What Happens After The Last Bitcoin Is Mined?

Рет қаралды 33,199

Күн бұрын

Get the "Ultimate Guide to Bitcoin" course:
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In this video, I discuss whether the Bitcoin network will still be viable and secure after the last Bitcoin is mined.
The current block reward paid to miners is made up of the block subsidy (currently 6.25 BTC until the next halving) plus transaction fees. After the last BTC or satoshi is mined, Bitcoin miners will only be paid transaction fees.
These transaction fees will naturally rise to a level that incentivizes Bitcoin miners to keep mining. Because Bitcoin block space is so unique and valuable, it is highly likely that a robust fee market develops.
Higher base layer transaction fees will mean that a lot of small purchases will need to migrate to the Lightning Network or other Layer 2 solutions.
Bitcoin transaction fee FUD is no different from Bitcoin halving FUD. A rising Bitcoin price and growing Bitcoin adoption more than compensate for falling block subsidies.
It is important to understand the Bitcoin network as a final settlement layer for a bearer asset. It is much more like gold or Fedwire than Visa or Venmo.
Not investment advice! Consult a financial advisor.
My favorite Bitcoin dashboard:
bitcoin.clarkmoody.com/dashbo...
Bitcoin network hash rate chart:
www.blockchain.com/charts/has...
Bitcoin miners revenue:
data.nasdaq.com/data/BCHAIN/M...
2021 Bitcoin miners revenue:
www.theblock.co/linked/128475...
Satoshi on transaction fees:
satoshi.nakamotoinstitute.org...
It's very expensive and slow to move gold around:
qz.com/1060645/germany-has-pu...
Transaction fees as percentage of block reward over time:
www.buybitcoinworldwide.com/s...
Check out my online trading courses:
www.trader.university/join
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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.
My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#bitcoin
#bitcoinmining
#halving
Disclaimer
Neither Trader University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video or at www.Trader.University (henceforth, “the Site”) should be construed as such by you. This video and the Site should be used as educational tools only and are not replacements for professional investment advice. There is a high risk in trading.

Пікірлер: 232

@Bitcoin_University Жыл бұрын

WARNING: There are a number of scammers who are using my image and channel name to try to connect with my viewers on WhatsApp and other platforms to scam them. Just so you know, I will never refer you to "my personal trader" or try to connect with you personally to sell you something. I am trying to ban these scammers as quickly as they pop up. You can always recognize a scammer by clicking on the image and seeing how many videos he has. All of these guys have zero videos, while I have hundreds. I also now have a checkmark next to my name, so that you can distinguish the real Trader University from the imposters.

@user-zl1yn6ys1c Жыл бұрын

Top o' the morning, fellow intelligent beings 🌄

@kelkilkat Жыл бұрын

Greetings 🙂

@digital_gravity Жыл бұрын

Lol, this channel is self-filtering, isn't it? 😂

@channelbitcoin21M Жыл бұрын

Bitcoin is the new global Schelling point for value, truth and intelligence. Be well all my fellow btc brethren.

@Pravin_Yeshua_BTC Жыл бұрын

Hiya ☀️

@drewkrassny7498 Жыл бұрын

I think this is the first time I’ve ever been upset to see BTC’s price climb. I was definitely spoiled by recent prices

@ralfbo685 Жыл бұрын

Same bro haha

@DiiceForeveroO Жыл бұрын

Bear markets are your friends because bitcoin survived every bear market and rebounded stronger. Can’t say the same for other venture capitalist crypto

@DataLog Жыл бұрын

Yeah

@davisboyd6644 Жыл бұрын

When the price pumps, I’m happy. When the price dumps, I’m happy. When Bitcoin is my savings vehicle, I’m happy. Bitcoin = prosperity.

