dohh (OP)
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June 27, 2018, 07:08:47 AM |
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Who does the job of keeping records and validating BTC transactions? And how are they paid?
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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odolvlobo
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June 27, 2018, 07:21:01 AM |
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Who does the job of keeping records and validating BTC transactions? And how are they paid?
Miners do. Read this: https://en.bitcoin.it/wiki/Mining |
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PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
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dohh (OP)
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June 27, 2018, 07:26:22 AM |
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Let´s leave aside the obvious  Who does the job, after the last BTC is mined? |
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matthewio
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bitcoin is great
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June 27, 2018, 07:29:55 AM |
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That job is done by miners across spread across the world. They actually perform two functions simultaneously, first is confirm and validate transactions, second is to mine or discover new blocks, that is create new bitcoin. The transaction fees on bitcoin transfer goes to the miners.
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batang_bitcoin
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June 27, 2018, 07:38:41 AM |
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Let´s leave aside the obvious Who does the job, after the last BTC is mined? Still miners, they will mine bitcoin to confirm transactions. What Will Happen When All Bitcoins Are Mined? |
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████████▄▀████▀█████▄▄ | .
"I could either watch it
happen or be a part of it"
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dohh (OP)
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June 27, 2018, 07:39:05 AM |
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That job is done by miners across spread across the world. They actually perform two functions simultaneously, first is confirm and validate transactions, second is to mine or discover new blocks, that is create new bitcoin. The transaction fees on bitcoin transfer goes to the miners.
I understand that, but as amount of released BTC decreases gradually, how are going the miners paid, after last BTC is released? Transfers would still need to be confirmed and validated. |
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dohh (OP)
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June 27, 2018, 07:45:53 AM |
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Why would the miners switch from fishing goldfish into doing very energy-costly job for pennies, in future? |
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kiemnhieutien
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June 27, 2018, 08:18:41 AM |
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Serious guy? Don't ask simple questions like this because you can easily get your answers by doing an internet search. If you really want to learn there are many guides out there, or just in Bitcoin section in this forum, there are many useful guides there.
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dohh (OP)
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June 27, 2018, 08:24:57 AM |
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Serious guy? Don't ask simple questions like this because you can easily get your answers by doing an internet search. If you really want to learn there are many guides out there, or just in Bitcoin section in this forum, there are many useful guides there.
Imho it is not a simple question, but should be the key question for all potential buyers: what will be the miners paid with, when there is left nothing to mine? With small fees in not an adequate answer, as mining is very ressource-costly job and will be even more so, as chains grow longer and longer. So, what are yhe miners going to be paid with? |
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dangershadow
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June 27, 2018, 08:27:01 AM |
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the best method to understand bitcoin is just watching youtube videos about it.
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