What Happens When ALL 21 Million Bitcoin Are Mined?

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

[aarond]

Mathematiclly, if you keep 1/2, youll never reach zero, youll get closer and closer but never actually hit 0

[AidenOcelot]

"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

[larrypowers]

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.

[deisisase]

About 1/4 of bitcoins are behind locked accounts or were on destroyed hard drives.

[chaselee]

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.

[assai]

You forgot to mention the difficulty, the ammount of computing power to find a block. It balances the cost and reward/fee.

[Koch]

I had problem comprehending trading in general. I tried watching other YouTube 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

[EricSoulliage]

Nobody in this conversation will be alive when the 21th millionth BTC is going to be mined

[bigmancozmo]

1:02 Great thing that that the youtube algorithm recommended this to me at nearly the end of april! yay!

[xoabdul]

The btc halving is this month, I’m betting on a fakeout before a massive run. Let’s see what happens from 78k

[obvioustruth]

This video doesn't answer the question in the title. 😔👎

[oyuyuy]

It's worrying that you think 'halving' can ever reduce something to zero

[olafschermann]

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.

[zelda]

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 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 which is 13 bits.

[prajwalgowda]

Dividing by anything will never give zero😂

[kamillapaj]

Plot twist, original bitcoin reveals himself at the wery last mined bitcoin and reseting the bitcoin price to 0 😅

[fr_schmidlin]

When the last bitcoin is mined, people will just move to other coins, it value will plummet.

[jut]

There was the Dutch Tulip Bulb Market Bubble, but one could argue that they had intrinsic value.

[MerdiKalunga-ifrq]

I think it is clear that we all love miners😂😂😂

[michealwestfall]

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.