Question about Bitcoins

Level1Techs INBOX.deb
1

Hey guys,

I pretty much understand the basics of Bitcoins and how they work. My question is: what happens when the amount of Bitcoins reach their limit? There won't be any new Bitcoins able to be generated to be given out as a reward to the miners, so what motivation will miners have to keep mining? How are transactions going to be verified from that point onward?

I personally don't believe that this event will ever occur as Bitcoins are designed to reach their limit in 2120 or something and I think some Government will probably have it either shut down or controlled by then, but still I am curious what the plan is for this scenario? I am probably just missing something very basic here or misunderstanding something...

Greetings from Europe

2

well i would think that either

1. mining will be made so hard that they CANT reach the limit or

2. Inflation!

3

After the limit has been reached, miners will work off of transaction fees.  I'm not quite sure of the specifics so it's probably a good idea to check out the transaction fee page on the bitcoin wiki.