Transaction fees will increase in order to compensate them for the work.
One of the draw backs we won't be seeing 21 million Bitcoin in our live times though.
Speak for yourself
Topic: What will happen when we hit 21 000 000 bitcoins - page 3. (Read 1987 times)
One of the draw backs we won't be seeing 21 million Bitcoin in our live times though.
Speak for yourself
Transaction fees will increase in order to compensate them for the work.
One of the draw backs we won't be seeing 21 million Bitcoin in our live times though.
Transaction fees will increase in order to compensate them for the work.
One of the draw backs we won't be seeing 21 million Bitcoin in our live times though.
Transaction fees will increase in order to compensate them for the work.
The value will become much higher and that is truely when Bitcoin will be at it's highest.
Less miners also shouldn't slow down the network as the block reward is still ~10minutes. Network difficulty should change with the amount of miners and will finally go to a certain equilibrium where it is still profitable for the miners.
but if we hit the 21m cap then no new blocks will be made?
if we keep discovering new blocks there will be more then 21m bitcoins o.O
The will be no more coins but the transactions still have to be validated and that's what the miners are primarily there for. They will still make money from transaction fees.
that's what I said, but the transaction fees aren't big, will there be enough miners?
Less miners also shouldn't slow down the network as the block reward is still ~10minutes. Network difficulty should change with the amount of miners and will finally go to a certain equilibrium where it is still profitable for the miners.
but if we hit the 21m cap then no new blocks will be made?
if we keep discovering new blocks there will be more then 21m bitcoins o.O
The will be no more coins but the transactions still have to be validated and that's what the miners are primarily there for. They will still make money from transaction fees.
Less miners also shouldn't slow down the network as the block reward is still ~10minutes. Network difficulty should change with the amount of miners and will finally go to a certain equilibrium where it is still profitable for the miners.
but if we hit the 21m cap then no new blocks will be made?
if we keep discovering new blocks there will be more then 21m bitcoins o.O
THE MOON RACE STARTS!
Serious: A lot less people will mine but I think that if the price goes to "the moon' many will stay.
Serious: A lot less people will mine but I think that if the price goes to "the moon' many will stay.
Less miners also shouldn't slow down the network as the block reward is still ~10minutes. Network difficulty should change with the amount of miners and will finally go to a certain equilibrium where it is still profitable for the miners.
how will miners be rewarded and will anyone keep mining only for the fee rewards, how slow will our transactions be?
I think less people will mine indeed, allthough that reallt depends on the value of the BTC.
Miners will be rewarded by the fees paid by people who make an transaction.
When we get to 21 000 000 bitcoins, how will miners be rewarded and will anyone keep mining only for the fee rewards, how slow will our transactions be?
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