Title: After 2140 how will transactions be handled? Post by: jongameson on December 12, 2013, 12:17:00 AM Since there will be no more mining? :)
Title: Re: After 2140 how will transactions be handled? Post by: deepceleron on December 12, 2013, 12:18:51 AM There will still be mining. Transaction fees will replace the diminishing block rewards as incentive for miners to do their work.
https://en.bitcoin.it/wiki/Myths#After_21_million_coins_are_mined.2C_no_one_will_generate_new_blocks Title: Re: After 2140 how will transactions be handled? Post by: kaito on December 12, 2013, 12:25:24 AM Good question.
The usual answer is transaction fees but I don't think it'll be that simple. One thing I consider certain. Fees high enough to satisfy the current amount of miners will be unacceptable for the users. Fortunately, 2140 is inconceivably far away and I don't worry about it one bit. Title: Re: After 2140 how will transactions be handled? Post by: Xenoph0bia on December 12, 2013, 12:28:38 AM Since there will be no more mining? :) I highly doubt Bitcoin can still exist after 120 years. Look back 120 years and see how the world changed ! Title: Re: After 2140 how will transactions be handled? Post by: deepceleron on December 12, 2013, 12:30:23 AM Good question. The usual answer is transaction fees but I don't think it'll be that simple. One thing I consider certain. Fees high enough to satisfy the current amount of miners will be unacceptable for the users. Fortunately, 2140 is inconceivably far away and I don't worry about it one bit. They will have had four years of mining .00000001 BTC block rewards before the reward becomes zero; the reward amount halves every Title: Re: After 2140 how will transactions be handled? Post by: rammy2k2 on December 12, 2013, 12:36:08 AM Since there will be no more mining? :) I highly doubt Bitcoin can still exist after 120 years. Look back 120 years and see how the world changed ! this might be true Title: Re: After 2140 how will transactions be handled? Post by: kaito on December 12, 2013, 12:41:03 AM They will have had four years of mining .00000001 BTC block rewards before the reward becomes zero; the reward amount halves every year so there will not be a drastic and dire change at a particular date. Heh, even if a bitcoin becomes 1M$ by then I doubt people will get used to mining 1 cent per block.Anyways it's nothing to worry about. There's enough time to think of a proper solution. Title: Re: After 2140 how will transactions be handled? Post by: vendetahome on December 12, 2013, 12:49:42 AM They will have had four years of mining .00000001 BTC block rewards before the reward becomes zero; the reward amount halves every year so there will not be a drastic and dire change at a particular date. Heh, even if a bitcoin becomes 1M$ by then I doubt people will get used to mining 1 cent per block.Anyways it's nothing to worry about. There's enough time to think of a proper solution. As explained above, transaction fees will pay the mining Title: Re: After 2140 how will transactions be handled? Post by: kaito on December 12, 2013, 01:40:04 AM As explained above, transaction fees will pay the mining *sigh*Ok. I'll take it slower for you. The current block reward is 25k$ @ 1k$/BTC. Currently, there are 100-600 transactions in a block. That means, if we were to sustain the current network with transaction fees alone, each user would have to pay a transaction fee of 25k$/0.6k = 41.67$ per transaction. Would you pay that? 10$ sounds to me like a barely acceptable transaction fee. At 10$ per transaction, 10$*600 = 6k$ block reward. Would you mine for that at the current difficulty? Not everybody has free electricity. Title: Re: After 2140 how will transactions be handled? Post by: wileybooks on December 12, 2013, 06:17:26 AM If, high volatality prevails for a long time, bitcoins kill itself slowly.
Bitcoin must correct itself regularly and high volatality must be controlled. |