Only miners and clients operating under these other rules would accept this blockchain.
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Active 5 years ago. Viewed 7k times. Improve this question. It's funny how the three answers seem to disagree entirely: Maybe, yes, no. Semantics, really, though — Tim S. Apr 25 '14 at Add a comment. Active Oldest Votes. Improve this answer. Tyler Tyler 4 4 silver badges 10 10 bronze badges.
Infographic: Supply of Bitcoins limited to 21 million - Times of India
Tim S. Apr 24 '14 at Yes, I have exaggerated a little, but the official client will not be used anymore, since it will not be compatible with other clients in the network majority rules, you know? Is answer actually 'Yes, for those clients and miners that are using the new version. Yes, it is.
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However, like my link says, if you made such a change, it'd be so different from Bitcoin as we know it that I wouldn't call it Bitcoin. Sign up or log in Sign up using Google.
Changing Bitcoin’s Hard Cap
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Algorithms drive technology forward. Featured on Meta. Still, when the time eventually does come and all bitcoin has been mined, it seems like it'll be the miners who are affected the most as once there is no more to mine they'll be forced away due to the lack of rewards - or bitcoin - they would receive from mining a block. However, every transaction of bitcoin comes with a transaction fee attached to it, so although currency is finite, there is still value in the transaction of it. At the moment these fees are a few hundred dollars per block, but as the price of bitcoin itself rises so will the fees, working effectively like a closed economy.
Controlled supply
It's worth keeping in mind too that, given the rewards for mining blocks of bitcoin will be decreasing every four years, it means the miners will be receiving a much smaller proportion of any block verified and so inevitably the whole nature of mining it will change. Remember, too, Bitcoin has come from nowhere in the last decade to be talked about as a serious alternative to the more orthodox currencies we trade with on a day-by-day basis.
Given there's at least years before bitcoin miners are likely to face the reality of its finite capacity, you can expect that new methods and new protocols will inevitably make the market unrecognisable to the one that's currently operating today. Topics: Bitcoin , Technology. Chosen for You Chosen for You. Most Read Stories Most Read. Advert