[NetBehaviour] bitcoin power (from Michel Bauwens, G+)

[Rob Myers]

On Mon, 27 Nov 2017, at 05:47 AM, Pall Thayer via NetBehaviour wrote:
> That's a good question, Jaka. Rob, how will miners be rewarded once
> all of the coins have been mined?
Transaction fees. Each Bitcoin transaction has an optional fee attached,
which also goes to the miners. So once there are no more block rewards
for mining, fees will still exist and will become more important.
This is implemented as simply the difference in value between the
Bitcoin you unlock to send in the transaction and the amount that you
send to other accounts/addresses. You (or your software) has to remember
to send any Bitcoin you don't want to send to another address or to the
miners back to a "change address" that you control. People can and do
get this wrong if they create the transaction by hand. I did this when
learning about transactions and I now check each one that I create
manually very, very carefully. ;-)
There is a conspiracy theory that the current pressure being put on the
Bitcoin network by the Bitcoin Cash fork seeing so many miners switching
their miners (and their "hashing power") away from the Bitcoin
blockchain and the resulting increase in transaction fees has been
engineered by the miners. This has seen fees go very high and has fed
the debate over what Bitcoin should be used for (everyday cash or....).
- Rob.
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