sure @pedrocas, will follow your advice and relate on it - Thanks
.... well here's my conclusion:
"once there is 21 million bitcoins there wonβt be any need for mining this coin"
I've not quite got my head around this one, AIUI it's the act of mining that encodes the blocks of transactions in the chain. I.e. the mining activity is essential to the operation of bitcoin trading.
So when the limit of 21 million bitcoins is reached, why is there any more incentive for anyone to perform the necessary transaction encoding?
My other issue is the size of the block chain itself. Today it's roughly 173Gb. I.e. the blockchain is a file / database that's a complete history of every bitcoin transaction ever.
Times by the current 11,380 bitcoin nodes out there (each of which I believe stores the whole bitcoin blockchain) and you get just about 2 petabytes of collective storage being consumed by just the bitcoin network! God only knows how much internet bandwidth that's consuming on a daily basis ?!
That's a data store that's only ever going to get bigger. And the Bitcoin will drop.
sure @pedrocas, will follow your advice and relate on it - Thanks
.... well here's my conclusion:
"once there is 21 million bitcoins there wonβt be any need for mining this coin"
I've not quite got my head around this one, AIUI it's the act of mining that encodes the blocks of transactions in the chain. I.e. the mining activity is essential to the operation of bitcoin trading.
So when the limit of 21 million bitcoins is reached, why is there any more incentive for anyone to perform the necessary transaction encoding?
My other issue is the size of the block chain itself. Today it's roughly 173Gb. I.e. the blockchain is a file / database that's a complete history of every bitcoin transaction ever.
Times by the current 11,380 bitcoin nodes out there (each of which I believe stores the whole bitcoin blockchain) and you get just about 2 petabytes of collective storage being consumed by just the bitcoin network! God only knows how much internet bandwidth that's consuming on a daily basis ?!
That's a data store that's only ever going to get bigger. And the Bitcoin will drop.