Kate Posted January 11, 2019 #1 Posted January 11, 2019 Bitcoin the one and only crypto currency that is well known in the crypto world and has a good price or Had a good price and has dropped by a lot. Bitcoin transactions work with the help of PC power of miners who in turn get reward for the usage of their PC's memory. Miners are very important to a coin since they are what keeps the coin alive. So I have a question what would happen hypothetically if the miners ( all of them ) quit ? Do tell your hypothetical situation below. Thats a fearful question isnt it because. My guess : If there are no miners then there wouldn't be confirmations which means the transactions could be reversed and hence increase of scam and then everyone who experienced the reversal against them would consider and tell everyone Bitcoin is a scam and hence everyone stops using it and * Bam * that is the end of Bitcoin and the king of Crypto. Do you think there are other ways to kill Bitcoin ?
blueprints Posted January 11, 2019 #2 Posted January 11, 2019 I think the transactions would not reverse, just remain unconfirmed. If all miners quit at the same time, then i can assure you they will probably mostly all be replaced with new miners the same day or next day...I mean can you imagine being the only farm mining bitcoin, you would get the reward for all those blocks mined and all transaction fees. This kind of opportunity would not simply go unnoticed lol.
Kate Posted January 11, 2019 Author #3 Posted January 11, 2019 2 hours ago, blueprints said: I think the transactions would not reverse, just remain unconfirmed. If all miners quit at the same time, then i can assure you they will probably mostly all be replaced with new miners the same day or next day...I mean can you imagine being the only farm mining bitcoin, you would get the reward for all those blocks mined and all transaction fees. This kind of opportunity would not simply go unnoticed lol. No hypothetically all miners not even new miners would come up to mine bitcoin then the coin would die right ? The miners doesn't prefer Bitcoin because they get more profit from other coins or something like they aren't intrested or something.
Etude Posted January 12, 2019 #4 Posted January 12, 2019 This is a kind of out of the box look at the ways Bitcoin could possibly be drastically affected. Well as has been mentioned that there will always be miners mining as long as there is still a profitable reward for them in doing so.
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