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Title: how will transactions work if less bitcoins are mined? Post by: mixfish on January 09, 2016, 12:20:06 PM Quote 99% of all bitcoins will have been mined by 2032. The last one percent will be mined for a hundred years. how are transactions past 2032 possible? and how past 2140? Title: Re: how will transactions work if less bitcoins are mined? Post by: shorena on January 09, 2016, 12:23:07 PM Quote 99% of all bitcoins will have been mined by 2032. The last one percent will be mined for a hundred years. how are transactions past 2032 possible? and how past 2140? Miners incentive to continue will be the fees. For this to work we either need higher fees (I personally dont like it) or more transactions (and thus bigger blocks). Title: Re: how will transactions work if less bitcoins are mined? Post by: GriffinHeart on January 09, 2016, 12:43:44 PM As long as miners mine the blocks coming through, these blocks being filled with fees from said transactions then business will continue as usual. In 2140 the rewards will be so little that, even previous to that in pools, a new minimum of bitcoin will need to be invented. Less than a satoshi.
Title: Re: how will transactions work if less bitcoins are mined? Post by: smith coins on January 09, 2016, 12:47:06 PM If the price of bitcoin will be doubled than i think that the miner earnings will be the same, then it needs much more transaction to be made to earn from fees.
Title: Re: how will transactions work if less bitcoins are mined? Post by: mixfish on January 09, 2016, 01:39:35 PM ah, i understand ...
at the end, still blocks are generated for transaction fee ... Title: Re: how will transactions work if less bitcoins are mined? Post by: Amph on January 09, 2016, 03:39:04 PM why you think satoshi in 2010 said "i'm sure in 20 years there will be very big volume or no volume" because in 2030, the halving will hit the miners alive, which mean that their pressure on the market will be almost negligeable
and the value must be very high, to make possible for the miners to earn via fee only, this is already true by that halving, not even need to wait 2140.... |