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Title: What happens when mining stops? Post by: Twodogsclucking on January 14, 2014, 03:52:22 AM What will happen to bitcoins once all mining stops around 2020?
The security of the currency is based on the immense scale of the network created mainly because of the miners. But when it reaches the point where new bitcoins can't be created, the miners will no longer have an incentive to keep operating. What happens to bitcoins then? Title: Re: What happens when mining stops? Post by: aliasme on January 14, 2014, 04:17:05 AM Two words: transaction fees.
https://en.bitcoin.it/wiki/Transaction_fees http://bitcoin.stackexchange.com/questions/876/how-much-will-transaction-fees-eventually-be http://www.reddit.com/r/Bitcoin/comments/1qcqq3/how_will_transaction_fees_sustain_miners/ http://bitcoin.stackexchange.com/questions/9697/will-mining-in-the-far-future-produce-a-payout Title: Re: What happens when mining stops? Post by: cp1 on January 14, 2014, 04:18:25 AM I think you're off by about 100 years.
Title: Re: What happens when mining stops? Post by: aliasme on January 14, 2014, 04:29:01 AM I think you're off by about 100 years. I think he's referring to the published stats that say BTC mining stops then...please explain if you don't mind. Title: Re: What happens when mining stops? Post by: DeathAndTaxes on January 14, 2014, 04:31:20 AM Simple. Mining doesn't ever stop. As long as there is Bitcoin there will be mining.
Title: Re: What happens when mining stops? Post by: cp1 on January 14, 2014, 05:19:35 AM I think you're off by about 100 years. I think he's referring to the published stats that say BTC mining stops then...please explain if you don't mind. The reward doesn't stop until about 2140. In 2020 it'll be 6.25 BTC / block. Title: Re: What happens when mining stops? Post by: Seefude on January 14, 2014, 05:20:50 AM Simple. Mining doesn't ever stop. As long as there is Bitcoin there will be mining. I believe the hope is that by that time the coin is widely accepted enough that there are enough transactions to collect fees to give incentives to the miners. Then again it's all speculation, and the endless flood of alt coins make the murky waters to the future even murkier, if that's a word!Title: Re: What happens when mining stops? Post by: jonanon on January 14, 2014, 05:23:43 AM There will hopefully be enough transaction fees to reward the miners - that's the idea anyway :)
Title: Re: What happens when mining stops? Post by: m5city on January 14, 2014, 06:52:25 AM i think people will not die by 2020, so here must be a way to deal with bitcoin!
Title: Re: What happens when mining stops? Post by: Twodogsclucking on January 14, 2014, 07:04:08 AM I see, guess i was misinformed. Thanks for the info ppl.
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