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Disclaimer: I am new to this forum and Bitcoin/cryptocurrency in general.
After all 21 million bitcoins are released into circulation, it seems that the incentive to mine is gone unless transaction fees are used. But if transaction fees are too high the incentive to use Bitcoin is reduced.
If the block size is increased the total number of transactions per block would increase, which results in more total reward for that block. This would also allow individual transaction fees to be quite low.
So, is this a feasible way to solve the "End of mining" problem?
1Why do you believe the limiter right now is the block size? The average block is under half full, there's no indication that transaction volume is at all hampered by it whatsoever. – Anonymous – 2015-08-20T21:58:34.177
I didn't mean that the block size is a current issue. I was merely asking if increasing the block size would be helpful in the future when all bitcoins have been released into circulation. I agree it is not currently a pressing issue. – Code is good – 2015-08-21T04:00:20.390
Now I see the confusion I have edited the question for clarity. – Code is good – 2015-08-21T04:03:23.403
I was mostly commenting on the phrase about increasing the block size increases the number of transactions. Part of the reason for a limit to begin with is to discourage people from making abusive transactions that say, attempted to store the entire 7 seasons of Futurama in transactions. I don't think there's a block size big enough to absorb all possible misuse of the block chain. – Anonymous – 2015-08-21T04:03:29.653