1. In terms of responsibilities, yes, in terms of power, no. Even mining pools can’t accumulate as much power as a single central bank. The reward is also inextricably tied to providing the service. They won’t get one without the other, because it’s programmed into the system.
  2. I don’t understand the question. Can you rephrase?
  3. Yes, transaction cost will go up, but with sufficient competition, it should not end in a system that’s unusable. Miners want profits, users want to send money, the marketplace will figure out the right price for consensus. Also, that’s 120 years away.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store