is 6,000 dollars.
Same with crypto. The good rare ones are worth a lot. Bitcoin for example would be the gold. And the other ones for example Ethereum would be the silver or platinum
Also there exists the option of combine mining
Remember value is always something we apply through collective perspective. To me, BC has always smelt like a modern take on the Pozi scheme, get in at the start while it's easy with a sprinkle of FOMO to convince everyone else to adopt quick! My question is, what happens with all the lost/locked coins? Inevitably the total pool of circulating coins will shrink, again to the benefit of those who got in first.
Looking at the wasteland of scams over the years, it's only ever proven the smartest move is to sell the shovels during the gold rush 🤣
I like the part when he explains what happens when all 21 million bit coin is mined
No more are mined and miners have to rely on fees fron transactions to make money. Its all in the video if you look
„Satashi comes out
Laugh historically
All bitcoins erased“
NONE OF US TEXTING WILL BE ALIVE WHEN THE LAST BTC IS MINED. SO CHILL AND ENJOY THE RIDE
Why
Wait till someone comments below this comment in 50 years
@@dhiaaldeenalmhdi6375 because its estimated that last bitcoin will be mined in about year 2140 ;)
@@dhiaaldeenalmhdi6375because that is predicted to happen around the year 2140
@@Chantos2kHonestly, we may only need to wait 40 years for someone to see this and still be alive for the last Bitcoin to be mined. With advancements in health care, life expectancies could grow higher still and more will live well past 80, possibly even 90. I already have at least one patron of mine who are at least 92 years old.
Its even possible to mine 21mi? bitcoins if the amount halves, at some point the amount is going to be so small that is impossible to reach 21mi
I think the fixed supply is one of the biggest flaws of Bitcoin.
Deflation will be the initial result, after which there will be a bubble in the value.
People will hoard the coins and trade will stop, or the market will crash.
That's how I feel