Hey! I've written an article on how low incentives to miners could leave the Bitcoin network without enough budget to secure transactions. There is an opinion that transaction fees alone are insufficient to motivate miners. I’d appreciate an expert opinion and comments from the community. I'd specifically appreciate your comments on these points:
- What is the most likely outcome if the Bitcoin security budget does decrease? How do you envision Bitcoin’s long-term security holding up as mining rewards decline? What alternative incentive models could keep miners engaged? Increase in transaction fees? New use cases that drive transactions? Layer 2 solutions or sidechains?
I also wonder when the final halving technically occurs. How is it programmed? Is there a hard stop, or does it stop when the reward is less than two satoshi and no more halving is possible?
Here is the link to my article. Please let me know if you see any inaccuracies there:
https://www.observers.com/who-will-drive-bitcoin-bus-without-miners/