Topic: Bitcoin fees (subsidy) (Read 260 times)

I agree with your point here. But if we have to discuss then we must discuss the learning topic from which we get some information in future. It is not right to think unnecessarily like that. But here you can create threads on whether any other coin may replace Bitcoin in the future. But there must be merit in the discussion.

It is simple and straight forward, miners will depend on the charges from transaction fees made by individuals to get their own interest from, and you need to believe that bitcoin has cone to stay and what this statement means has got alot of interpretations to it part of which is that bitcoin is a digital currency that has no specified years for it sustainace in the economy even after the 21 millions are achieved, but the role it has cone to play is a lifetime value on the economy since it's been used as a currency and an asset and nobody would love to invest on an asset which can liquidate with time, but here bitcoin appreciate over time and continue in that same tempo even after all blocks were being mined.

Apologies for detailing this thread
I've seen a couple of those around, but somehow never this one linked above and I wasn't too comfortable with the words used to pass the message across.
I also just saw this link (https://bitcointalk.org/adrotate.php?adinfo) in another thread about factoids which are advertised in the forum ad banner space and was honestly surprised how many there are and how very little of them I have actually come across.

That's not a personal signature.
Such information is sometimes displayed below the forum ad banner which is located below the first post of every page.

Speculating about what will happen 140 years from now is a fool's errand, since predictions in the much shorter term tend to fail, that is, the longer the prediction, the probability of failure tends to infinity.

The only thing we know that is foreseen is what Charles-Tim has said:


Next time you'd better do some research before:

I am sure that there is no Nostradamus on the forum who would even dare to predict the future 130 years in advance. What will happen in the time when none of us will be alive anymore is a question that I personally would not bother with.

Otherwise, the question you ask is a typical beginner's question and there are dozens of threads discussing it, the question is do we need another one?

Bitcoin after the year of 2140
What will happen to miners when Bitcoin limit supply completely mined?
Bitcoin's Fate In 2140
What will happen to Bitcoin year after 2140 ?

Oh, I somehow missed the last sentence in the quote, which would have explained it all.
Could have been someone's personal signature text with the forums' ad warning below.

130 years is an awfully lot of time and many things can change, still, keep in mind that the things you're telling about are major changes and the consensus must be achieved in order to "come live".
This being said giving up PoW is quite unlikely. It's too much money involved there and far too many will not agree to this kind of chance.

Then the "Where miners will mine something other than bitcoin." is funny, since there are already plenty of such miners: the altcoin miners. They may or may not exchange their altcoins into bitcoin ... so this point is imho off topic.

Bitcoin no longer being main crypto is also a matter of time. At some point a worthy replacement will emerge. Imho that's not ETH, no matter the wishful thinking of some altcoin traders/investors.


I will add that changing the rules can be done by anybody, really. But the consensus will or will not follow them. And if the bulk of bitcoiners don't agree with the changes, that anybody will end up with his own fork, most probably a worthless one.

it was in the forum's main Ad space banner's place.

Do not get this wrong, or comparing one coin to another in relation to mining, fearing bitcoin could collapse if all bitcoin are mined.

If a block is mined, the miner that mines the block would be rewarded with mining reward (presently 6.25 BTC) plus transaction fee. Where did you think that bitcoin transaction fee is going to? Miners take both the reward and the fee.

Conclusively, when all bitcoin are mined, miners would only depend on transaction fee, which should be sufficient by that time.

