The Bitcoin Network

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Isn’t it right that bitcoins transactions are only confirmed when a block is mined? So when we hit 21.000.000 and there are no blocks to mine, how will you transfer your bitcoin if it can’t be confirmed?

Kevin

Posted 2018-02-13T12:25:08.307

Reputation: 1

Question was closed 2018-02-22T00:33:34.073

this is 100% a duplicate. – ndsvw – 2018-02-13T12:31:04.843

Answers

2

A misunderstanding. Blocks will continue to be mined after the last new bitcoin is delivered as a block reward several years from now. Miners are also paid any transaction fees as well as the block reward. This is why there are transaction fees. The number of blocks is not technically limited, provided several caveats e.g. there is enough storage available to download the blockchain.

Willtech

Posted 2018-02-13T12:25:08.307

Reputation: 2 878

Thank you for your comment. I just want to know things for sure, because normal bitcoin website explain it like this:

"Roughly every ten minutes, a new block is created and added to the blockchain through the mining process. This block verifies and records any new transactions. The transactions are then said to have been confirmed by the Bitcoin network." See: https://www.buybitcoinworldwide.com/confirmations/

So really how could the network confirm it, without new blocks?

– Kevin – 2018-02-13T12:45:25.730

The quote is correct. The current consensus is that there will only be ever 21,000,000 Bitcoins (BTC) mined, however, there can be an indefinite number of blocks. Once the block rewards reduce to zero and the supply of new Bitcoin runs out, mining new blocks just continues without the block reward. – Willtech – 2018-02-13T17:49:36.343

Thanks for your explanation! (if its still not clear for others: you can read comments from the same question I asked here: https://bitcointalk.org/index.php?topic=2940759.0)

– Kevin – 2018-02-16T13:31:08.183