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>Bitcoin's mining reward halves every couple of years. When the Bitcoin block reward becomes negligible, as it certainly will in within a few decades, the only
by kevinwang 9y ago
>Bitcoin's mining reward halves every couple of years. When the Bitcoin block reward becomes negligible, as it certainly will in within a few decades, the only thing funding Bitcoin miners will be transaction fees, so the entire cost of Bitcoin mining will be borne directly by users of the network.
I don't think this logic is sound. The cost of bitcoin mining is already borne by users of the network (aka miners)? What does the diminishing block reward have to do with anything? The end result is that if you do calculations, and perform proof-of-work, you receive bitcoin. It shouldn't matter to the miners if it comes from block reward or transaction fees.
- kobeya 9y ago"Users" is a much bigger set of people than miners (a supermajority of which would fit on a couple of couches on a stage).
- modeless 9y ago> It shouldn't matter to the miners if it comes from block reward or transaction fees. The point is that transaction fees will never be as high as current block rewards. The cost of bitcoin mining is currently subsidized by inflation of the Bitcoin money supply. That inflation will end, and it will not be fully replaced by transaction fees.