Will bitcoin network collapse when all the bitcoins are generated and network fee is levied?
Greetings friends!
As when all the bitcoins will be generated, miners won't be able to generate more bitcoins. In this case they'll get network fee for keeping the bitcoin system intact. This means fee will be levied in future. Then use of bitcoin might be left by the users. So, it may collapse in future. What do you think?
- No.
- Yes.
- There might be an alternative way to get rid of this problem.
Answer the question at dpoll.io.
Voted for
You will be Dead by then! Worry about tomorrow...
What are you talking about? There already are bitcoin network fees. Bitcoin's current block reward for each block is 3.125 bitcoins plus fees. On the Bitcoin lightning network you can charge routing fees for payments going through your channels.
Why are you asking like fees aren't already a thing?
If we ever "need more bitcoins" we would keep the 21 million cap and the precision can be expanded from eight to a larger number. Instead of 100 million sats per bitcoin it could be 1 billion sats or 10 billion sats. Don't worry if 2.1 quadrillion sats isn't enough.
Posted using MemeHive
Fee amount is small this time. But, imagine the situation when only fee will be the main source of income for miners then fee will be hiked too much.
You understand that Bitcoin layer 1 can be treated as final settlement, right? You can have a lot more transactions going on in higher layers without the mining and send them to layer 1 when settlement is necessary. There is competition in leasing on Bitcoin lightning network which helps keep the price down. When the last Bitcoin is mined it can still remain that way as miners are only hashing to validate transactions.
Voted for
Voted for
I am not sure but there should be a solution of it.
Voted for