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[–] JooB8 ago
Transaction fees are to replace block creation rewards for miner reward as time goes on leading to eventual 100% of block reward being transaction fees once all 21 million coins have been mined.
[–] 111MrGuy111 ago
So miners will be paid to process transaction fees? With the same or different equipment? That will necessarily drop the value of the security in an instant. Could also lead to slow transactions if ROI isn't good enough.
[–] JooB8 ago
They get transaction fees now. That is why the higher fee you pay on the Bitcoin you send, the more likely it is they will include it in the next block.
Eventually the "plan" according to the white paper is that the transaction fees included in each block will be sufficient to cover the miners costs to secure the network. But yes, if the transaction reward isn't high enough, Bitcoin can lose miner hash rate and threaten the security and life of the chain.