If, high volatality prevails for a long time, bitcoins kill itself slowly.
Bitcoin must correct itself regularly and high volatality must be controlled.
Topic: After 2140 how will transactions be handled? (Read 566 times)
As explained above, transaction fees will pay the mining
*sigh*Ok. I'll take it slower for you.
The current block reward is 25k$ @ 1k$/BTC. Currently, there are 100-600 transactions in a block.
That means, if we were to sustain the current network with transaction fees alone, each user would have to pay a transaction fee of 25k$/0.6k = 41.67$ per transaction. Would you pay that?
10$ sounds to me like a barely acceptable transaction fee. At 10$ per transaction, 10$*600 = 6k$ block reward. Would you mine for that at the current difficulty? Not everybody has free electricity.
They will have had four years of mining .00000001 BTC block rewards before the reward becomes zero; the reward amount halves every year so there will not be a drastic and dire change at a particular date.
Heh, even if a bitcoin becomes 1M$ by then I doubt people will get used to mining 1 cent per block.Anyways it's nothing to worry about. There's enough time to think of a proper solution.
As explained above, transaction fees will pay the mining
They will have had four years of mining .00000001 BTC block rewards before the reward becomes zero; the reward amount halves every year so there will not be a drastic and dire change at a particular date.
Heh, even if a bitcoin becomes 1M$ by then I doubt people will get used to mining 1 cent per block.Anyways it's nothing to worry about. There's enough time to think of a proper solution.
Since there will be no more mining? 
I highly doubt Bitcoin can still exist after 120 years. Look back 120 years and see how the world changed !
this might be true
Good question.
The usual answer is transaction fees but I don't think it'll be that simple.
One thing I consider certain. Fees high enough to satisfy the current amount of miners will be unacceptable for the users.
Fortunately, 2140 is inconceivably far away and I don't worry about it one bit.
The usual answer is transaction fees but I don't think it'll be that simple.
One thing I consider certain. Fees high enough to satisfy the current amount of miners will be unacceptable for the users.
Fortunately, 2140 is inconceivably far away and I don't worry about it one bit.
They will have had four years of mining .00000001 BTC block rewards before the reward becomes zero; the reward amount halves every
Since there will be no more mining?
I highly doubt Bitcoin can still exist after 120 years. Look back 120 years and see how the world changed !
Good question.
The usual answer is transaction fees but I don't think it'll be that simple.
One thing I consider certain. Fees high enough to satisfy the current amount of miners will be unacceptable for the users.
Fortunately, 2140 is inconceivably far away and I don't worry about it one bit.
The usual answer is transaction fees but I don't think it'll be that simple.
One thing I consider certain. Fees high enough to satisfy the current amount of miners will be unacceptable for the users.
Fortunately, 2140 is inconceivably far away and I don't worry about it one bit.
There will still be mining. Transaction fees will replace the diminishing block rewards as incentive for miners to do their work.
https://en.bitcoin.it/wiki/Myths#After_21_million_coins_are_mined.2C_no_one_will_generate_new_blocks
https://en.bitcoin.it/wiki/Myths#After_21_million_coins_are_mined.2C_no_one_will_generate_new_blocks
Since there will be no more mining?
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