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Author Topic: Will Bitcoin ever run out?  (Read 7592 times)

Offline Karl_BC

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Will Bitcoin ever run out?
« on: May 31, 2021, 02:25:03 PM »
Hello, Bitcoin fans!

Despite its rise and fall in value over the last few years, Bitcoin is still one of the most in-demand cryptocurrencies in the market. With the increasing number of people diving into Bitcoin, more and more BTCs are being mined every single day, which poses the question: Will Bitcoin ever run out? If you’re interested in more about what’s in store for the future of Bitcoin, then read on.

What is Bitcoin mining and how long will it take?

Currently, there are roughly 18,000,000 BTC tokens in existence. When the limit is reached, there will be no more tokens created. According to Decrypt.com, the last Bitcoin will be mined in 2140. 

Often referred to as the ‘digital gold’, Bitcoin is obtained through a process called ‘mining’ where ‘miners’ can produce Bitcoin tokens by solving a complex mathematical problem in the blockchain. Bitcoin has a hard cap of 21 million. Meaning, there is a finite number of Bitcoin tokens that can be mined. 

What happens when the last Bitcoin is mined?

A Bitcoin token is produced every 10 minutes when a miner adds a new block to the chain. Each time a miner successfully processes a transaction, they are rewarded in BTC. 

Once the last Bitcoin transaction is made, all the miners in the chain will still be a part of the network, but they will no longer receive BTCs as incentives for maintaining the blockchain.

As the price of Bitcoin continues to rise, it encourages a lot of people to become miners. Through the use of high-end devices, miners are able to participate and add more blocks to the chain. However, if this process goes unchecked, the supply can run out immediately. 

18.5 million Bitcoin tokens have already been mined. With roughly 3 million tokens left, it’s easy to imagine that Bitcoin’s mining stage could be coming to an end soon. 

To slow down the production of tokens, Bitcoin halving happens when the 210,000 blocks are added to the blockchain. During this event, the miners’ rewards are halved to ensure that the value of Bitcoin becomes scarce, which in turn pushes up its price in the market.

When the first Bitcoin was mined, miners would receive a reward of 50 BTC. It was cut by 50% in 2012, which decreased their incentives by half. Then in 2016, miners received 12.5 BTC, and then it was again cut in half so it became 6.25 BTC in 2020. When the 740,001st block is added to the chain, the reward will be 3.125 BTC. This halving process will continue every four years until all the tokens are mined. In the Bitcoin timeline, BTC tokens won’t run out for the next hundred years. 

The importance of Bitcoin’s finite supply and Bitcoin halving

The idea of an unceasing production of Bitcoin is enticing, but just like everything else in the economy, it must follow the law of supply and demand. If new Bitcoins are steadily added to the blockchain, it would result in overproduction. When this happens, the value of Bitcoin will decrease. 

Contrary to the traditional banking system, minted Bitcoin tokens cannot be reprinted by the government. Because of its hard capped supply, the 21 million will stay fixed and keep its circulation in the market in check. 

Is it time to mine or buy Bitcoin?

There’s no better time than now to join the crypto fray. As cryptocurrency gains traction by the day, people can see the undeniable rewards of investing and mining. If you’re a tech-savvy person, mining is an option. 

On the other hand, if you’re keener to trade or just simply keep your tokens, then buying Bitcoins is better for you. Just look for a Bitcoin Exchange that features trading, buying and selling, as well as a reliable crypto wallet.

Bitcoin’s supply will not run out in the next hundred years or so and it still has time to change the financial sector as we know it. With its significant growth in the past few months, Bitcoin is on its way to ushering in the revolutionary promise of blockchain technology and decentralisation. 

Which is better for you, to mine Bitcoin or buy Bitcoin?


Thanks for reading and waiting for your thoughts.
Cheers,
Karl from Bitcasino

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Will Bitcoin ever run out?
« on: May 31, 2021, 02:25:03 PM »

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Offline msz900

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Re: Will Bitcoin ever run out?
« Reply #1 on: June 04, 2021, 05:06:16 AM »
First thing is that It will be but not very soon and the second thing is that cryptocurrency can not be trusted and will be invested by your own risk/greed because crypto coins can vanish anytime.
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Re: Will Bitcoin ever run out?
« Reply #2 on: June 05, 2021, 03:35:49 PM »
100 years from now? maybe I can see the bank accepts Bitcoin as an investment asset and payments, I choose to buy Bitcoin but not everyone has expertise in mining and I think every miner will sell their Bitcoin when they need money for operational costs and other things, they prefer to hold Bitcoin for a long time because they know mining Bitcoin will generate a small reward since the Bitcoin Halving

100 years is too long mate.
I think at the next 10 years, banks will accept bitcoin and altcoins.
Every countries will have own digital currency.
Because we all know digital currency is better as payment method.
So, I believe bitcoin and altcoin will have bright future.
Let's see.
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Offline Chita76

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Re: Will Bitcoin ever run out?
« Reply #3 on: June 05, 2021, 07:40:51 PM »
The price of Bitcoin has never risen in the way it did in the cryptocurrency.  Because after the price of all the coins increases, of course, the price of the coins will be much lower.  More prices are likely to rise in the future.
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Offline robert20

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Re: Will Bitcoin ever run out?
« Reply #4 on: June 05, 2021, 08:09:40 PM »
I dont think the world will use btc as a asset. They are very unlikely to use btc for transaction. Io am seeing it is m,ore likely that they will use Blockchain to make their own version of their currency. Blockchain is surely the future of our world and the next revolutionary technology but i am not sure about btc.
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Offline UNIVERSE

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Re: Will Bitcoin ever run out?
« Reply #5 on: June 09, 2021, 11:10:18 PM »
Yes, based on the data, Bitcoin will be  mined until finished. However, we don't know the future where there will be still miners or not.
For me personally, I prefer to buy and trade BTC than mining them. Mining is now not enough profitable if compared with the costs for mining itself.