In my opinion the end of bitcoin mining won’t ever lead to the end of bitcoin, we are not using bitcoin just because we can mine it for now, and even after 2140 people will be rewarded with transaction processing fees. And the price will increase significantly by that time

bitcoins reward is like   salary:commission
                              new coin: fee

over the years as the salary decreases the commission becomes the more important income method

bitcoin was not designed that it would be always only 1700transactions where of those 1700 people per block making transactions they are supposed to pay more fiat over the years to subsidies miners.

the goal was to increase the transactions per block so that as bitcoin gets more popular miners subsidy(commission) increase by more people payins small reasonable amounts

EG

instead of
1700 paying $2 today and $200 in 100 years ($3,200->$320k)
but instead a progressive transaction count increase where
1700 paying $2 today and 170,000 paying $2 in 100 years ($3,200->$320k)

by this. some people have stalled/prevented this progressive growth from ~2015 using social politics and FUD about:
how they want to pretend bitcoin is not fit to grow
(limited to 1999 era tech. cant grow beyond floppy disk data)

how they falsely say anyone wanting progressive growth actually want 100mb blocks by this year

these people dont want bitcoin to grow and be used by the masses. they want bitcoin hindered to advertise other networks for their personal greed and income streams of snatching fees away from miners and into their pockets for doing no work

Do you mind sharing what post you got this excerpt from here on the forum?
The block reward is more accurately called a coinbase, which is giving to the miner who validated the most recent block, and it is not technically created out of thin air, but is a reward for the Work the miner has done to complete the block (using computing power).

I can hardly see Bitcoin becoming similar to ETH in anyway, neither do I expect any major changes in the protocol due to the supply being completed. Minor ones are more probable.

There's no guarantee that ETH would even be the number 2 cryptocurrency at that time.

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You added an extra quote tag, which skewed how it appears, might want to fix that.

I don't think this can ever happen, not only because of community resistance to hard-forks - even the smallest ones, but also because nobody here likes Proof of Stake in the first place - aside from that and PoW, the other proofs are very experimental and might fail.

I don't see anything wrong with the forum factoid. It's factually correct.

Yes, I know it should be in the bitcoin discussion, but I'm writing this content after it was clicked when I watched this written in the forum's banner section.


- I guessed that it's not the first time someone writing this about bitcoin.
- I know about the block reward, but the reward/transaction is new to me, which is written below this quote.


That 12.5 bitcoin were they block reward or transaction fees as you said. I've been using bitcoin since 2014 and didn't know that there is another reward other than mining that is on transactions.
But if there aren't going to be any block rewards, then where the transactions will be placed as a collection for the miner to process.


I think bitcoin will remain the main cryptocurrency till there's a block reward, and ETH might take over after that as the main cryptocurrency with more market cap.

In 2019, bitcoin price was only $7000, mining reward was 12.5 BTC. In 2022, bitcoin price is now $22400, mining hashrate increased more and more if compared to 2019. Before 2016, mining reward was 25 BTC, yet the mining hashrate increases. There has been more miners and some existing miners continues to mine bitcoin. All because they are making profit from it.

As long as bitcoin adoption continues, no problem. The mining reward halved but there are increasing mining hashrates. If there will not bitcoin as a mining reward again, the transaction fee is gradually replacing it as the halving reward is decreasing at every 210000 blocks (approximately every four years).

Miners earn mining reward and transaction fee. The more the adoption continues, the more people will use bitcoin for transaction and also Bitcoin price will increase, including the depreciating fiat value, all to make mining still profitable when all bitcoin are mined.

Meta board is for discussions about the forum.

Your topic belongs to Bitcoin discussion board. Please move it to that board.

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Your question is not new, it has been asked repeatedly since 2009. When price of Bitcoin continues to rise, miners will receive more money from transaction fee and if it is good enough for them, they don't have to care about money from block reward.

Do you see now with 6.25 BTC as a block reward for each new block, miners still satisfy with that. In the past, miners can receive 50 BTC, 25 BTC, 12.5 BTC as a block reward. The same thing will be repeated in future halvings.

Source: Bitcointalk.org

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What do you think will happen to bitcoin and this forum after 130 years when no bitcoin can be mined?
Or can it be in fractions?

I'm no bitcoin expert, but is it possible that bitcoin can undergo a similar merge like ETH before that happens?

Where miners are not earning for their proof of work.
Where miners will mine something other than bitcoin.
Where Bitcoin will derail from the main title of cryptocurrency.
Where bitcoin will be remembered as an ex-main cryptocurrency.

I want your thoughts on this.