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RE: BITCOIN MINERS - WHAT WOULD HAPPEN IF ALL MINING STOPS?
The Lightening Network is supposed to fix all this and make transactions much faster with Bitcoin.
It’ll kind of be a second layer that sits on top of the blockchain, but works separately from the blockchain. Channels will be opened between 2 people that need to exchange funds, they exchange the funds, then the channel is closed.
A lot of people say this will never work or happen, but if it does BTC could see a big price increase. It’s all speculation.
Thanks for the post, cheers!
The lighting network will work...the problem is with bitcoin itself regarding the miners and the difficulty rate for the next few years. It will be harder to mine a bitcoin plus the total supply is going to diminish...if gets too expensive to mine, the miners will start leaving the network therefore the network could become extremely slow...The only fix i see is forking bitcoin to improve it
I agree the long term health of block chains makes me worried about scalability. I'm reading up on the tech but still a bit from full understanding. But like you point seems like it will happen eventually. Seems there are ideas already and people addressing it so might never to come pass as an issue we will see. Great posts.