Post
Topic
Board Bitcoin Discussion
Re: What happens when bitcoin mining is obsolete (who will verify the transactions?)
by
LMGTFY
on 06/04/2014, 17:14:59 UTC
Bitcoin mining verifies transactions on the block chain.  Eventually people might stop doing this once the mining reward becomes too small or once mining is over 100+ years from now.
Would advanced mining (quantum) solve this making only a few miners necessary to verify transactions?

What are your thoughts?

Your understanding of how bitcoin works is deeply flawed.

I suggest taking some time to learn a bit more before you start to panic about what is going to happen in the future.

Please explain us what's wrong with his question.

Thanks!

It's not the question, it's the assertion: "Eventually people might stop doing this once the mining reward becomes too small or once mining is over 100+ years from now." As others have pointed out above, transaction fees exist. This is pretty fundamental: https://en.bitcoin.it/wiki/Myths#After_21_million_coins_are_mined.2C_no_one_will_generate_new_blocks