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Author Topic: What is the long-term plan for the various crypto's ledgers once all coins mined  (Read 238 times)
Josh_BCT_Podcast (OP)
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June 03, 2017, 12:32:51 PM
 #1

I've done some searching w/ no luck, so feel free to just link to the appropriate, pre-existing response, if it exists.

Once all Bitcoin or Ethereum are mined, what is the incentive for anyone to continue verifying ledgers/transactions? If I understand the process correctly, miners are the driving force that make transactions process and maintain the currency and validity of the ledger. They get paid in new coinage, so how does the process continue long-term once all coins have been mined?
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June 03, 2017, 12:37:07 PM
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Once all Bitcoin or Ethereum are mined, what is the incentive for anyone to continue verifying ledgers/transactions?
Transaction fee's. Currently fee's are so high, that block reward is only for example 50% of money reward. Every 4 years in Bitcoin's (halvenings) Fee's will be higher percentage of miner's earnings.
So there was in past concerns how it will look, not anymore because practice shown it will work good Smiley
Josh_BCT_Podcast (OP)
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June 03, 2017, 03:26:12 PM
 #3

That was quick, easy, and simple, thanks.

Now, with that in mind, is this conducted through an exchange, or is that a totally separate bag of worms?
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June 03, 2017, 09:59:26 PM
 #4

Now, with that in mind, is this conducted through an exchange, or is that a totally separate bag of worms?

The miners who find blocks get to choose which transactions are included.  They typically go with the highest fee/kb options available.  It is one of the great things about Bitcoin.  You get to use a free market to choose your own fee based on how quickly you need it to confirm.  There are also mining pools that offer transaction confirmation services.

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