What will happen if all the bitcoin are mined ?

[Josemendez]

We are all aware that the total supply of bitcoin is 21 Million and news has shown that it about 21% of this supply that remain unmined.
Have your ever wondered what could happen if all the bitcoin in The world are mined , especially now that they are massive adoption of bitcoin by Financial Institutions and counties .

I believe that when these happens , there will be more demand than supply and people will holdl their coin more. This scarcity can make the price of this coin skyrocket to a very high amount. This can also be an issue as people may decide to leave the coin and go for other alternative like ethereum , Polkadot and Cardano.

What do you think will happen to bitcoin when all the bitcoin available for mining is mined ? Can it be possible that Nakamoto Satoshi may want to add more bitcoin ? ( I guess this won't be possible)

 

[Yugocean]

There are only 21 million bitcoins, even when all the blocks are mined, the total bitcoins will be a few million less because many bitcoins have been lost in the blockchain due to lack of private keys, and some have even been lost due to sending to the wrong address.

 

[Josemendez]

There are only 21 million bitcoins, even when all the blocks are mined, the total bitcoins will be a few million less because many bitcoins have been lost in the blockchain due to lack of private keys, and some have even been lost due to sending to the wrong address.

Many questions then is this , how can it be possible for bitcoin to be adopted in the world considering the fact that about 20% of the total bitcoin supply has been lost either due to lost private keys or dead user who didn't give out his private keys?
The price of bitcoin at this period will be extremely high.

 

[Sherman198]

At that point in time, too many people will be chasing Bitcoin but we will only have few left, and this will cause complete scarcity. However, we will still have people who will be selling, though it will be at higher price. And it will be those who are stacking Bitcoin now that will have the privilege of selling. But Bitcoin's value may also start to diminish at that point, as we have several coins that can function like it.....That could be the era of Ethereum or Bch, who knows. Lol!

 

[sincerem]

Their is no how all BTC will be mined at same time, the mining activities is unlimited just as mineral resources are mined continuously. That's how BTC will be mined continuously none stop till end of time. 21 million mined at the moment, their is still more to be mined in the future and onward. It has slowed down since China cracked down, when the ban isn't tormenting the market again, proper mining activities resume.

 

[Sherman198]

Their is no how all BTC will be mined at same time, the mining activities is unlimited just as mineral resources are mined continuously. That's how BTC will be mined continuously none stop till end of time. 21 million mined at the moment, their is still more to be mined in the future and onward. It has slowed down since China cracked down, when the ban isn't tormenting the market again, proper mining activities resume.

Lol Bitcoin is quiet different from mineral resources, that are infinitesimal. Bitcoin has 21 million to mine, which is how, it was programmed and now we are almost at the end of it. Nothing lasts forever! And now we are having more miners, more than we used to have in China. As miners are migrating to another region where they could have another form of power supply for mining, it becomes more easy for them to mine. Then, with this, we may soon come to the end of it.

 

[sincerem]

Lol Bitcoin is quiet different from mineral resources, that are infinitesimal. Bitcoin has 21 million to mine, which is how, it was programmed and now we are almost at the end of it. Nothing lasts forever! And now we are having more miners, more than we used to have in China. As miners are migrating to another region where they could have another form of power supply for mining, it becomes more easy for them to mine. Then, with this, we may soon come to the end of it.

That means if the 21 million BTC is mined in full, it means mining activities ends for BTC?

What about the lost BTC which couldn't be recovered?

How are they going to use to recover them? Cos many of them are lost through sending to wrong addresses, and forgetting of pass phrase or private keys and so on.

And that doesn't mean more won't be lost again. I think after mining the 21 million, their is still chances of returning to mine it in the future ahead.

 

[Sherman198]

Well I'm not actually sure how to recover those lost Bitcoin. Do you know there are some money that are kept some where that it's only the owner that knows where it's kept and now you know the owners of these monies may have died. I'm talking about the monies buried somewhere on this Earth that no one knows about.

