Discussion - Question
This is probably the latest and dumbest question ever - What happens when the last bitcoin is mined? What keeps the Bitcoin blockchain moving and why would miners mine?
I was calling it a dumb question, because I hadn't thought to ask it. I don't know the answer either.
Transaction fees will be the incentive for miners to continue. They get the transaction fees for newly mined blocks.
Agreed with you @eroche thanks ! transaction fees are for miners i heard that some where :)
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When the last Bitcoin is mined, Satoshi's Omega Worm will be activated. As it propagates throughout the blockchain that will by then be the backbone of the Solar System Anarchoconfederation, attention economy bots will reward each of the 42,834,965,265 humanodroids an encrypted clue to the answer to Life's Big Mystery. The game will then begin.
The answer to the big mystery of the universe is already there, it's 42.
ohh man too far from my mind :D lol @preparedwombat i dont understand these big ass words haha Anarchoconfederation , humanoidroids looks like you are very much intelligent and informative :)
By that time bitcoin will be LESS volatile and each satoshi will be even be MORE valuable than it is now...
Preparing to distribute them to be passed down from generation to generation or shall I say from halving to halving...
;)
A good question @whatsup, I think, with the extraction of the last Bitkoin, its price will grow significantly and it will remain traded on stock exchanges, while miners will at the same time switch their capacities to other crypto-currencies :)
I don't think it's a dumb question, it is something someone who does not know much about bitcoins or cryptocurrency will ask. I for one just started paying attention to cryptocurrency and I hope to start investing too
i got great answers in these comments list transaction fees is keeping bitcoin moving thats what i think i got ! :)
I forget the exact date estimate predicted, but isn't it like ~2040 ?? That means, enjoy the profits now ;D!
edit: Could be confusing coins..... forgive me if I'm wrong
No idea, I am new to this subject
But one thing for sure Bitcoin last for sometime, so better make profit now. I think due to the demand for bitcoin, miners are mining...
I would love to learn more on this..
Cheers!
Well excess processing power will begin to mine other coin while transaction fees will be reduced by increase in capacity and excess supply of power. While price doubles (maybe from another fork!) lol- just a guess.
It will be very very expensive.