"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Nakamato Satoshi
Is Nakamato Satoshi the same as Satoshi Nakamoto? I'd like to see the source of where he said that if you have it. It's an interesting quote. I've touched on something similar in a thread I made a while ago, in which I explained that we don't truly know which scenario is going to unfold in the future.
Here's the original quote:
Right. Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating. In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I'm sure that in 20 years there will either be very large transaction volume or no volume.
People should really go back and read his old posts here on the forum. They provide a lot of insight into why Bitcoin was designed like it was.
As it turned out, the block size limit Satoshi added is a very important mechanism for generating the fees required to compensate miners. Without some mechanism to disincentivize spam and drive fees up, we would have a tragedy of the commons situation, where everyone takes up block space without paying for it. That can't work where there is a limited supply of coins -- with each halving, miners get less and less subsidy. Eventually, they'll only get transaction fees. We need to incentivize miners to secure the network.
Thanks to share the source from that satoshi's quote, but in that point he was talking about the mining rewards, lets remember the block reward get divided by half each X time, so, at end the block reward will be the transaction fees.
Bitcoin is not only crypto,we have almost 1800+ crypto currencies at the moment some have better properties than bitcoin so we can handle all the world's transaction with cryptos but not only with the bitcoin so in future new cryptos will evolve and people will start uses the appropriate cryptos for their needs.
You have a good point here, maybe with bitcoin will be hard to compete with visa TPS, but with all the altcoins maybe is possible. Would be smart to develop an altcoin who allow 6Million of transaction/minute, that could be a nice competitor to banks, but can you imagine how huge would be that blockchain? 1Gb blocks