To me, I believe all those Bitcoin are gone forever! Now, before you say how is the remaining Bitcoin, going to be enough for us....Just know that not everyone will be able to own 1bitcoin.

 

[Yugocean]

The lost BTC are not recoverable, because they are safe in blockchain; if any attempt is done to re-mine them out, this will certainly affect Bitcoin wallets where they were stored. This will finish off the security of private keys. Also re-mining of already minted BTC will also affect BTCs which are circulating.​

 

[Mika]

This is just a theory that has come into my mind recently. Once 21 million bitcoins are mined, perhaps developers will make some changes on bitcoin blockchain so there more coins can be mined. This theory cannot be ruled out because unlike other currencies, bitcoin is completely decentralized and anyone can make changes.

 

[Yugocean]

unlike other currencies, bitcoin is completely decentralized and anyone can make changes.

Bitcoin is very complex and no one can make changes, mining is result of manipulating, not really solving the puzzle. Only Satoshi Nakamato can inform if there is some such possibilities? Or maybe Bitcoin will become BTC 2.0 with 21 million more in the market which will bring out a rush,

 

[sincerem]

Well I'm not actually sure how to recover those lost Bitcoin. Do you know there are some money that are kept some where that it's only the owner that knows where it's kept and now you know the owners of these monies may have died. I'm talking about the monies buried somewhere on this Earth that no one knows about.

To me, I believe all those Bitcoin are gone forever! Now, before you say how is the remaining Bitcoin, going to be enough for us....Just know that not everyone will be able to own 1bitcoin.

Hmm, those lost funds won't be recovered some are simply lost cos of carelessness of its investors. That's why we ought to be careful when sending out this coins cos it will get hooked up when we omit one single mistake on the address code, which is the wallet address, where lots of people have done such kind of mistake in the past.

 

[Sherman198]

Hmm, those lost funds won't be recovered some are simply lost cos of carelessness of its investors. That's why we ought to be careful when sending out this coins cos it will get hooked up when we omit one single mistake on the address code, which is the wallet address, where lots of people have done such kind of mistake in the past.

Yes that why fiat transactions surpasses cryptocurrencies transactions, in terms of security. If you're sending money Someone online you can't really send the money to a different person because it will bring the recipient name.....but in cryptocurrencies if you miss a chain, your crypto may go to another user or it will just be hanging on the air. If a new improvement could be made on the block chain, where people will have a meme name, not there original name. Then when you enter their wallet addresses their meme name will showcase to signify that you are sending Crypto to the right person. I believe this may solve sending Crypto to the wrong addresses.

 

[sincerem]

Yes that why fiat transactions surpasses cryptocurrencies transactions, in terms of security. If you're sending money Someone online you can't really send the money to a different person because it will bring the recipient name.....but in cryptocurrencies if you miss a chain, your crypto may go to another user or it will just be hanging on the air. If a new improvement could be made on the block chain, where people will have a meme name, not there original name. Then when you enter their wallet addresses their meme name will showcase to signify that you are sending Crypto to the right person. I believe this may solve sending Crypto to the wrong addresses.

Quite funny indeed, but you made a wonderful point there to be frank. Assume its possible to enable crypto transactions look like the one of fiat currency transaction where the name show to signal that the money is going safely to the right person.

Given every crypto user a meme name to recognise everyone's wallet address so the coin we are sending won't be diverted to another user or simply hanging in the air.

 

[Alexandoy]

I don’t think there is an accurate answer to the question about the exhausted Bitcoin in mining. That will mean the supply is limited and Bitcoin will just be traded to be useful to the holder. Small traders like us in this forum are enjoying the crypto coin more because of the mining. Imagine when there is no more mining for Bitcoin what shall be have with our holdings?

 

[sincerem]

When the mining of BTC reach is expected limit. That's when the coin becomes relatively scarce like the fiat currency. Those having enough that time will see their stock rise cos the coin during that time will become more valuable. That's why we need to hold as much as we could now.