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Title: What will happen when all of the blocks have been generated? Post by: JesusTheCaffeine on March 05, 2011, 04:33:04 PM In my understanding to confirm a transaction, it must go into the next block. Whenever we run out of blocks, how will we confirm transactions?
Title: Re: What will happen when all of the blocks have been generated? Post by: Garrett Burgwardt on March 05, 2011, 04:37:48 PM We'll never run out of blocks.
The reward for generating a block, however, will drop to 0 in a very long time. By then, transaction fees are a good enough incentive for the miners. Title: Re: What will happen when all of the blocks have been generated? Post by: Only-One Bit Coiner on March 05, 2011, 06:16:49 PM transaction fees are a good enough incentive for the miners Does that mean transaction costs will become 25 BTC after drop of block profit from 50 to 25 ? Title: Re: What will happen when all of the blocks have been generated? Post by: kiba on March 05, 2011, 06:17:43 PM transaction fees are a good enough incentive for the miners Does that mean transaction costs will become 25 BTC after drop of block profit from 50 to 25 ? No. Title: Re: What will happen when all of the blocks have been generated? Post by: theymos on March 05, 2011, 06:22:28 PM Does that mean transaction costs will become 25 BTC after drop of block profit from 50 to 25 ? There are many transactions per block, so the fee per transaction can be low. The total block reward might also be reduced from 50 BTC, in which case the total computational power of the network will likely decrease. Title: Re: What will happen when all of the blocks have been generated? Post by: stakhanov on March 05, 2011, 06:22:51 PM transaction fees are a good enough incentive for the miners Does that mean transaction costs will become 25 BTC after drop of block profit from 50 to 25 ? I think they will probably still be very close to zero, because by then, if bitcoins are still around, 25BTC will be worth much more than 50 today, and we don't lack miners :) |