Bitcoin Future Transaction Prices - page 3.

Dunamisx

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Quote from: Seabiscuit342 on June 03, 2024, 11:20:48 AM

I am working to get my bitcoin off of exchanges and into cold storage

Good decision because with this, you can be able to know the amount of fee rate you're going to be charged before making your transaction, but not only that, you could be able to customize that fee to your taste.

Quote from: Seabiscuit342 on June 03, 2024, 11:20:48 AM

but I had a question regarding transaction prices.

There is nothing like transaction prices, what we have is transaction fee.

Quote from: Seabiscuit342 on June 03, 2024, 11:20:48 AM

As more adopt Bitcoin, transaction prices are going to increase as there is more demand for blockspace. Is there any documentation or research into what transaction fees may look like in a world where Bitcoin is more widely accepted?

Its simple to know and understand, if the network gets busy, then there is more transactions ongoing and the mempool will be more congested causing increase in the transaction fee, in such a way that, anyone who can pay higher will get his transaction confirmed faster, which is normal on many settings as per competition, if there are no more clogging and pending transactions as before, then the network get less busy and no much congestion and we pay lesser fee, as regarding the block space, that is what we have for now, we cant predict the future if there could be addition or subtraction on that.

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Quote from: Seabiscuit342 on June 03, 2024, 11:20:48 AM

I am working to get my bitcoin off of exchanges and into cold storage but I had a question regarding transaction prices. As more adopt Bitcoin, transaction prices are going to increase as there is more demand for blockspace. Is there any documentation or research into what transaction fees may look like in a world where Bitcoin is more widely accepted? I am worried that from an individual level the blockspace may become so valuable that moving Bitcoin on and off a personal cold wallet may be unfeasibly costly for the average user.

My understanding is at the current moment while it is still becoming adopted, the value of the Bitcoin held should scale with the transaction costs. I am more wondering about long term viability of personal cold wallets, and how the different layer 2+ scaling projects (lightning, Fedimint, etc.) as well as custodial services may play into the long-run transaction costs. Anyone with knowledge or resources they could point me to would be greatly appreciated!

It is quite difficult to estimate a number, considering the fact that many transactions would be made on 2nd and 3rd layers by then (hopefully). In any case, my bet is that maybe in a few years a transaction on bitcoin could be within the range of hundreds (or maybe a thousand) dollars. In such case, it might be worth it to consolidate your coins on the main chain only once a year or so, for example.

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Quote from: Seabiscuit342 on June 03, 2024, 11:20:48 AM

I am working to get my bitcoin off of exchanges and into cold storage but I had a question regarding transaction prices. As more adopt Bitcoin, transaction prices are going to increase as there is more demand for blockspace.

We already had this discussion many times whenever the network fee surged to unexpected level but increasing the blockspace will interfere with the authenticity of bitcoin nor incentivise the miners in the way they deserved.

Quote from: Seabiscuit342 on June 03, 2024, 11:20:48 AM

Is there any documentation or research into what transaction fees may look like in a world where Bitcoin is more widely accepted? I am worried that from an individual level the blockspace may become so valuable that moving Bitcoin on and off a personal cold wallet may be unfeasibly costly for the average user.

Websites like https://mempool.space/ and https://jochen-hoenicke.de/queue/#BTC,2h,weight will help you with the historical transaction prices of Bitcoin.But you can't predict what will happen in the future but assuming bitcoin network will not be spammed like brc20 again it will be economical as it used to be.

Quote from: Seabiscuit342 on June 03, 2024, 11:20:48 AM

My understanding is at the current moment while it is still becoming adopted, the value of the Bitcoin held should scale with the transaction costs. I am more wondering about long term viability of personal cold wallets, and how the different layer 2+ scaling projects (lightning, Fedimint, etc.) as well as custodial services may play into the long-run transaction costs. Anyone with knowledge or resources they could point me to would be greatly appreciated!

Cold wallet is supposed to be where your funds stored for long term so that you may not make more transactions from from that wallet like hot wallets. L2 layer is providing the opportunity to move funds as less as possible with bitcoin but not yet widely adopted. Custodial services are working for profits so they will take advantage of making money whenever it is possible so better not trust custodial wallets even if the offers you to move bitcoin at cheaper cost.

Seabiscuit342

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I am working to get my bitcoin off of exchanges and into cold storage but I had a question regarding transaction prices. As more adopt Bitcoin, transaction prices are going to increase as there is more demand for blockspace. Is there any documentation or research into what transaction fees may look like in a world where Bitcoin is more widely accepted? I am worried that from an individual level the blockspace may become so valuable that moving Bitcoin on and off a personal cold wallet may be unfeasibly costly for the average user.

My understanding is at the current moment while it is still becoming adopted, the value of the Bitcoin held should scale with the transaction costs. I am more wondering about long term viability of personal cold wallets, and how the different layer 2+ scaling projects (lightning, Fedimint, etc.) as well as custodial services may play into the long-run transaction costs. Anyone with knowledge or resources they could point me to would be greatly appreciated!

Topic: Bitcoin Future Transaction Prices - page 3. (Read 573 times)