Some questions about the unmined burstcoins



  • So there is about 557 million (25%) unmined Burstcoins right now. (http://burstcoin.biz/charts/mined-burstcoins).

    1.) When will the remaining 25% finish being mined? (Estimation)

    2.) From what I have read in other topics, that won't technically be the end because after that people will be mining transaction fees or something like that. Since I am still learning about crypto and Burst, can someone explain this whole "transaction fee mining" thing?

    3.) How long will it take for this whole "transaction fee mining" thing to end? Or will it not end?

    Thanks



  • @bcu1 transaction fee mining will not end until people are doing transactions using Burst as a currency. That's why a real-world application is a must for crypto coins. If there's none, then the coin dies afterwards. Luckily, Burst has great team of developers and marketing that has been promoting the use of this coin in the real world. And the community has been growing dramatically over the month or two, thus, exponentially grow in a year or two. By the sheer amount of people interested in this coin, the usage and real world application is closer to reality than what we expect it to be. 🙂



  • @bcu1 said in Some questions about the unmined burstcoins:

    Disclaimer: I'm really new to the whole cryptocurrency thing

    So there is about 557 million (25%) unmined Burstcoins right now. (http://burstcoin.biz/charts/mined-burstcoins).

    1.) When will the remaining 25% finish being mined? (Estimation)

    2.) From what I have read in other topics, that won't technically be the end because after that people will be mining transaction fees or something like that. Since I am really new to crypto and Burst, can someone explain this whole "transaction fee mining" thing?

    3.) How long will it take for this whole "transaction fee mining" thing to end? Or will it not end?

    Thanks

    The block time is 4 Minutes and I think I calculated 2 to 4 years of mining left for the unmined 557Million.

    It won't be the end of mining only the end of Original Blocks. The transaction fees could be more than the normal block rewards too. If Burst has lots of usage then there will be tons of fees waiting. Considering that there will be a Decentralized Exchange at some point you can imagine the kinds of fees miners will get.

    Transaction Fee mining never ends. That is how the blocks move forward and miners are paid.



  • @BURSTguy said in Some questions about the unmined burstcoins:

    Confused by the terms...

    Transaction fee mining...is just "regular mining" that is happening today correct?

    Once the 2.1 billion Bursts are mined there will be no more mined/created right?

    Or is there something I'm missing?

    Yeah it is just regular mining. You can see in your wallet there are fees inside the blocks. This will give you an idea of the amounts.

    There are no more Burst Created yes this is correct, no Inflation either. So this means the price for Burst must go up at that point to meet the demand for people and build a new market cap every year based on usage.



  • @BURSTguy Everytime someone does a transaction with Burst (sending coins, buying assets, selling assets, etc.), a small fee must be payed. You can see it when you open the transaction section of your wallet, under the "fee" column. That fee will be later redistributed to the miners 🙂



  • @BURSTguy Every block on the blockchain contains the fees for the transactions that have been made during the time it took for it to be forged.
    For example, see this block : http://burstcoin.biz/block/3068858317812148860
    There has been a total of 6,899 Burst worth of transactions that resulted in 21 Burst as fees. Those 21 Burst will be the only reward miners will get once no more Burst is created. If a solo miner mines it, he gets all the 21 Burst, but if a miner in a pool mines it, it gets redistributed in the pool (it works exactly the same way as now).
    So you see why it is essential to have more people use the coin to have more transactions fees, and also to have the price going higher, so that one day the reward will be worth much more than today 🙂


  • admin

    0_1476707555377_reward.png

    This is the block reward over time without the fees. Block reward drops 5% every month.
    If there will be 100 transactions in the Burst network per Block (around 4 minutes) there will be at least 100 Burstcoins rewarded to the miner of the Block.



  • deleted post because I am still asleep. :s



  • @socalguy As the block reward decreases over time, it will take longer each month to get to 100% coins mined



  • @Gadrah_ That's right, my bad :s