bitcoin security when mining is over

[Zangelbert Bingledack]

In the end, the cost of securing the network has to be paid somehow or other to miners and maybe nodes. If you're concerned about a scenario where transaction fees are not enough and yet transaction fees also cannot be raised without making Bitcoin uncompetitive with other systems, that is a scenario that doesn't really make sense. After all, the idea of securing the network against a 51% attack is that the attacker would have to expend too many resources to make the attack worth it. Whatever that magic number is at any given time, that's what users will pay.

Bitcoin users will always pay roughly the right amount for security, whether by fees or whatever. This may require fee floors or even changes to the block reward, though the latter is held more sacred even though they aren't much different in terms of store of value (all savers eventually spend; likewise, all spenders are savers for some amount of time), but by hook or crook the network will be secured.

Someone still might wonder if the magic number of "cost to attack" might fall below "maximum fee rates that would enable Bitcoin to remain competitive with other systems." It certainly would not for the fiat money system, but some might still wonder about proof of stake and other schemes. People can cook up all the schemes they want, but at the end of the day a full open-participation network that is cheap to secure is cheap to attack. In other words, if no user is given preferential treatment in the eyes of the network - meaning the network is dumb/neutral - it cannot be both cheap to run and expensive to attack, since there's no central authority deciding who's a good guy that should be given a cheap way to vote for what the truth is, and who is a bad guy who should be made to pay a lot to have their say over the network.

[activebiz]

when mining stops the difficulty will reduce accordingly.
 only few miners who willing to mine for transaction fees will remain

[neurotypical]

Transaction fees, plus if it's still used when all the coins are mined, there will be such a strong infrastructure (also government controlled probably) that security shouldn't be an issue.

How can be bitcoin "goverment controlled"?? ... you are making no sense. They'll never centralize mining, they cant do it now, let alone in the future as the network grows even more.

[ranochigo]

they keep mining for the fee, and i presume only the biggest farm will remain, maybe only one big farm at the end

which could lead to 51%, the irony...

There are several big farms around the world which have access to cool air and cheap electricity. The probability of only one entity mining is very low since there are also enthusiast mining to support the network.

[Herbert2020]

Hi all,

A bit new to this bitcoin currency, but already in love with it ^^
If my understanding is correct the security of the network is insured by millions of computers all over the world solving complex mathematical equations.
Those calculations are rewarded by mining. A computer that help securising the network is rewarded this way.

My question is, what will happen after all bitcoins are mined? or when it is no more profitable to keep mining? Who will ensure the security of the network then?

Thank you. 

block rewards will never end. in other words all bitcoins will never be mined since the reward halves every certain number of blocks. also you forgot about the transaction fees. in the future it might be increased to cover the mining costs.

[Donations]

welcome here.

bitcoin is like a rabbit hole. make sure you also watched:


https://www.youtube.com/watch?v=O0oDDIy0P2s

https://www.youtube.com/watch?v=2cMjR0mB9Sc

 

Thanks for sharing.

[ranochigo]

Hi all,

A bit new to this bitcoin currency, but already in love with it ^^
If my understanding is correct the security of the network is insured by millions of computers all over the world solving complex mathematical equations.
Those calculations are rewarded by mining. A computer that help securising the network is rewarded this way.

My question is, what will happen after all bitcoins are mined? or when it is no more profitable to keep mining? Who will ensure the security of the network then?

Thank you. 

block rewards will never end. in other words all bitcoins will never be mined since the reward halves every certain number of blocks. also you forgot about the transaction fees. in the future it might be increased to cover the mining costs.

It does end. It will discontinue at around 2140 which is a long time but it will happen. Due to the limited supply released to the market daily, price would be much higher than what it is now and hardware would also be more efficient.