Bitcoin Forum
December 08, 2016, 08:29:28 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: What incentive is there for proof of work when all the bitcoins have been mined?  (Read 1042 times)
GreenSky
Newbie
*
Offline Offline

Activity: 23



View Profile
May 30, 2011, 05:48:44 AM
 #1

When all 21m bitcoins have been mined, what will be the incentive to run power hungry machines to keep the one true block chain alive and verifying transactions?
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Vladimir
Hero Member
*****
Offline Offline

Activity: 812


-


View Profile
May 30, 2011, 05:52:53 AM
 #2

fees

-
Nythain
Jr. Member
*
Offline Offline

Activity: 56



View Profile
May 30, 2011, 06:29:54 AM
 #3

also, keeping the block chain alive and verifying transactions.
sort of an important thing to continue doing if anyone wants bitcoin to actually last beyond the minting period. there's a bit of a difference in perspective and opinion between those that view bitcoin as a viable digital currency alternative to the standard fiat currencies, and those that are just looking to get rich quick through mining and selling. hopefully, those that are in it beyond getting rich quick will stick around even when the getting rich isnt so quick anymore.

ersi
Newbie
*
Offline Offline

Activity: 7


View Profile
May 30, 2011, 06:57:49 AM
 #4

Do not forget that it will take years, to mint all of the 21 million full coins.

The idea is that the transaction fees is to be an incentive to keep working for the Bitcoin network, when the 'kick start incentive' is gone.
Vladimir
Hero Member
*****
Offline Offline

Activity: 812


-


View Profile
May 30, 2011, 12:21:05 PM
 #5

Block reward is simply a subsidy to miners to get the blockchain bootstrapped.

-
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!