@beefcurtains3095 Жыл бұрын

Another wonderful video Matthew. So much wisdom compressed into 30 minutes… I like to imagine a person listening to this video 100 years from now and marveling at your prescience in predicting the path for the world’s global reserve currency. The best store of value and medium of exchange ever created by human beings. Bitcoin…

@Bitcoin_University Жыл бұрын

Thank you.

@nathanshumway85 Жыл бұрын

I've been waiting for this lecture for a long time... Thank you.

@Bitcoin_University Жыл бұрын

Hope that you found it helpful.

@cebas42 Жыл бұрын

I was waiting for this one. Thanks!

@nathanpen Жыл бұрын

Matt...fantastic explanation. I've wondered for so long about this and never really understood it until now. Thanks and keep it up!

@Kevin-iu4kj Жыл бұрын

30 minute video...must be christmas

@danielseitz8603 Жыл бұрын

And as always, Thank you Matt!

@josephmona1681 Жыл бұрын

Excellent summary!!!!!

@Bitcoin_University Жыл бұрын

Thanks, Joseph.

@clifflee01 Жыл бұрын

A very insightful video, thanks

@hattrickchu Жыл бұрын

great explanation!

@MrWolfgang2 10 ай бұрын

Such a great channel. Cheers

@tommillman7158 9 ай бұрын

Very informative. Thank you!

@TheBitcoinGospel Ай бұрын

I just saw this video and what an amazing overview of how this will all shake out! Thank you for such amazing videos! You are so appreciated!!

@Telecasterfan Жыл бұрын

Thanks for the video Matthew! Curious if you plan on doing an updated hardware wallet comparison video. I have noticed you typically recommend Coldcard, Trezor, and sometimes Blockstream Jade. Are these still your recommendations, and if so, perhaps a video demonstrating pros and cons of each might be interesting. Thank you for your excellent channel!

@ikust007 Жыл бұрын

Thank you . Recurrent question

@jafferali4172 Жыл бұрын

You are a great teacher. Thank you.

@marekdrabik295 2 ай бұрын

Briliant overview and explanation 👏. Thank you!

@LeeWinbush 6 ай бұрын

This was massively helpful thanks!

@Bitcoin_University 6 ай бұрын

Thanks for the feedback, Lee-- is there a topic that you would like me to cover in my next video?

@bahamu Жыл бұрын

I love these videos! I'd love to hear your thoughts on the Japanese Yen in this current environment!

@danpinsonsax Жыл бұрын

Excellent video Matt!

@Bitcoin_University Жыл бұрын

Thank you, Dan.

@frederickfrost6561 Жыл бұрын

Outstanding Content as always thank you

@diablodevil2 Жыл бұрын

Hi Matt, really enjoy your vids! I had a question after this one; Obviously it went be an issue for a long time, but assuming the transaction fees for the basic classic get pretty high, to like institutional levels, house do you think opening and closing lightning channels will go? I know once they're open, there's not too much a need to close them, but even if people generally keep them open, how do you think brand new young adults will start/open their lightning wallet channels to the major hubs? Maybe the large channel hubs would offer to cover the cost to open? Or would it probably be on surgery layer? But then again, if it's all on another layer, do you think less wealthy families or individuals will have a hard time gaining any self custody? Again, this is a long term problem, but I was thinking about this when watching. Thanks!

@FF-em5jk Жыл бұрын

Thank you for this video! These days I started getting worried, what will happen to the Bitcoin network, once the block rewards become too small, so I watched this video again :) Now my worries are gone

@omrizb Жыл бұрын

Another gem. Thanks Matt

@Bitcoin_University Жыл бұрын

Thanks, Omri.

@blexaarron Жыл бұрын

Thank you for opening my eyes to fiat nightmare we live in. Another great video, can’t wait to dive in!

@davidfenererer8774 Жыл бұрын

Great videos as always

@p00ka64 Жыл бұрын

Was waiting till weekend to watch full video. Must see bitcoin tv….

@DukeFan99 Жыл бұрын

Love your video!

