How can services that use the bitcoin blockchain help secure it?

[StephenMorse]

Hi All,

I have asked what I think is an important that bitcoin faces here. Looking for some more responses, if anyone has any insight. As a bonus, the question has a 100 rep bounty that ends tomorrow.

Thanks!

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[NyeFe]

The first step to securing Bitcoin, would be by running a full Bitcoin node. This can be found here https://bitcoin.org/en/choose-your-wallet which is the 'Bitcoin Core'

[Ruckspin]

Hi All,

I have asked what I think is an important that bitcoin faces here. Looking for some more responses, if anyone has any insight. As a bonus, the question has a 100 rep bounty that ends tomorrow.

Thanks!

I'm not sure exactly what you mean by 'securing it' but I think one of the biggest benefits of them utilizing the blockchain is promoting bitcoin and the technology to the wider masses. It's great for promotion of bitcoin so maybe it 'secures' it that way by making sure there's a wider demand.

[randy8777]

people often say miners are the most important, which is true to a certain extent. but having as many people as possible running full nodes is equally as important.

[Hazir]

people often say miners are the most important, which is true to a certain extent. but having as many people as possible running full nodes is equally as important.

Nodes are the only think that keeps bitcoin alive, not miners. How do you bitcoin will survive in the future when we will mine all bitcoin and mining won't be possible anymore? Only running full node help securing stability of blockchain, and you don't have to mine to achieve that.

[hazenyc]

You can have dumb devices connected to the internet of things hash all day long. Your fridge can hash. Your car can hash. Your thermostat. Not a whole lot of power, and not sucking a whole lot of extra energy. But everybody has a fridge and a thermostat pretty much around the world.

[hazenyc]

people often say miners are the most important, which is true to a certain extent. but having as many people as possible running full nodes is equally as important.

Nodes are the only think that keeps bitcoin alive, not miners. How do you bitcoin will survive in the future when we will mine all bitcoin and mining won't be possible anymore? Only running full node help securing stability of blockchain, and you don't have to mine to achieve that.

miners will still hash to confirm transactions earning fees. Satoshi suggested that fees per block would eventually exceed the block reward and continue to grow as mass acceptance and usage was reached decades from now. So they will still earn a block reward even when the "block reward" is zero.

[Amph]

people often say miners are the most important, which is true to a certain extent. but having as many people as possible running full nodes is equally as important.

Nodes are the only think that keeps bitcoin alive, not miners. How do you bitcoin will survive in the future when we will mine all bitcoin and mining won't be possible anymore? Only running full node help securing stability of blockchain, and you don't have to mine to achieve that.

miners will still hash to confirm transactions earning fees. Satoshi suggested that fees per block would eventually exceed the block reward and continue to grow as mass acceptance and usage was reached decades from now. So they will still earn a block reward even when the "block reward" is zero.

this can cause an inflation problem though, full node are still a valid alternative, that could help secure the network, but there must be a reward for at least who that are running the full version of them