Are zero transaction costs possible? - page 4.

xanaxxx

jr. member

Activity: 280

Merit: 1

Quote from: Philip Ruby on July 06, 2018, 07:58:36 AM

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?

you don't want zero fees because it would take incentive from the miners and they're necessary to maintain the network by confirming the transactions on the blockchain

brightology

jr. member

Activity: 209

Merit: 1

I have not experienced such scenario before, because every of my transaction has been changed, with amount of token I'm transferring to, which such case no fees are charged and it went successful, i think is not possible.

Sample2

newbie

Activity: 27

Merit: 0

Quote from: Philip Ruby on July 06, 2018, 07:58:36 AM

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?

Based on the blockchain technology, I think that 0 fee is impossible, when there is no fee so what the miners will get??

ParveZ219

member

Activity: 336

Merit: 10

Quote from: Philip Ruby on July 06, 2018, 07:58:36 AM

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?

Some wallets like segwit,green wallet,mycelium they are providing too much low transaction fees...But zero transaction is not possible....there must be transaction fees....but coinbase is providing zero transaction fees when transferring from one wallet to another coinbase wallet...So if everyone starts using coinbase then transaction fees will come to zero...

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

The transaction is possible, but it is not profitable for the miner to continue mining IF everyone is doing this. The Block rewards and the Miners fees are the only incentive for these miners to continue mining and if we remove this, then all miners will stop their mining activities. You have to remember that with every Halving, the Block reward is smaller and at one stage in the future, the miners will only be mining for the Miners fees, so this has to continue for this experiment to succeed. Roll Eyes

Dropping a few cents towards Miners fees, is an investment in the future of Bitcoin. Wink

Olayinka225

jr. member

Activity: 322

Merit: 1

As you can see lately that the cost of transaction fee have greatly reduced. In that we might move to the era of zero transaction cost even its not actually 0 it will be closer to 0 and the it does not get clogged again.

Generaldiscussion

newbie

Activity: 27

Merit: 0

You can try coinb.in to create your deal for the fee you want to include. Unfortunately, most e-wallets and online exchanges charge a lot, but that's their bad policy.

Tr2nkh0nh101

newbie

Activity: 16

Merit: 0

I think the fee fee to be maintain the coin coin with that is profit for their. However if it is too high does not good. which is the user of the transaction

jeffer8035

member

Activity: 251

Merit: 10

I believe that it is possible in the future to eliminate in the now the rates are high in the small transactions the truth is that the miners already earn bitcoin in the future when this high the bitcoin should not charge them nothing the exchanges also charge for take out ls coins and they win with us for each effective transaction should not charge so much when you withdraw our coins there are many alcove that are creating portfolios in which one pays zero but of course in that single currency the nice thing would be an exchange between currencies outside of the exchanges that the fit was minimal

t3ChNo

sr. member

Activity: 714

Merit: 252

There are some other altcoins that offers zero or near-zero transaction fees. As for BTC, it's really needed to reward the miners.

DiamondsAndCoins

member

Activity: 200

Merit: 10

I agree with most here there will most likely be a fee associated with the transactions aside from the rare 0 fee transaction that do occur. So I guess its possible in one off situations for a zero cost transaction but for the most part you will have to pay the fee.

wilburwilbur

member

Activity: 266

Merit: 33

If you are a miner and you saw a zero transaction fee will you mine it? No right? Hehe
Okay so bitcoin transaction fees are where somewhat the miners get their satoshis and that is why there is a suggested fees because that is how supposedly the system works
But if you are a miner then i think you can do that lol you confirm your own transaction if it will work

anisoptera

member

Activity: 308

Merit: 10

It is not possible, miners need to get rewarded, that is the incentive for them to keep mining the blocks, otherwise, why they would be mining? For free? No way, they are cheap now, less than $ 0,10, why are you complaining my friend? It is worthless.

yoseph

sr. member

Activity: 868

Merit: 266

Quote from: millgates on July 11, 2018, 04:17:49 PM

Transactions fee is to pay minner, Bitcoin transactions is competting each other. Someone who set higher transactions fee will be prioritized. If you set 0 transactions fee then maybe your transaction will never be confirmed.

There is not going to be any scenario where people will have the chance to make any transaction without paying any fees if that happens it means that the miners are not going to be required and that goes against the Blockchain technology.

millgates

sr. member

Activity: 714

Merit: 250

Transactions fee is to pay minner, Bitcoin transactions is competting each other. Someone who set higher transactions fee will be prioritized. If you set 0 transactions fee then maybe your transaction will never be confirmed.

kickdapa

full member

Activity: 627

Merit: 103

Yes, it is possible. But it will take a long time. Bitcoin needs improvement in other fields like it's transaction time still not good. It's slower than other payment services. If you look before two months ago then you will see that the bitcoin transaction was very high than now. So, it's decreasing. So, day by day bitcoin network will be improving and we can see even zero fee transactions.

bloodyvio

full member

Activity: 546

Merit: 102

Quote from: Philip Ruby on July 06, 2018, 07:58:36 AM

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?

it is unlikely there will be zero transactions cost
because to do the transaction you have to turn on your PC or smartphone
electricity usage also includes transaction cost
but so far I only know there are two coins that do not have transaction fee
Nano and IOTA

Nasonn

jr. member

Activity: 616

Merit: 1

It remains to be seen but I hope it do happen someday because one major highlight of cryptocurrency is low transaction fees and it has not been the case is most instances.

muneeb.zain

newbie

Activity: 140

Merit: 0

As all of us are using bank accounts all around the globe or the paper currency for buying and selling or for transfering all over there must be the taxes and the transfer fee because of the terms and conditions for everything so as the bitcoin is the digital currency it also has the transfer fee.The transfer fee should be reduce but it will never be eliminated for the transfer of bitcoin.

Gila uang

newbie

Activity: 168

Merit: 0

I think it is impossible. Every market would need income to continue to exist in the world of krypto.

Topic: Are zero transaction costs possible? - page 4. (Read 579 times)