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Topic
Board Beginners & Help
Re: what will happen after 21 million bitcoins are mined? (in layman's terms)
by
stompix
on 20/09/2022, 11:01:26 UTC
Not sure where you are getting this number from? Even if we say that bitcoin goes to $1 million, and you can open a Lightning channel in a transaction of a few hundred vbytes in size, then with a fee rate of 1 sat/vbyte you are looking at $2-3 to open a channel.

If you pay 2$ for opening a channel and we balance the block perfectly and we forget about closing the channel completely you will still only be able to cram in only $8000 worth of fees, so yeah, for you it will definitely work but the miners will have to deal with a reward of just $8000.

From a miner's point of view, sat/b doesn't matter, what matter is the pot, if bitcoin reaches 100k or 1 million I don't see users suddenly paying 10x times more just because of that, the overall fees that people are willing to pay must be enough to compensate for the diminishing reward, and there is no way to force them to pay that much if they don't want.

Two different things, how much is one user willing to pay on tx, and how much is required in fees to keep at least the same level of security as now!