Well, some of these miners will change their mining operation to adapt to these changes. They will frequently swap between the different coins to increase profitability, like they are doing with Bitcoin and Bitcoin Cash now and they will supplement their income by running Lightning Network hubs.
One thing about miners, they know how to exploit the smallets thing to make more profits.
Topic: bitcoin fees will NEVER come down - page 8. (Read 1091 times)
It will, on a certain time when they’ve realized that they badly hurting bitcoin a lot. And I hope it would be soon as many investors are withdrawing because of the cost and delay. This must be a total backlash from the miners when they themselves imposed manipulation and those uncertainty will hit them in due time.
Transaction fees went up because of sudden rise of bitcoins price, also there was that problem with Nicehash which lead to a lots of miner stop mining. Miners would like that fees stay high forever, but that will not happen. If fees stay high, people will stop transfering their coins which will bring price down and with that fees.
i think no. thats not the main reason why bitcoin fees are too expensive because as you see bitcoin has drop for about 30% but the fees were still the same and they even got increase a little bit. bitcoin fees are high because the network is verry congested and the mempool if full of unconfirmed transactions due to the users that sends a single transaction with a verry low fees that is lower than the recomended fees.
Those transaction with lower fees were mass produce hence clogging the network and making things look like bitcoin is not an option and lets move to bitcoin cash or other alt coins, bitcoin devs should have foreseen this and should have been prevented as it will damage bitcoin more the longer this takes.
Transaction fees went up because of sudden rise of bitcoins price, also there was that problem with Nicehash which lead to a lots of miner stop mining. Miners would like that fees stay high forever, but that will not happen. If fees stay high, people will stop transfering their coins which will bring price down and with that fees.
i think no. thats not the main reason why bitcoin fees are too expensive because as you see bitcoin has drop for about 30% but the fees were still the same and they even got increase a little bit. bitcoin fees are high because the network is verry congested and the mempool if full of unconfirmed transactions due to the users that sends a single transaction with a verry low fees that is lower than the recomended fees. miners were also the one to blame here because they are too choosy and picky due to the fact that they only prioritize the transaction with a higher fees.
The real gain, maybe
, will be with the enabling of Lightning and other smart contracts etc. With lightning, essentially you create a contract, enforced by the blockchain, where you and a party can keep a balance of coins between you that can flow back and forth, until limit is reached or some party wants to settle it. Once the contract is recorded on the blockchain, it can be changed when both parties sign it, but settled when one of them demands it.
This is the simple explanation according to my current understanding of LN
, will be with the enabling of Lightning and other smart contracts etc. With lightning, essentially you create a contract, enforced by the blockchain, where you and a party can keep a balance of coins between you that can flow back and forth, until limit is reached or some party wants to settle it. Once the contract is recorded on the blockchain, it can be changed when both parties sign it, but settled when one of them demands it.
This is the simple explanation according to my current understanding of LN
Transaction fees went up because of sudden rise of bitcoins price, also there was that problem with Nicehash which lead to a lots of miner stop mining. Miners would like that fees stay high forever, but that will not happen. If fees stay high, people will stop transfering their coins which will bring price down and with that fees.
think about it if you were a miner, and have learnt that you can charge XXX for transaction why would you be happy to again charge just one X?
It is certain the more popular coins will increase costs to catch up with bitcoin, as opposed to bitcoin lowering .
Developers are already being pressured to behave in ways that I dare not repeat.
It is certain the more popular coins will increase costs to catch up with bitcoin, as opposed to bitcoin lowering .
Developers are already being pressured to behave in ways that I dare not repeat.
I'm sure they will whenver highest mining companys get an agreement in between.
Never is a strong word;there's still a possibility. For instance, once bitcoin gets so bloated due to tx fees backlog, people will realize that it is not practical to use anymore and eventually move to another coin as payment. Naturally, miners would have less txs to mine and they too will switch to another coin. If this happens, difficulty in mining will be less and fees will once again be low.
Yes bitcoin fees never come down, because bitcoin the price up and sure fees will come up also.
Is impossible if bitcoin increase high, but bitcoin fees not up also. Bitcoin fees already up never come down again !
Is impossible if bitcoin increase high, but bitcoin fees not up also. Bitcoin fees already up never come down again !
I don't know, fees should fluctuate with volume right? Currently we are seeing mass adoption so its no surprise that the network is overloaded. Unless someone is spamming again, like what bitmain did before for political reasons. But with the surge of interest, and availability of good alt coins, no one would be stupid enough to encourage people to flee to other coins would they? Who knows, it takes all kinds I guess.
I actually agree with this. Fees should go down together with the price of bitcoin. The only reason why fees are damn high is because that the price of bitcoin is damn high also. They are actually in direct proportionality so as said fees should go down as bitcoin goes down. but what maybe is happening is that the traffic is really heavy right now and because of that miners are taking advantage. 
yea fee of transaction now a days is increasing day by day and due to which people are facing various problems but i hope soon this issue will solve by miners because if such high fee are taking by miners then people will decrease or stop transacting bitcoin.
i think the fee of bitcoin never come down. why? because bitcoin right now have a big traffic in transaction, and as we know that if we use bigger fee our transaction confirmation is fast. i think all people want that their transaction is fast, so they will make the standart of fee is high for makes their transaction confirmation is high
I heard of someone who purchased $120 last Sunday and only got $11 and some change. Thats crazy insane tx fee. I tried sending .0375 today and it confirmed within the hour. 234sat/byte
I also think the transaction costs of bitcoin are not so easy to reduce. ETH's transfer costs have also increased sharply recently. I think this may be a trend in the future, and some good altcoin transfer costs will increase. In the discussion of this problem, the miners must be in the opposite direction with the traders.
Once each miner has less work to confirm a transaction the fee will go down as the entire block will have room for more transactions therefore a smaller split for each part
if you deal with low fees you will be confirmed to take longer time, and you will lose a little chance. With higher transaction costs will get faster komfirmasi, and you will get faster luck, with the high cost is already comparable with the current price this, so we do not matter if the high cost, seen bitcoin prices are also high.
Well of course they will come down, just as long as Bitcoin Core does a simple block size upgrade. And blockchain and coinbase adding segwit will also help some. LN of course will make small payments and micropayments possible, and that will hopefully be here in 2018. But in the meantime the question is when the hell is Bitcoin Core going to increase the blocksize?!? I'm starting to get afraid they won't ever, even though that's the simple, obvious, and immediate solution to bring fees back down from like $15 to 15 cents.
yes it is true.. I checked bitcoin fees everyday and transaction fees continue to increase even bitcoin price go down.. until now I left my bitcoin in blockchain and I don't know when I can withdraw my bitcoin..
I don't agree with you. I think the fee for bitcoin will fall sharply in one year. It could be expansion or other solutions.
think about it if you were a miner, and have learnt that you can charge XXX for transaction why would you be happy to again charge just one X?
It is certain the more popular coins will increase costs to catch up with bitcoin, as opposed to bitcoin lowering .
Developers are already being pressured to behave in ways that I dare not repeat.
It is certain the more popular coins will increase costs to catch up with bitcoin, as opposed to bitcoin lowering .
Developers are already being pressured to behave in ways that I dare not repeat.
Miners don't decide the fees. They only accept the highest available. Should the backlog be cleared, there should be no reason for people to start a bidding war. Things are only like this because people are fighting for priority.
I don't know about other coins catching up. It's certainly a possibility, but I seriously doubt it. Bitcoin is popular because it's a good store of value. That hasn't really changed.
Jump to: