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> With no more mining where is the other $80 going to come from? Are you asking where transaction fees come from? Well, if PayPal earns $3 when I use it to se
by Cyberdog 9y ago
> With no more mining where is the other $80 going to come from?
Are you asking where transaction fees come from?
Well, if PayPal earns $3 when I use it to send you $100, where did that $3 come from? The truth is that I sent PayPal $103, PayPal kept $3, and you got $100. (These numbers are probably not exactly correct; I don't know what PayPal's actual fees are off the top of my head.)
So the transaction fee comes from the person that made the payment.
If what you're saying is that this means that miners will be able to accumulate all the BTC… well, yes, but that's what happens now. When you buy BTC, you are buying something that, at one point or other, was initially owned by a miner. So yes, miners could bring the whole system down if they just accumulate all the BTC for themselves, but they could already do that now, and they don't - instead they trade that BTC for fiat or (nowadays, perhaps) other cryptocurrencies, so it begins to circulate to others.