Offline marcsymons

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Re: Will Bitcoin ever run out?
« Reply #6 on: June 10, 2021, 02:52:02 AM »
I think Bitcoin will not run out simply because not all Bitcoin enthusiast will keep or hold Bitcoin forever as everyone are holding Bitcoin to earn big therefore to buy and to sell will be the normal nature of it especially if it will going to replace the fiat currency.

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Re: Will Bitcoin ever run out?
« Reply #6 on: June 10, 2021, 02:52:02 AM »


Offline EKRA13

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Re: Will Bitcoin ever run out?
« Reply #7 on: June 11, 2021, 07:12:46 AM »
Bitcoin is the first cryptocurrency.  And the cryptocurrency market relies heavily on Bitcoin.  Bitcoin is currently the most popular cryptocurrency in the coin market cap.  Many people say that Bitcoin will disappear from the market at some point. I think it is not possible because Bitcoin will remain in the market in one way or another.  Bitcoin will go further in the near future.

Offline Jobayer Hasan Rahi

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Re: Will Bitcoin ever run out?
« Reply #8 on: June 11, 2021, 08:21:27 AM »
Due to large organizations buying bitcoins, the price has reached its highest point ever... As a result, there will be 21 million bitcoins mined before the miners stop working
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Re: Will Bitcoin ever run out?
« Reply #9 on: June 11, 2021, 09:37:10 AM »


Many are dreaming that soon Bitcoin can be recognized as a legal tender...and in many cases can replace the US Dollar as the most dominant medium of exchange in international commerce. We know that USD is very popular all over the world, yet it does not mean that all people have it. As example, I don't have any US Dollar in my hands and in any of my bank accounts. And I think it would be same with Bitcoin - no matter how popular it would be not all people will have it, and it is because no country will ever delete its own national currency as it is the symbol of its own sovereignty not even those countries that will recognize Bitcoin as legal currency like El Salvador - in these countries their own fiat money and Bitcoin can co-exist peacefully just as we have so many forex operating in the international market. Due to Bitcoin's limited supply, its scarcity can affect its price but we have to also consider the sentiment of the market because no matter finite in supply an asset is, but the market is not conducive for it then its demand can go down. One thing for sure is that when we are talking a global market, it would not be easy to predict or model its dynamics today and into the future.


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Re: Will Bitcoin ever run out?
« Reply #10 on: June 11, 2021, 05:47:50 PM »
Bitcoin has already occupied the largest portion of the crypto market. It has largely grown up from its starting journey. I think there has no possibility to run out Bitcoin. Rather it grows up highly. Many countries of the world have permitted for investment in Bitcoin. Investment on it is increasing continuously. It is expected that different banks of the world will accept bitcoin for investment very soon. Its price is now some what down. So it is time to buy and hold. The price will come back soon.

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Re: Will Bitcoin ever run out?
« Reply #11 on: June 12, 2021, 10:13:19 AM »
Bitcoin has been around since the beginning of the cryptocurrency market.Now the popularity of this bitcoin has increased a lot due to which it is seen that many rich people of the world are investing in this coin.Moreover, many countries have declared Bitcoin to be legal tender.However, the price of Bitcoin is the same as it is now, the price of Bitcoin will increase further in the future.

Offline doc

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Re: Will Bitcoin ever run out?
« Reply #12 on: June 12, 2021, 10:34:30 AM »
Bitcoin has already occupied the largest portion of the crypto market. It has largely grown up from its starting journey. I think there has no possibility to run out Bitcoin. Rather it grows up highly. Many countries of the world have permitted for investment in Bitcoin. Investment on it is increasing continuously. It is expected that different banks of the world will accept bitcoin for investment very soon. Its price is now some what down. So it is time to buy and hold. The price will come back soon.

I agree with you, I think It's the right time to buy, because the bitcoin price is lower now.
If you have free money, buy more now. Because I think market will take along time to recover again.
Maybe at the Q4 we will see bitcoin touch new ATH.
So, keep calm and hold your coin.

Offline raisajahan

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Re: Will Bitcoin ever run out?
« Reply #13 on: June 12, 2021, 11:48:13 AM »
Crypto currency market is growing day by day and its innovation starts from bitcoin credibility that means innovation about bitcoin crypto market go to the moon. So we can easily tell that the crypto currency market will never run out because this market gradually develop different types of currency in the market. So i think bitcoin will never run out from the market.

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Re: Will Bitcoin ever run out?
« Reply #14 on: June 12, 2021, 02:02:30 PM »

Which is better for you, to mine Bitcoin or buy Bitcoin?

I don't have enough equipment to mine bitcoins, but with the little money I have I can buy Bitcoins even in small amounts. 
I think buying Bitcoins and holding or trading them is the best way to get more Bitcoins. Ee can just mine Bitcoin, if we have sophisticated and modern equipment, because the competition in mining Bitcoin is also high.

 

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