@markbucek4879 Жыл бұрын

Very very informative, thanks so much

@creeptokid6733 Жыл бұрын

Excellent!

@thomasdaquanni6336 Жыл бұрын

Great content. Will be watching more of your videos.

@Bitcoin_University Жыл бұрын

Thank you!

@johnnymidas5879 Жыл бұрын

MORNING 🌄 MATHEW

@digitalvote Жыл бұрын

You have a talent for providing very clear descriptions and explanations 👍 For argument sake, what would happen if btc stops apprecating? For example it spends the next 10 years hovering around it's current 20k level. Would it die or is their some other mechanism which would kick in? Obviously a huge fee increase would be very bad for future adoption.

@NakulSharma-uw7lg 2 ай бұрын

Great Information, Thanks

@kirkD9349 18 күн бұрын

Learned a lot from your video. Thanks, Matt!

@Kinnnnnnnnn1 Жыл бұрын

This depth of knowledge I wish most of the people nowadays would have. Thanks for the video.

@Cbeaucoup Жыл бұрын

Trader University ayeeeeeee

@CryptoDave17 Жыл бұрын

Best youtube channel!

@timbotech6683 Жыл бұрын

Hey Matt, could you do a video on why it's important for an economy *to know* the future supply schedule of a currency? Why a predictable inflation rate, like Gold, is less desirable? And what implications this has on economic calculations? Is it primarily to have a standard of unit that doesn't change?

@metatron8752 Жыл бұрын

What is the minimum percent of the total supply of bitcoin/sats do you need in circulation for the miners to be compensated? If the majority of the supply is salted away in cold storage and not in circulation will this kill the incentive to use the network?

@Eb4u Жыл бұрын

How do you think the lightning network could effect the incentives for keeping miners online after the last block is mined due the the lower fees? I saw someone speak about this not to long ago and would love to hear your opinion!

@rosstituteuk Жыл бұрын

Matthew thank-you for the video. If possible, would you consider going in to more detail on the topic of second layer solutions, in a $100+ transaction fee market ? I understand that solutions such as transaction batching and lightning channel factories will make it easier for users to bootstrap themselves on to layer 2, however I still have some concerns that a $100 tx fee will prohibit users from opening an initial channel, and establsihing themselves on lightning... More discussion around this would be interesting and very welcome. Thanks

@Strop9911 Жыл бұрын

Nice video. What do you think about the situation in China and it s potential impact on bitcoin?

@manumiu Жыл бұрын

Thanks Matt, you're just awesome! In your recent video about the Fed raising rates you said the US gov would go broke if interest rates rise to more than 9%: But since we already live in a clown world, wouldn't it be possible for the Fed to forgive all government debt or simply exempt the government from interest payments?

@tonyp2572 Жыл бұрын

I mean in this clown world we can’t completely write that off. Definitely on the table whether it’s changers are lower than 1% or not

@tonyp2572 Жыл бұрын

Chances*

@Brandon-xp1ob Жыл бұрын

You should rename the channel Bitcoin University😁. When asked about Bitcoin instead of me trying to explain it i refer them to your videos. Cheers Matt!

@datping7377 Жыл бұрын

Great vid! What would be your thoughts on the Ergo protocol that would reward miners with transaction fees and space storing fees (ie if your coins dont move for x amount of time, miners get a fees)?

@Bitcoin_University Жыл бұрын

Ergo is a shitcoin.

@distantyahoo 6 ай бұрын

the glaring issue here is that as fee markets rise, more and more smaller holders get priced out of the market, making it impossible to move coins.

@nayyt Жыл бұрын

The saving grace for low fees seems to be the lightning network. But the LN/2nd layer eventually has to pay these fees. As such, seems we’ll be more dependent on centralized companies like Strike, etc that run on the LN then? I know it's future speculation, but it sounds like transactions on the base layer will become more and more inaccessible to the average joe. That would place the base layer in the hands of fewer, more wealthy people and organizations. I’m optimistic, but I find that problematic, and not in sync with the spirit of bitcoin. High transaction fees remind me of eth gas fees... could high transaction fees backfire on btc, like the high gas fees have for eth?

