How long can we still mine ?
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After going through the satistics on total mined burstcoin. i realize tat we are left with only 33% unmined burstcoin.
As a newcomer myself, i was thinking if this will affect me and other newcomer in anyway. Will anyone share more insights on this ?
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If a currency gets created, you have to figure a way out, to distribute it, to the people using it.
As BURST started back in August 2014 the reward for every block was 10.000 BURST.
This reward reduces by 5% every month. The reward is just a initial distribution 'bonus', witch will continue for years (do the math).
But you not only earn the reward, if you find a block. You will also earn the transaction fee of all transactions in this block.
So in long term, miners will not get payed by reward but by transaction fees.
The future will tell if this concept works, however that is the goal to reach.
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It sounds like a infinite cycle as long as people are "rolling" burstcoin around.
Thanks for your insight. Feel much more comfortable now to invest in the long run.
