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It's known exactly how many Bitcoin will be produced and at what rate. There will never be more than 21 million BTC. This was known and agreed upon by all parti

It's known exactly how many Bitcoin will be produced and at what rate. There will never be more than 21 million BTC. This was known and agreed upon by all participants in the system. How much USD will exist in 10 years?

deleted 6y ago
[deleted]
albntomat0 6y ago
I understand and appreciate the point you're making (I want to add this as my response is slightly flippant). How many BTC will it take to buy a Toyota Corolla in Feb 2022?
- solosoyokaze 6y ago
  Hopefully less than in Feb 2021. I think a better question would be, how many BTC will it take to buy a house in 2050? I think the three things that have experienced the most drastic inflation are: housing, healthcare and education. It would be interesting to measure Bitcoin's long term value next to those highly inflating costs. Say a house now costs 10 BTC/$500,000 and in 2050 10 BTC/$2,000,000.
  - tekknik 6y ago
    > Hopefully less than in Feb 2021. Financial planning -> window, cause my base currency keeps moving around and won’t hold still long enough for me to even finish the equation.
    - solosoyokaze 6y ago
      I'm planning on continued massive USD inflation.
    - ric2b 6y ago
      How many USD will it take to buy a Toyota Corolla in Feb 2022?
8note 6y ago
How does Bitcoin continue to have transactions once that limit is met? Arent the miners executing transactions in exchange for Bitcoin? When there's no more coins to mine, there's no reason for anyone to be running their bitcoin operations. It'll fall to governments? At that point, can't they introduce more Bitcoin?
- deleted 6y ago
  [deleted]
- albntomat0 6y ago
  Each transactions has a fee value set by the sender, that goes to the miner. Miners select the top N transactions by fee, so miners will still have an incentive.
  - tharkun__ 6y ago
    The fees are already exorbitant and make no sense if you wanted to use Bitcoin for everyday transactions. You still see merchants that have something like a 2$ minimum for credit card transactions, which charge a percentage fee usually. Looking at https://ycharts.com/indicators/bitcoin_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_f... the average Bitcoin fee seems to be somewhere around $22 right now. Just think of the dialog occurring once miners have to make all their money from fees only: "Yes sir, I would like to buy this chewing gum for my son. Yes I know it costs $0.50. Yes I know it will cost me the equivalent fee of $50 to buy it using Bitcoin. Now sell it to me already!".
    - albntomat0 6y ago
      True. Bitcoin as currently designed doesn't support the transaction throughput or latency anyways for folks to buy gum, only larger money transfers. (I'm a skeptic, FWIW) Without the presence of transaction fees though, things would fall apart once the block reward ran out, as asked in the original question.

deleted 6y ago

[deleted]

albntomat0 6y ago

I understand and appreciate the point you're making (I want to add this as my response is slightly flippant). How many BTC will it take to buy a Toyota Corolla in Feb 2022?

solosoyokaze 6y ago
Hopefully less than in Feb 2021. I think a better question would be, how many BTC will it take to buy a house in 2050? I think the three things that have experienced the most drastic inflation are: housing, healthcare and education. It would be interesting to measure Bitcoin's long term value next to those highly inflating costs. Say a house now costs 10 BTC/$500,000 and in 2050 10 BTC/$2,000,000.
- tekknik 6y ago
  > Hopefully less than in Feb 2021. Financial planning -> window, cause my base currency keeps moving around and won’t hold still long enough for me to even finish the equation.
  - solosoyokaze 6y ago
    I'm planning on continued massive USD inflation.
  - ric2b 6y ago
    How many USD will it take to buy a Toyota Corolla in Feb 2022?

8note 6y ago

How does Bitcoin continue to have transactions once that limit is met? Arent the miners executing transactions in exchange for Bitcoin? When there's no more coins to mine, there's no reason for anyone to be running their bitcoin operations. It'll fall to governments? At that point, can't they introduce more Bitcoin?

deleted 6y ago
[deleted]
albntomat0 6y ago
Each transactions has a fee value set by the sender, that goes to the miner. Miners select the top N transactions by fee, so miners will still have an incentive.
- tharkun__ 6y ago
  The fees are already exorbitant and make no sense if you wanted to use Bitcoin for everyday transactions. You still see merchants that have something like a 2$ minimum for credit card transactions, which charge a percentage fee usually. Looking at https://ycharts.com/indicators/bitcoin_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_f... the average Bitcoin fee seems to be somewhere around $22 right now. Just think of the dialog occurring once miners have to make all their money from fees only: "Yes sir, I would like to buy this chewing gum for my son. Yes I know it costs $0.50. Yes I know it will cost me the equivalent fee of $50 to buy it using Bitcoin. Now sell it to me already!".
  - albntomat0 6y ago
    True. Bitcoin as currently designed doesn't support the transaction throughput or latency anyways for folks to buy gum, only larger money transfers. (I'm a skeptic, FWIW) Without the presence of transaction fees though, things would fall apart once the block reward ran out, as asked in the original question.