@denissego8554 Жыл бұрын

Tnx

@gaspardcarissimo8773 Жыл бұрын

Great vidéo

@dek2000utube Жыл бұрын

Outstanding. Whatever nootropic you're on, please let me know!

@Bitcoin_University Жыл бұрын

Just caffeine :) An old standby.

@ghqst7550 Жыл бұрын

I'd add, the fees would likely be substantially lower for digital gold, than that 9 mil for the physical gold transfer...

@RufusROFLpunch Жыл бұрын

I think about this a lot. One weakness, maybe, of the Bitcoin method is that while the difficulty adjustment will ensure that miners will keep on mining in the event of perpetually low transaction fees, a lot of miners dropping offline would result in a lot of mining computers being dormant. That does present an opening for a 51% attack for someone like a nation state who is interested in hurting Bitcoin and not worried about wasting energy to do it.

@fairandfree9824 Жыл бұрын

Matthew, thanks for all your videos. You remind me of some good-natured investors who talk about reaching the peak of the mountain (financial freedom) and then throwing the rope down to help others reach that peak too. Grouping all non-Bitcoin investments into an "other" category for the sake of this question, and keeping ever-increasing inflation and the next Bitcoin halving in mind, do you recommend splitting investing between Bitcoin and other investments, or would you recommend spending the next two years dumping every extra dollar into Bitcoin before the price spikes (we expect) to new levels after which it will be near-impossible to obtain a full coin for middle-class workers in the US? No matter the economy, I know other investments will retain some value, but my gut is that we have a unique opportunity to accumulate Bitcoin over the next 2 years before the price of 1 coin explodes after the halving and further adoption. Of course, it will still be worth accumulating, but it will require exponentially more work than it does now.

@rodneydowd4739 Жыл бұрын

These type of videos are your forte, we all need this education so we can trust Bitcoin.

@Mattes50A05 Жыл бұрын

Matthew, would enjoy a video about fedimint and whether or not you think it will be useful for scaling Bitcoin.

@channelbitcoin21M Жыл бұрын

In my opinion 99% of humans do not understand bitcoin at all. We are very early to such a useful and stable network / technology. Congrats to everyone who is early and who understands bitcoin today. We will prosper in ways most can’t imagine across time.

@LaoTzuChi Жыл бұрын

What becomes of bitcoin in the event of a global EMP, man made or caused by a solar storm

@klion1148 Жыл бұрын

There's so much that is going to happen in 100 years technology-wise that it makes no sense to worry about the block subsidy right now. Bitcoin will be used in ways even a decade from now that we can't even guess at this point.

@jonathansturm4163 Жыл бұрын

Adam Smith’s invisible hand sure is powerful :-)

@el_exile1236 Жыл бұрын

Hey Matt, can you show us how to use your own node for day to day transactions instead using exchanges’ nodes

@fowchiiiliedpuppiesdied Жыл бұрын

You have to join Trader University for the full course, and it’s worth every penny. You can sign up for a month. He doesn’t want to share it on KZfaq, for a variety of reasons, censorship, this sick society we are now living in, represents the worst of our humanity.

@joshuavanderplaats Жыл бұрын

What do you think about Chris Larsen’s call to change btc’s code in order to make it’s energy usage justifiable?

@Bitcoin_University Жыл бұрын

It's a dishonest marketing campaign funded with money that Larsen made by dumping his shitcoin on the world: kzfaq.info/get/bejne/rKqohrtnsqycpp8.html&ab_channel=TraderUniversity

@preslaviliev6843 Жыл бұрын

Just to add something that Matt missed mentioning. We should always distinguish the Bitcoin netowrk and the bitcoin currency. You can send $10b for say $1mil transaction fee and the person on the other side to also receive dollars. So the bitcoin currency is not involved , it's just used for converting usd to btc and btc to usd, which can happen automatically, without people even know. In other words, the Bitcoin network can be used to transfer any kind of currency and fees can be earned from it.

