Replying to Avatar MRbtc

I’ve been thinking a lot about the time when all #Bitcoin will be mined. When that happens, no more Bitcoin rewards for each new block added to the blockchain, instead, the reward to the #miners will be transaction fees.

In this scenario, transaction fees on the #Bitcoin blockchain will have to be very high to pay all the energy being spent to protect the network.

So, in theory, the main network will only be used for high networth transactions that compensate the high fees required, which means, #Bitcoin will price out transaction of low value, and thus discriminate people with few sats.

Any thoughts on this?
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Speedster 1y ago

Energy spent on mining could also reduce to match the fees on offer. It doesn’t have to just be fees increasing.

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MRbtc 1y ago

Correct, but if energy reduces, then its easier to have 51% hash power and compromise security.

Of course you can say that, when that time comes, no one will want to damage the network, BUT the risk exists and will be higher.

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MRbtc 1y ago

What can happen, is that the price of energy in terms of Bitcoin reduces, and thus the fees can increase proportionally to the decrease of block reward, keeping the system more or less as is. But this means that energy must be valued in Bitcoin and that energy prices will fall gradually in terms of Bitcoin.