in any case, the cost of transactions will increase if the price of Bitcoin will also go up. Who men need to take into account the fact that each user himself increases the price for the urgency of the transfer of funds.
has become a law of investment and crypto currency transactions, cryptocurrencies have increased, of course, transaction costs will also increase and in my opinion the value of crypto currencies with transaction costs will not incur a loss in the investment
Topic: bitcoin transactions costs in the future (Read 1716 times)
We have to be aware that every party in.the chain should get their fair share. So transactions can't be free, this is mot sustainable. But at the moment I think that fees are reasonable and with time they will probably get lower. With new technologies and new energy sources miners will find the way to lower the costs and that will probably affect the fees.
Maybe at some point in the future, after several halvings of the block reward, the reward will be so small that transaction fees will be necessary, but not today. 12.5 BTC, the current block reward, is still much higher than all the transaction fees combined. If nobody was paying more than $0.01 per transaction, or even any fee at all, the blocks would still be mined because of the block reward.
We have to be aware that every party in.the chain should get their fair share. So transactions can't be free, this is mot sustainable. But at the moment I think that fees are reasonable and with time they will probably get lower. With new technologies and new energy sources miners will find the way to lower the costs and that will probably affect the fees.
But miners need to recover their ROI on their bitcoin mining gear, will have to pay people to maintain the mining farm so there is still a cost eventhough they will get free renewable energy in the future. And besides, mining fee is base on the hashing difficulty, so the more difficult it to find a block, the more fee's we need to pay.
Exactly, the fee will still be there, I think it would only be lesser since they will be using solar energy. Maintaining the mining farm may need a lot of money so if the fee will be free then I think no miners will want to mine anymore since they can't recovers their expenses.
I don't think so. In the future, I don't think they would even improve their miners since btc at that time would be all mined. That means they have nothing to get back their money but only through transaction fees amd that means in the future, there will be higher fees than now. Some miners might even mine other cryptos after that.
in any case, the cost of transactions will increase if the price of Bitcoin will also go up. Who men need to take into account the fact that each user himself increases the price for the urgency of the transfer of funds.
has become a law of investment and crypto currency transactions, cryptocurrencies have increased, of course, transaction costs will also increase and in my opinion the value of crypto currencies with transaction costs will not incur a loss in the investmentup on near future where people would find it too hassle or not feasible for long term or for daily use.So it would end up on finding a better solution and
that maybe the time we are seeing bitcoin would be possibly replaced.
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in any case, the cost of transactions will increase if the price of Bitcoin will also go up. Who men need to take into account the fact that each user himself increases the price for the urgency of the transfer of funds.
has become a law of investment and crypto currency transactions, cryptocurrencies have increased, of course, transaction costs will also increase and in my opinion the value of crypto currencies with transaction costs will not incur a loss in the investment
But miners need to recover their ROI on their bitcoin mining gear, will have to pay people to maintain the mining farm so there is still a cost eventhough they will get free renewable energy in the future. And besides, mining fee is base on the hashing difficulty, so the more difficult it to find a block, the more fee's we need to pay.
Exactly, the fee will still be there, I think it would only be lesser since they will be using solar energy. Maintaining the mining farm may need a lot of money so if the fee will be free then I think no miners will want to mine anymore since they can't recovers their expenses.
in any case, the cost of transactions will increase if the price of Bitcoin will also go up. Who men need to take into account the fact that each user himself increases the price for the urgency of the transfer of funds.
has become a law of investment and crypto currency transactions, cryptocurrencies have increased, of course, transaction costs will also increase and in my opinion the value of crypto currencies with transaction costs will not incur a loss in the investment 
There's only two possibilities of bitcoin's fees in the future.
1. If bitcoin turns out good and becomes a legit currency worldwide, im sure government and companies will make a way to lessen the fees and become more accessible to the people.
2. If bitcoin turns out negative then it would be higher fees with less application.
I hope for the first one to happen.
1. If bitcoin turns out good and becomes a legit currency worldwide, im sure government and companies will make a way to lessen the fees and become more accessible to the people.
2. If bitcoin turns out negative then it would be higher fees with less application.
I hope for the first one to happen.
Now the price of Bitcoin is kept increasing and this makes transaction fee higher for any transaction we do in terms of Bitcoin, When the price is increasing many people will start moving their Bitcoins to exchange for selling but for that they need to pay a higher price for the transactions.
It will only increase when bitcoin price is skyrocketing, but it does not happen everyday.
So far, the transaction fee is okay, since I can still send BTC with less than a dollar fee and it confirms in less than an hour.
Although I like it instant but we know how congested the network sometimes, if we like fast and cheap, we should switch to altcoins.
Now think if a solar energy farm with a battery like that were used to create bitcoin transactions. It's an infinite and free source or energy, right? At least after the investment is paid back. My doubt is how miners could return the fees to the transaction senders in this case. Would it be possible? Would you like to add any thoughts?
