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Title: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? Post by: Gab1159 on March 25, 2013, 12:28:09 AM Title says it all. If miners confirm transaction blocks, how do we transfer funds once there are no more miners?
Title: Re: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? Post by: aurora on March 25, 2013, 12:31:42 AM the end
Title: Re: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? Post by: grue on March 25, 2013, 12:36:16 AM ffs, read the wiki
Title: Re: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? Post by: niko on March 25, 2013, 12:37:00 AM Title says it all. If miners confirm transaction blocks, how do we transfer funds once there are no more miners? Transaction fees.Title: Re: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? Post by: aurora on March 25, 2013, 12:37:50 AM no blocks will confirm it? hello double spending
Title: Re: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? Post by: grue on March 25, 2013, 12:40:34 AM no blocks will confirm it? hello double spending stop spamming and spreading FUD.Title: Re: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? Post by: DannyHamilton on March 25, 2013, 12:41:35 AM Title says it all. If miners confirm transaction blocks, how do we transfer funds once there are no more miners? Miners receive both a block subsidy and transaction fees. The block subsidy is designed to decrease over the next 136 years, being cut in half approximately every 4 years. Once the block subsidy is reduced all the way to 0 (136 years form now), the assumption is that transaction fees will continue to increase as bitcoin gains popularity and mainstream use. Miners will continue to exist so they can collect the transaction fees. I suppose once we get to the point where the transaction fees are consistently more than the block reward, we might stop calling them "miners", perhaps then we will call them transaction processors. Whatever we call them, they will continue to provide the same service and will continue to be paid for that service. Title: Re: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? Post by: luv2drnkbr on March 25, 2013, 12:42:24 AM blocks will always be created, it's just once the limit is reached, the only reward for a new block will be the transaction fees. blocks will never stop being created.
Title: Re: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? Post by: Gab1159 on March 25, 2013, 01:08:08 AM Title says it all. If miners confirm transaction blocks, how do we transfer funds once there are no more miners? Miners receive both a block subsidy and transaction fees. The block subsidy is designed to decrease over the next 136 years, being cut in half approximately every 4 years. Once the block subsidy is reduced all the way to 0 (136 years form now), the assumption is that transaction fees will continue to increase as bitcoin gains popularity and mainstream use. Miners will continue to exist so they can collect the transaction fees. I suppose once we get to the point where the transaction fees are consistently more than the block reward, we might stop calling them "miners", perhaps then we will call them transaction processors. Whatever we call them, they will continue to provide the same service and will continue to be paid for that service. Thank you! You answered my question very well :) Title: Re: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? Post by: jackjack on March 25, 2013, 01:13:49 AM blocks will never stop being created. My HDD does not approve this messageTitle: Re: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? Post by: Dabs on March 25, 2013, 02:34:52 AM 136 years from now, your HDD will be just about enough to store the entire blockchain. This is just a guess. 30 years ago, a kilobyte of data was a lot and a megabyte was unthinkable. Then a few years later, people were dreaming of gigabytes. Today, hard drives are measured in terabytes. In the future? Add a few zeros, maybe.
Title: Re: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? Post by: nanopene on March 25, 2013, 03:24:32 AM 136 years from now, your HDD will be just about enough to store the entire blockchain. This is just a guess. 30 years ago, a kilobyte of data was a lot and a megabyte was unthinkable. Then a few years later, people were dreaming of gigabytes. Today, hard drives are measured in terabytes. In the future? Add a few zeros, maybe. 136 years your pendrive will be storing yottabytes, and for your harddrive they will have to make up some ridiculous names to store ridiculous amounts of data. Although moore's law has a physical limitation (we can't go beyond atomic scale) probably by then we will have some hack or discovery to keep evolving towards a world of data exuberance lol. |