@shatterthemirror8563 Жыл бұрын

"The Bitcoin network can be used."? But don't you know that the Bitcoin network is made up of people with free will? Then the Bitcoin technology doesn't do that either. I think you must be confused. Maybe you just mean the internet?

@preslaviliev6843 Жыл бұрын

@@shatterthemirror8563 I don't think you understand what's written above.

@shatterthemirror8563 Жыл бұрын

@@preslaviliev6843 Imagine if you'd invented Bitcoin. Don't you think you'd have to differentiate between the internet and what's internal to Bitcoin network. It's better that people don't forget the difference. Bitcoin doesn't force you to deal with dollars just like it doesn't force you to use Bitcoin. It's entirely voluntary regardless of what it might become. The original will always be the true

@shatterthemirror8563 Жыл бұрын

@@preslaviliev6843 I don't think you understand the difference between the Bitcoin network and an exchange. So like when you use Bitcoin, you are granted a passcode and you can trade that passcode with others on the network. An exchange does something else entirely. It buys the passcode and instead trades it for dollars. So the difference is what's not on the network. An exchange uses the Bitcoin network but it's essentially something else, ok? Understand now?

@shatterthemirror8563 Жыл бұрын

Since I know what you're probably thinking: "But I keep my passcode." So I'll go ahead and clarify that I do mean the little number that represents your value on the network. And yes its represented/validated in various ways like for instance UTXO. But of course for beginners just know that it's unique and not represented the same way internally but you don't really have to know that to use Bitcoin.

@davidfenererer8774 Жыл бұрын

Goat

@rubr949 Ай бұрын

So in other words.. bitcoin price and transaction fees NEED to go up verry much so all the miners we have today will keep continuing the work. If not they will quit and the network will be voulnreble to a 51% attack and die out?

@leonardmoore2833 Жыл бұрын

Please talk about Mt. Ox situation. Hearing that they will dump thousands of btc and crash price

@Opa_der_Kranke Жыл бұрын

Mt. Gox BTC are only a small fraction, so dont worry about that

@LClarke Жыл бұрын

I liked the 'halving' slide at 5:05, but it would have been nice (if not instructive) to see the BTCUSD price performance continue past the third halving. Weird.

@javidmoradi7062 Жыл бұрын

For mining, I see only one option for the future. It will be similar to mining in the Utopia ecosystem

@goldeneraarchives Жыл бұрын

As block rewards decrease and transaction fees go up to compensate miners. What will happen to people holding small amounts of bitcoin on private wallets. Will there btc become essentially stuck when transaction fees exceed the holdings in that wallet? How will bitcoin get around this problem?

@dkyt1988 Жыл бұрын

I was wondering if you have a video on how are we going to use BTC if/when we become multiplanetary. Won't transactions with days delay be a problem?

@Au496 Жыл бұрын

It could be that when the Starship to Alpha Centauri launches with the ‘Genesis crew’, a fork might happen but just for that voyage/crew - call it *BTC-AlphaCentauri*, a new block is written and message inscribed into the block (for both BTC and BTC-AC) to commemorate the day. The entire transaction history of BTC will be included in BTC-AC (no pre-mine). Nodes will run the new software. At some point Alpha Centauri will run independently, and probably a set BTC to BTC-AC conversation value set. but hey, let’s get Earth towards a Bitcoin standard first, because I believe we will never be a multi planetary species until we fix the money.

@fowchiiiliedpuppiesdied Жыл бұрын

@@Au496 who are you?? Are you in finance? I’m sorry, I didn’t mean to insult you, but you sound pretty damn smart, and I’m not sure how to characterize this. Are you Matthew?

