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But the competition may lower, if the reward they get drops.
by AndrewDucker 9y ago
But the competition may lower, if the reward they get drops.
- innot 9y agoFor some blocks I checked a week ago the transaction fees amounted for approx. 1/3 of the reward. Like, 12.5btc of newly generated coins and 6btc of fees. Although, to compensate for the next reward halving the fees would need to go further up, and they already aren't acceptable for smaller transactions.
- wsc981 9y agoBut this is a problem (the high fees) that should be solved by the Lightning Network [0]. From what I understand this will bundle many smaller transactions into 1 big transaction or something like that. This should happen off-chain therefore small transactions will be quicker and cheaper. --- [0]: https://en.wikipedia.org/wiki/Lightning_Network https://en.wikipedia.org/wiki/Lightning_Network
- Dumbdo 9y agoOne theory for what happens when the reward drops (i.e. no new bitcoins are rewareded anymore) is that the already high fees will further increase. If that is not the case, the competition will lower and Bitcoin will become unsafer because it is backed by less mining power.