Are zero transaction costs possible? - page 5.

hatshepsut93

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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?

Lightning Network fees are of magnitude of satoshis and even fractions of satoshi's. This is virtually zero-fee transactions. Because Lightning Network is built directly on top of Bitcoin's blockchain, it is theoretically just as secure as on-chain transactions (this is not the case now, because the project is still in beta and there might be bugs/vulnerabilities). All the altcoins that currently promise free transactions and huge scalability are insanely centralized, so I wouldn't even call them cryptocurrencies.

spain cool

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If you wanted to take a zero transaction cost in the cryptocurrency blockchain, it is impossible I think, but, its nearly impossible somehow. Transaction fees are controlled by the people who always in rush on getting their transaction to be confirmed so that the transaction can be sent successfully in no time. If you would ever use 0 satoshis or 0 gas fee, expect you will wait for 5 years or even more until the blockchain won't be used to send transactions by anyone else.

freneza

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It will never be possible. If they do this, then the cost of their network will come from where? We have to bear some costs for running the network. It is possible to reduce the cost of transcation but it can not be zero.

boy130

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Zero fee transactions are possible, and some mining pools actually accept a small number of zero fee transactions as some sort of charity effort. Besides that several coins actually have zero fees, or close to zero even.

Gurjasmeet

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I think it's not a justify question,because any type of business running successfully requirement without cash.it is not possible to have zero transaction cost for bitcoin & altcoin.quality e

ralph_0608

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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?

In my own opinion it is impossible to happen as transaction fees are needed by developer for the maintenance cost, upgrade and security of their platform maybe cheaper but not to the point that it is already goes to zero fee as long as there are massive competition price may for transaction cost may go lower to attract users to use their platform.

ajochems

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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?

This is the expected one among the traders. From my concern,if this happened.Many of the digital transaction will be made by bitcoin.Then bitcoin will become a king of digital payment. This gradually increase the price of bitcoin in the market.It also increase the investors in bitcoin.

ResuLT

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It is possible, but, it used an alternate way to transact rather than pushing the transaction to the blockchain so there will be no external or miner fees. But, zero transaction fees only applied to the same users which registered on the platform. You can find this amazing feature in coins.id or coins.ph.

drwhobox

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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's possible but think at their position would you even spend good amounts of money to buy hardware to recieve nothing in return? fees can reach as low as 1 sat/b if there is a change that people will adopt to smaller fees rather than spending lots of Sats/b in transacting.

DaveWave

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It is very unlikely that coins will have transactions costs as those are rewards for the miners and stakes. You can use coins that have low transaction costs like DGB and many more.

Malaya

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I guess it can be reduced but not a zero transaction fee. Zero fees are only possible to a same wallet transfer and a same coin transfer. Fees also serves as payment for those who run nodes and confirm transaction. If there is zero fee then what will these people get from working hard.

BrewMaster

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Quote from: 1Referee on July 06, 2018, 08:43:42 AM

Quote from: BrewMaster on July 06, 2018, 08:17:30 AM

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!

I prefer to keep them hidden since these were transactions from and to my cold wallets.

Yes, there are plenty of nodes that by default ignore 0 fee transactions. What client are you using and have you tried to create a raw transaction and use an external service that will broadcast your transaction for you? If you do, carefully inspect if all parameters are set correctly, because this is how people quite often end up paying insane fees.

thanks for the reply.
what i do is that i use my Electrum wallet to sign these transactions with 0 fee and then use different bitcoin nodes (not Electrum but directly the bitcoin core nodes that i can see using their IP addresses) to push my tx. i haven't tried it recently so maybe things have changed a bit, i need to recheck again later.

bitfocus

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zero is almost impossible but transaction fees are too low these days and I guess it will become just a few cents in future.

Skieleton

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Quote from: NeuroticFish on July 06, 2018, 08:14:15 AM

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?

The usual transaction fee for Bitcoin nowadays is 1 satoshi/byte. That makes most transactions have a few cents fee. Unfortunately most online wallets and exchanges charge big fees, but that's their bad policy.
0 fee is possible, but there is a good chance the miners will not confirm your transaction. They don't really like to work for free. Hardware is expensive and electricity has to be paid for too.

Nothing is for free and no one will give anything away for free. Here it will not be different. In a good situation, the fees are ridiculously high ...

Philip Ruby

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I see yes, that mining as well is a big question because you do need a lot of computer power etc. Thanks for the answers guys. I will also investigate this nano, seems interesting too.

insculpt

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nano has zero fees, or so they claim. There are many coins out there that charge minimal fees

Silenox

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In Bitcoin a zero rate is almost impossible, but a low rate is feasible. The miners have costs to make the transactions, and if there are no gains they will hardly keep the machines mining, which will decrease the hash power and consequently the security of the blockchain. The proof of work has this characteristic, and despite the costs, they are the ones that guarantee the security of the data contained in the blockchain.

There are some currencies that have zero rate propositions in transactions, such as Nano.

BillCoin

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For the users ,Yes.
For an example see EOS, it offers a platform where the service provides are also those who pays for the fees, which means that the users have nothing to worry about fees.
Not only that, some Proof of Stack coins won't even require you to pay any fees for the miners, as the miners are just random people who owns stacks in the network and are being chosen randomly, It makes the life much better because there are no fees to be paid, but on the other hand, it might make the currency that is being used in the network to suffer from an deeper inflation.

1Referee

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Quote from: BrewMaster on July 06, 2018, 08:17:30 AM

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!

I prefer to keep them hidden since these were transactions from and to my cold wallets.

Yes, there are plenty of nodes that by default ignore 0 fee transactions. What client are you using and have you tried to create a raw transaction and use an external service that will broadcast your transaction for you? If you do, carefully inspect if all parameters are set correctly, because this is how people quite often end up paying insane fees.

xindoa

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i do not think transatcion cost zero will be possible. we need miners for transations to be confirmed. and they will need to be payed as the cost of running a miner is pretty high.

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