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Author Topic: Transaction Confirmation if difficulty is very high  (Read 796 times)
Flaff
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May 12, 2013, 09:21:29 PM
 #21

I think that Bitcoin will fall in the long term, unless bitcoin banks or governments ask fees too keep hashing.

Block rewards and transaction fees provide the incentive to keep mining so I don't think there is any real *difficulty* for miners to make money from mining Bitcoin for the foreseeable future (although if there was a massive loss of confidence and the price dropped to < 1 USD the mining activity would certainly be less but even then not likely to stop as some miners have free electricity).


But when all blocks have been mined, there would be no profit in mining.
Wouldn't there be the chance of the 50%+ failure?
The one that hashes more than 50% of the network would be able to 'hack' the system, or did i misunderstand that?
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joakof2
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May 12, 2013, 09:47:47 PM
 #22

i am not sure yet how transactions work, altough i have a small idea how minig works.

I would look at a manual or other reference to understand better this things.

Got to catch up!
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May 12, 2013, 10:32:58 PM
 #23

But when all blocks have been mined, there would be no profit in mining.

You've got some things to learn. There's no such thing as "all blocks have been mined".

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