
Understanding Blockchain in plain English (~3500 words) - mamoriamohit
https://medium.com/@mohitmamoria/wtf-is-the-blockchain-1da89ba19348
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model_s
Few questions: The people that are "mining" are using their computing power to
seal other people's transactions?

Also, what happens when there are no more bitcoins to be rewarded. (When
mining is no longer profitable by any means)

Thanks

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apeace
To your first question: yes, that is exactly what they're doing.

To your second: there is a fee associated with every transaction. You can set
the fee to something incredibly small (like 0.00001 cent), but miners will
take the higher-fee transactions first, so you'll be waiting a long time.

So even after the block reward drops to zero, theoretically miners will still
have an incentive to keep processing transactions.

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model_s
I would imagine that at some point, maybe in 100 years, mining may not reward
you more than the cost of electricity to mine. Miners won't bother continue--
how will bitcoins continue to be hashed? thanks apeace!

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pyroinferno
The invisible hand of the market. In 100 years, if bitcoin transactions are
still of value, then miners and people making transactions will come to an
agreed upon transaction fee that will be suitable for both parties. And If
miners drop out, transaction fees will go up.

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agscala
How is the order of transactions finalized in a block before the block has
been mined?

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mamoriamohit
Every transaction is added in the block in the order they happened. Every
transaction has a timestamp associated with it.

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sushid
This is completely untrue. "Transactions are added to the new block,
prioritized by the highest-fee transactions first and a few other criteria."

You can read more about this
[https://bitcoin.stackexchange.com/questions/35697/what-is-
cr...](https://bitcoin.stackexchange.com/questions/35697/what-is-criteria-of-
mining-priority-except-for-transaction-fee), but the TL;DR is when the txs are
broadcast by various nodes, the highest fee txs are included first (for the
most part) by the miners.

