Hi , probably this topic has already been discussed somewhere in this forum but I was a bit lazy to search it.
I still do not fully grasp the concept of Bitcoin. The miners do the job of calculating the the hash codes and are rewarded with bitcoins. So what happens after all the BTC have been mined? There will be no incentive for anyone to mine anymore, which in turn means that the Bitcoin system will die.
Ok there are the fees. But they are optional arent they? Does this mean that if I do not attach a fee to my transaction it simply wont be processed? And how will I determine how big the fee should be in order it will be processed properly fast.
Please elaborate on that.
Best regards
schnuber
I still do not fully grasp the concept of Bitcoin. The miners do the job of calculating the the hash codes and are rewarded with bitcoins. So what happens after all the BTC have been mined? There will be no incentive for anyone to mine anymore, which in turn means that the Bitcoin system will die.
Ok there are the fees. But they are optional arent they? Does this mean that if I do not attach a fee to my transaction it simply wont be processed? And how will I determine how big the fee should be in order it will be processed properly fast.
Please elaborate on that.
Best regards
schnuber
If you don't give any fee, it will take years to proceed. So, as you stated, there will always be fees to keep it up.
And the last bitcoins will never be mined. When we will come close to that, they will produce less than today.
+ it is possible to change the rate with a 51 % attack if most of the miners agree on something different.
But you're right, the bitcoin system will die, but for other reasons.