Isn’t it right that bitcoins transactions are only confirmed when a block is mined?
Normal bitcoin website explain it like this: "Roughly every ten minutes, a new block is created and added to the blockchain through the mining process. This block verifies and records any new transactions. The transactions are then said to have been confirmed by the Bitcoin network." So really how could the network confirm it, without new blocks?
So when we hit 21.000.000 and there are no blocks to mine, how will you transfer your bitcoin if it can’t be confirmed?
Quote from: buybitcoinworldwide.com/confirmations
Please share reliable sources when trying to help find a solution. Thank you!
Blocks will continue to be mined as long as bitcoin exists.
Miners earn money for creating blocks of transactions and completing the proof-of-work. That revenue comes form two sources.
1. A block subsidy of new currency added to the system (inflation).
2. Transaction fees from the transactions that the miner includes in the block.
The block subsidy started at 50 BTC per block. Approximately every 4 years (exactly every 210,000 blocks), the subsidy is cut in half (and rounded down to the nearest 0.00000001 BTC. So, it was cut to 25 BTC per block back in late 2012, and it was cut to 12.5 BTC per block back in mid 2016. This cutting in half of the subsidy will continue until approximately the year 2140 when the subsidy will be cut from 0.00000001 BTC to 0.0 BTC. After that there will no longer be a subsidy.
Meanwhile as bitcoin gains popularity and use, there are more transactions. This results in higher transaction fee value. As the subsidy decreases and the value of the fees increase, the percentage of the miner's revenue that comes from fees will increase over time. Eventually, more than 110 years form now, the revenue of the miner will come entirely from these fees.
