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re: Why is Bitcoin soaring?
Posted on 3/10/24 at 10:57 am to 98eagle
Posted on 3/10/24 at 10:57 am to 98eagle
quote:
To some extent, Bitcoin has to appreciate in price over time for the network to survive,
That’s what I’m asking.
I understand they currently have incentive but I’m saying in the future isn’t the economics of it guaranteed to flip at some point to where they have zero incentive? Then they quit hosting and the network crashes and bitcoin is worthless.
In 2141, don’t you still need miners to host the blockchain? There’s no more bitcoin to reward them with. Theres no centralized institution with incentive to pay them to keep it going.
This post was edited on 3/10/24 at 11:01 am
2
Posted on 3/10/24 at 11:13 am to Weagle25
quote:
In 2141, don’t you still need miners to host the blockchain?
yes.
quote:
There’s no more bitcoin to reward them with. .
miners will be rewarded with transaction fees instead of BTC after the last btc is mined.
quote:
Theres no centralized institution with incentive to pay them to keep it going
thats kind of the point of bitcoin...
Posted on 3/10/24 at 11:16 am to Weagle25
Everytime you buy or sell Bitcoin on an exchange, you have to pay transaction fees to the miner who mined the block that had your transaction. In 2141,these fees will more than reward the miners to stay in business.
This will be just like VISA at that time. They just make transaction fees.
Someone like Michael Saylor can convince you better than I can. Do some searches on YouTube about this.
This will be just like VISA at that time. They just make transaction fees.
Someone like Michael Saylor can convince you better than I can. Do some searches on YouTube about this.
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