@Au496 Жыл бұрын

@@fowchiiiliedpuppiesdied just some random dude on the internet 😃

@travis-travels Жыл бұрын

Theoretically, if the market determines fees by the time all Bitcoin has been mined… all you would have to do to sabotage the network would be to mine at a loss for long enough that the rest of the miners concerned with profit to say uncle (this would probably be a government that doesn’t like the global financial system at that time [or doesn’t even allow it] - the financial system in this scenario would be bitcoin). All the sudden you have complete centralization securing the network. Correct?

@travis-travels Жыл бұрын

Love your work by the way. This is a legitimate question.

@hyunsookahn7010 Жыл бұрын

Free economic system. No need labor, no need effort, no need academic background, No need reasoning, no need consideration, no need empathy!!! Instance Wealth by invading a living human body and mining biological information!! Human body became new currency!! Data generator!! A thing!! Product!! Are you OK, Human?? It seems like that ancient Cannibalism restored at the last stage of Humanity!! Money is everything, Money is more important than human body, dignity, privacy, ?? horrible!! Disgusting!! What is the meaning of life to you, humans?? Restore Humanity, Conscience, Dignity!!which is the path to survive and thrive!

@Zynka17 Жыл бұрын

Thanks for another great video. I'd love to hear an analysis of what BCH failed. You mentioned around 21:20 that a block size too large loses out on decentralization. Why is this the case?

@josesalgado8653 Жыл бұрын

Bigger block sizes > running a node becomes harder > less nodes > less decentralization > less security

@Bitcoin_University Жыл бұрын

Great answer.

@Zynka17 Жыл бұрын

@@josesalgado8653 Thanks. I went back to this debate to get some idea of it as well: kzfaq.info/get/bejne/oKtynsd0ydCYdoU.html

@AdMycroft-fb1eo 2 ай бұрын

If fees get very expensive then maybe everyday people will stop using it and the miners will have very large transactions only but not enough to fill a block, therefore they may start charing based on transfer amount rather than transaction bit size, this would allow them to earn enough on the large transactions that they are then willing to accept small transaction amounts for everyday people at a lor lower rate, so for example a multi million dollar transfer may be charged say 10000 dollars and a 200 dollar transfer say 5 dollars??? Obviously at 6 tps its going to cost a lot? But cheap enough to fund a layer 2 (such a lightning) Chapel?

@alexfinn7989 Жыл бұрын

When you are running a full node, you can't get a transaction fees on the base layer (only for running lightning?)? You have to be a miner to receive transaction fees for the base layer (or only miners can take transactions and place them into that block and get reward)? Thank you Matt.

@Bitcoin_University Жыл бұрын

Yes, transaction fees are paid only to miners, not to full nodes. This is OK since it's basically free to run a node. You just need a raspberry pi or old laptop and a tiny amount of electricity. Bitcoin miners need to be paid because they burn a lot more electricity.

@friedcash9815 Жыл бұрын

24:16 I never even considered that roger ver and the like could be spamming the network in 2017 to drive up the fees to make the case for larger block sizes. wow. i feel stupid now.

@lynchian275 Жыл бұрын

Hi Matt, First of all, I must congratulate you for addressing some of the most challenging questions about Bitcoin. Today's video was of particular interest to me. I am a believer but as someone who puts in 'work' in continuously learning Bitcoin, I have two follow-up questions about what happens when block subsidy becomes zero/negligible: 1. If/when miners choose to go off grid, and difficulty level gets adjusted as a result, won't it make the network vulnerable to organized / non-commercially motivated 51% attack, thereby posing existential threat to the network? 2. If/when transaction fees rise substantially, isn't it a dampener for small savers (say holding < 1BTC) if they have to partake with a substantial fraction of their savings while moving their funds around? Appreciate your thoughts on the above. Thanks a ton.

