What do you think, is it possible to have zero transaction costs for bitcoin/altcoin. At the moment there are many fees and are they justified and impossible to get around or is it possible to reduce or even remove them in the future?
Not really , because fees is a part of the developmental asset of the transaction where it exist for a reason. But if you want to find a low cost transaction you will need to find a local wallet where there is a minimum amount or cost of transaction depending on the rate of time of transaction to be successful you will just need to find it and also support it. 
Topic: Are zero transaction costs possible? (Read 577 times)
What do you think, is it possible to have zero transaction costs for bitcoin/altcoin. At the moment there are many fees and are they justified and impossible to get around or is it possible to reduce or even remove them in the future?
There was a time where this was possible for bitcoin but now you should forget about it, the model of bitcoin is to replace the block reward needed to maintain the miners with the fees of the users of bitcoin, so it is not possible the miners are not doing this for charity, they are mining because it is a lucrative business and if you want to use the bitcoin network then you need to pay.
I personally do not think that zero transaction costs are possible because you need to provide incentive to keep the network up & running.
So its practically impossible.
So its practically impossible.
BitCOIN, yes. 0 fees.
Bitcoin Core Software? Good luck.
Bitcoin Core Software? Good luck.
Zero transaction cost in crypto coins seems impossible to me, but there are transactions with very low cost, that is low amount of fee. Without cost, you might not even which helps the crypto community to continue. Zero transaction cost is almost not possible.
Now projects with zero cost per transaction are being created, this is in demand in business, basically it is privat blockchain.
What do you think, is it possible to have zero transaction costs for bitcoin/altcoin. At the moment there are many fees and are they justified and impossible to get around or is it possible to reduce or even remove them in the future?
I don't think that we will ever face the fees so close to 0 or actually 0, because all the exchanges and transaction platforms need to earn from something to exist. Basically it is their earnings.
I personally do not think that zero transaction costs are possible because you need to provide incentive to keep the network up & running.
What do you think, is it possible to have zero transaction costs for bitcoin/altcoin. At the moment there are many fees and are they justified and impossible to get around or is it possible to reduce or even remove them in the future?
I don’t think that it is ever possible that the bitcoin transactions could reduce to zero, for now we all know that bitcoin is a decentralised crypto currency and there is no as such proper authentic regulating body over bitcoin and then also there is a transaction fee that every exchange charge while transacting bitcoin and this is very obvious even then any company would charge something if you are using her or his resources and no doubt if bitcoin Weill be legalised world wide then the transaction fee for bitcoin will increase even.
If zero transaction costs are possible, I am yet to be aware of them, however, that will be when the cost of electricity is negligible or transfer amount is small within limits of definition of what is called small.
Gradually we are approaching the era of zero transaction fees. Currently only few project like NEO allows this. This is a very good strong point for it. But currently we do not have zero transaction fee trading platform which I think will be very difficult to achieve. But we hope it comes soon maybe in a different pattern. We wait for it.
I do not think that zero free transaction would be possible with Bitcoin transaction because it depends on the miners. The higher the fee that you give, higher that chance that it will be pick by a miner. If you send a large amount of Bitcoin using only 1 sat, then you would never be able to send that because there are a lot of transaction that has a higher fee and miners would prioritized this transactions instead of yours. I do believe that instant transaction does exist. Just look at RaiBlocks which is now called NANO.
I believe it is not possible because miners generates income from the fees. If it will be removed then, the chances are high that, miners will stop their operation as it will not be cost effective.
Right now miners get less than 2% or 3% of their reward from the transaction fee, and therefore I think that they will be fine even if the transaction fee is kept to zero. And they will gain in the end, as Bitcoin will get more fuel for its fight against the altcoins.
What do you think, is it possible to have zero transaction costs for bitcoin/altcoin. At the moment there are many fees and are they justified and impossible to get around or is it possible to reduce or even remove them in the future?
I believe that you cannot remove transactions costs for bitcoin because miners also need something in return for confirming a transaction. You may reduce it by using the mining device's hash power efficiently. In the near future, the value of a transaction cost will become insignificant to the part of service users because of the evolution of technology to hardware devices.
if I think if the transaction fee becomes zero it is very small possibility. if the transaction cost goes down I believe it is even more likely that it will happen.
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transactions will always cost something no matter what. it may not be in form of fee but it will be a cost.
but if fees are your concerns then for bitcoin and those altcoins that copied bitcoin NO it is not possible because of the design of these coins. fee is there to prevent spam attacks from going on for eternity.
but it is possible in other designs that are not copying bitcoin. for instance NANO and i think IOTA also have 0 fees.
i have been trying to do it but i have been failing to get it to even propagate. the nodes reject it so it doesn't even reach the miners!
I think it is a natural thing when we are charged every transaction on any wallet account we will be charged if we want to move our money, it is very reasonable thing because the transaction cost is only a little. but if fees are your concerns then for bitcoin and those altcoins that copied bitcoin NO it is not possible because of the design of these coins. fee is there to prevent spam attacks from going on for eternity.
but it is possible in other designs that are not copying bitcoin. for instance NANO and i think IOTA also have 0 fees.
I have sent a couple of 0 fee Bitcoin transactions this year and they were confirmed within 10 blocks,
would you mind sharing the TX ID of these transactions? i have been trying to do it but i have been failing to get it to even propagate. the nodes reject it so it doesn't even reach the miners!
The cost of electricity is one of the major reasons why transactions cannot be zero. However, when there is a cheaper cleaner and much accessible means of electricity,this could drastically bring down the cost of transaction costs between exchange sites and wallets or during wholesale transactions. Till then it won't be possible.
more precisely if you want to like it maybe later when you're in heaven.
Its logic is anyone willing to work without salary?
because every Bitcoin or Altcoins transaction requires miners or Exchange to send your money to another wallet, and it's needed to pay for their electricity and hardware. cost 0 = none.
Its logic is anyone willing to work without salary?
because every Bitcoin or Altcoins transaction requires miners or Exchange to send your money to another wallet, and it's needed to pay for their electricity and hardware. cost 0 = none.
Dont know if it would be ever possible because miners will always be the middleman's of all the transactions on the blockchain, but fees are cheap now, $0,10 for each transaction is just like a gift, i dont know why you are complaining
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