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Author Topic: Can someone explain me BTC?  (Read 41 times)
dohh
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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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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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dohh
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June 27, 2018, 07:26:22 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

Let´s leave aside the obvious Wink

Who does the job, after the last BTC is mined?
matthewio
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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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June 27, 2018, 07:38:41 AM
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Let´s leave aside the obvious Wink

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?

dohh
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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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June 27, 2018, 07:45:53 AM
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Let´s leave aside the obvious Wink

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?

Why would the miners switch from fishing goldfish into doing very energy-costly job for pennies, in future?
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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.
dohh
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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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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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