@libertylarry3224 Жыл бұрын

1. Difficulty adjusments occur every 2016 blocks. If the last 2016 blocks took longer than 20160 minutes to be found (average of 10 minutes) the difficulty will be lowered to target 10 minute blocks. Some of the miners that had to go off grid because their cost of production was to high will now be able to mine profitable again and resume opperations thereby securing the network. So the network is actually most vunerable when some miners went off grid and the difficulty has not yet adjusted. But to expoit that vunerablity an attacker would need a lot of asic machines (application specific integrated circuit) which are specialised machines for bitcoin mining. These machines are expensive, have long production times and are unusable for anything exept crypto mining. There is no realistic way someone could obtain enough of these asics in the timeframe of 2016 blocks (2 weeks) to generate 51% of the hash rate even if there was a large dip in hash rate. 2. Small savers can use layer 2 soultions like the lightning network until they accumulate enough bitcoins to justify the high transaction cost.

@lynchian275 Жыл бұрын

@@libertylarry3224 Thanks. 1. I agree with you. My quesrion is that if vast majority of miners are off-grid, then in the event of an attack, will the network be able to fork successfully with just a handful of miners online. 2. Technically, 100% of the transactions can be validated on L2, isn't it? If users have to pay high txn fees on L1, they will route txns through lightning instead. And if so, then miners have even less incentive to mine on L1 since the txn fees on lightning will be much lower than the main chain. What am I missing really?

@preslaviliev6843 Жыл бұрын

@@lynchian275 1. Of course that if 99% of the miners are off, the attack will be crucial. The question is if that is a real scenario. 2. Big money will prefer security , which is L1. L2 is not that secure and not that big to transfer bigger amounts of money.

@lynchian275 Жыл бұрын

@@preslaviliev6843 Thanks for your clarification on point # 2. I'd so some research to check if L2 is indeed less secure. On point # 1, I think we live in interesting times. Wouldn't rule out any possibility of any scale. In any case, Bitcoin network is too precious to be left to chance, IMHO.

@NappyWayz Жыл бұрын

Does it matter? Nic Carter killed it!

@Au496 Жыл бұрын

I’m looking forward to being around when the last block is mined.

@psoidonym2389 Жыл бұрын

so ur planning ur birth take place in about 30 years?

@Au496 Жыл бұрын

@@psoidonym2389 God willing, I plan to live a long, long time 😉

@psoidonym2389 Жыл бұрын

@Au496 all the best to you then. May you live forever and a day 👍

@Baptpich 8 ай бұрын

What if the incentive for mining isn't the block subsidy but simply protecting the network, where each holder is incentivized to protect the network, everyone mines Bitcoin and government and private companies are all running mining operations?

@kevinsmith5448 8 ай бұрын

realize that btc has utility for everyone, but not at the same price. that is how you know btc is going to 1 million each: because at that price it becomes useful to the most powerful players, the people who print the currency for example

@MalcadorTheSigilite Жыл бұрын

What happens if most of the volume is on lightning network and there isn't enough transactions going back to Bitcoin?

@SAL-fs1mr Жыл бұрын

Lightning network being used with huge volume will mean channels being opened and closed on the base blockchain layer.

@mmarpfm1 Жыл бұрын

After the last Bitcoin is mined Bitcoin 2 comes out with 21 million more Bitcoin. Come on everybody knows that :-)

@f.flinstone252 Жыл бұрын

First like and save the video, then watch when I've got time. Spread the word #BTC

@Ying.yang.1 Жыл бұрын

You can mine xen coin instead

@cryptocooper9088 Жыл бұрын

Can't argue with that k

@Brian.Tohana 26 күн бұрын

so there's technically a risk that miners might choose to stop mining because its not worth it for them?

@davidthompson5345 Жыл бұрын

They will switch all the mining efforts to transactions and more efficiency and speed

@Lightrunnerr Жыл бұрын

Highly skeptical that block reward halving has a significant effect on price.

