Why Bitcoin?

[maku]

What could be used as a further incentive to mine?

Trust.



(like P2P File Sharing, it's free ... too)

I think that trust is secondary when something like greed and profit exist. And I guess It will be always profitable to mine in the future due to expected bitcoin price rise.

[ajareselde]

There will allways be people mining bitcoin, even if there are to be minimal gains by doing so.
In the timeline when block rewards become very small or non existant, the fee's will be there to replace the reward, and with increasing transactions over time, there is
no reason to believe that there will be no profit in mining even fee's alone.

cheers

[Tsquared]

I think the concept is that transaction fees will replace, or even exceed block rewards.

Consider 2000 Visa transactions per second, and PayPal at about 120 transactions per second.

If there were just 20 Bitcoin transactions per second at a .0001 BTC transaction fee, this would make 1.2 BTC per block in just transaction fees. If some of these transactions had higher fees in order to get priority, then fees per block could be 2 or 3 BTC or more.

Unfortunately, today Bitcoin can only handle about 7 transactions per second, but with some of the proposals on the table, this may change very soon, then only further adaption is required in order to keep mining profitable as block rewards drop.

TT

only 7 transactions per second ? O_o
Source? this is actually a major issue imo , nothing compared to banks tho...

Here some interesting discussion about this "problem" :

- https://bitcointalk.org/index.php?topic=608561.0
- http://hashingit.com/analysis/33-7-transactions-per-second

For the moment it is not a problem , but maybe in the future it will be a real problem.

My source:

https://en.bitcoin.it/wiki/Scalability

TT

[MegaHustlr]

The transaction fee reward

[Herbert2020]

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

i don't think the block reward ever seizes to exist, because the reward only "Halves" every fixed number of blocks. and also there always will be the transaction fees included, which is received by miners. and if the price rises that little amount will be worth receiving

[koelen3]

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

i don't think the block reward ever seizes to exist, because the reward only "Halves" every fixed number of blocks. and also there always will be the transaction fees included, which is received by miners. and if the price rises that little amount will be worth receiving

IT will seize to exist at some point , when all the 21 mil coins will be mined ,the blocks will give no reward but they will be empty and will be used for confirmation , the miners will earn through the transaction fees that will be paid , so may be the transaction fee will increase or maybe not if the price takes a jump , and it sure will , seeing how much time we have

[Amph]

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

only fee will remain, but bear in mind that those fee, will have a value much higher than now, so probably miner will keep mining