@stevenbonebrake Жыл бұрын

If there is steady average daily supply and steady average daily demand and average daily supply is cut in half and demand remains the same what is going to happen to price?

@Lightrunnerr Жыл бұрын

@@stevenbonebrake The selling pressure isn't coming completely from the newly mined Bitcoin and definitely isn't halved.

@Bitcoin_University Жыл бұрын

It does if people believe that it does.

@Lightrunnerr Жыл бұрын

@@Bitcoin_University I agree with that

@sunlightbtc247 4 ай бұрын

They locked won't allow me to sign in my username still there

@sensequest 3 ай бұрын

Due to the halving's the last Bitcoin will never be mined the rewards will just keep reducing

@Brian.Tohana 26 күн бұрын

so miners keep making less and less money?

@Emrico35 Жыл бұрын

All coins issued by 2137? Please correct me if i'm wrong but isn't time between each halving is 3 years and 9 months? Not 4 year exactly. Therefore, all coins should be issued by 2078?

@Bitcoin_University Жыл бұрын

Time between halvings depends on block time. Halvings take place every 210,000 blocks, but block time is not always 10 minutes directly. You can view estimated halving dates here if you scroll to the far right: bitcoin.clarkmoody.com/dashboard/

@xhilll Жыл бұрын

During power crunch (energy crisis) the BTC miners have to shut down their machines so that power is available where it is most needed. This happened recently in Texas. Can an artificial power crisis be created in future to kill BTC? How BTC survives if that happens?

@Opa_der_Kranke Жыл бұрын

This needs a total global blackout, which would kill millions.In that case, BTC is our last problem.

@TunnelVisionAthletic Жыл бұрын

Hey Matt, Bitcoin haters always bring up the 2 inflations bugs that BTC had, can you make a video on your thoughts and concerns about it?

@austinbyrd1703 Жыл бұрын

I'm still trying to understand, once layer 2 becomes widespread, why anyone would ever settle on the blockchain when the fees would be so high. Just as people traded within ious & rarely ever redeemed them in for gold, why close the lightning channel? Gold continues existing with no transaction fees. Bitcoin, given it no longer issues more sats, will cease to exist without transaction fees. Higher transaction fees discourage people from setting on the base layer. Ious will take hold as the prominent medium of exchange as a result, but that lowers transactions on layer 1 - thereby increasing fees as miners dwindle away. It seems like a cyclical problem that ends with no security of the network & hence the downfall of bitcoin. I understand this is a problem far into the future, but it is a problem is it not?

@piotrszpot3206 8 ай бұрын

I think there shouldn't be 21 million cap

@davidfenererer8774 Жыл бұрын

What do you think about the rumors about the nsa actually being the creator of Bitcoin?

@Bitcoin_University Жыл бұрын

Government and 3 letter orgs have never created anything of value in the last 50 years. kzfaq.info/get/bejne/pt2UiZZprt6XaXk.html&ab_channel=TraderUniversity

@davidfenererer8774 Жыл бұрын

Thank you!

@joseluisvazquez5126 Жыл бұрын

What worries me is the opposite. What happens when 1, 5 or 10 billion users want to access the bitcoin base layer, even if it is just to open a lightning channel? How does bitcoin handle such load? Let's say 1billion people want to open or close a lightning channel. At 4 transactions per second they will have to wait more 2893 days to process all those transactions, that is almost 8 years. This means that in le long run only very rich people and big intermediaries will have access to layer 1. I am not sure what are the consequences of that, but it doesn't look good. On the other hand, adoption is going to take time so maybe this is mitigated. But still you might need to open more than one channel a decade to participate in the lightning network.

@SAL-fs1mr Жыл бұрын

There are already optimizations being worked on. As an example, in a few years we will likely be able to do trustless mass opening and closing of very many lightning channels all with a single onchain transaction with a single digital signature. A single onchain transaction with one digital signature that has many lightning channels for many participants, all trustless. Try redoing your math with that!