Energy will never be free. Bitcoin will push prices of energy extremely high. Right now Bitcoin not spend even 1% of all energy that is used on earth. When price of Bitcoin will be 20 times higher and many believes that will happen in only 5 years time, then more then 10 % of all energy used on Earth will be used to secure Bitcoin network. Of course only if price of electricity stays the same.
Recently, the network read information about how one person decided to conduct an experiment. To see the real advantages of a bank transfer or a Bitcoin transaction, when transferring funds in the equivalent of $ 25,000. I do not want to talk about the specific goals of this task, but I want to say that the person paid $ 150 per transaction, with which they transferred $ 25,000 to Bitcoin.
Unfortunately, I can't find the info about that experiment. Can you please provide a link?
But even from just what you said, I can say that he will pay less than $6 for transferring the $25,000 to any place in the world, and the transaction will be confirmed within 45 minutes. Theoretically the transaction fee can be much higher than $6, but I presume his transaction will have just one input. Now, compare $150 and $6, the difference is obvious. But of course they can intentionally transfer the $25,000 in BTC from a hundred different addresses, and then the transaction having a weight of 18,000+ bytes will cost him over $450, and thus they can "prove" that Bitcoin transactions are more expensive.
in any case, the cost of transactions will increase if the price of Bitcoin will also go up. Who men need to take into account the fact that each user himself increases the price for the urgency of the transfer of funds.
Now the price of Bitcoin is kept increasing and this makes transaction fee higher for any transaction we do in terms of Bitcoin, When the price is increasing many people will start moving their Bitcoins to exchange for selling but for that they need to pay a higher price for the transactions.
yes I agree, indeed the increase in bitcoin has now been used by many people. because this increase has been eagerly awaited by many people. the problem is the current increase sometimes occurs and does not always increase. I hope the increase will always occur.
In any case, miners should be rewarded for their work. I fully admit that in the future only large companies on an industrial scale will be engaged in mining, and the margins of this business will not be high. It is possible that then the commission will be lower. It is also quite likely that thanks to such solutions as LN we will be able to receive minimum commissions in the future and Bitcoin will can be used in everyday calculations. In any case, the future for cryptocurrency
Now the price of Bitcoin is kept increasing and this makes transaction fee higher for any transaction we do in terms of Bitcoin, When the price is increasing many people will start moving their Bitcoins to exchange for selling but for that they need to pay a higher price for the transactions.
Maybe I’m wrong, but today there is no action on updating the Bitcoin blockchain. If we compare the current situation with ethereum, then the developers are working in this direction, which showed good results after the last update, namely, the transaction speed has increased and the prices per transaction have decreased. If the same thing happened in the Bitcoin system, one would hope for a bitcoin transaction price reduction at least.
in the development of crypto currencies and crypto markets no one can know for sure and all possibilities can happen and no one can know for sure one day will surely develop better because it will be needed for the economyI don't know if it's possible to update the blockchain, it has not change, what we've seen in the past is there are bitcoin forks claiming they have a better system on bitcoin, so most likely that will happen. Bitcoin is not only viewed as a payment system now, it's popular due to the fact that people are treating it like an investment, so in terms of payment system, other coins are way better as they are faster and cheaper.
I don’t think we should really be complaining about fee of Bitcoin, because Bitcoin reward system is more than enough to rewards us for these high fee, the money we have taking from Bitcoin as profit cannot be compared to the token we pay for such system, so we should not make it continue to look like other coin are better, how many of them can give such huge rewards that comes with Bitcoin usage.
Recently, the network read information about how one person decided to conduct an experiment. To see the real advantages of a bank transfer or a Bitcoin transaction, when transferring funds in the equivalent of $ 25,000. I do not want to talk about the specific goals of this task, but I want to say that the person paid $ 150 per transaction, with which they transferred $ 25,000 to Bitcoin.
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I don't know if it's possible to update the blockchain, it has not change, what we've seen in the past is there are bitcoin forks claiming they have a better system on bitcoin, so most likely that will happen. Bitcoin is not only viewed as a payment system now, it's popular due to the fact that people are treating it like an investment, so in terms of payment system, other coins are way better as they are faster and cheaper.
I don't know if it's possible to update the blockchain, it has not change, what we've seen in the past is there are bitcoin forks claiming they have a better system on bitcoin, so most likely that will happen. Bitcoin is not only viewed as a payment system now, it's popular due to the fact that people are treating it like an investment, so in terms of payment system, other coins are way better as they are faster and cheaper.
Faster and cheaper doesn't make them way better. Their blockchains are less secure, and, apart from XRP and ETH, they have far more less transactions per day than that of Bitcoin, and who knows, what would happen to them if they had the same load of transactions as BTC has? Bitcoin wouldn't be treated as a good investment unless it was, currently and potentially, the best payment system in crypto world.
I'm pretty sure that in a BIP or two we'll have a solution for lowering transaction fees for BTC significantly.
Maybe I’m wrong, but today there is no action on updating the Bitcoin blockchain. If we compare the current situation with ethereum, then the developers are working in this direction, which showed good results after the last update, namely, the transaction speed has increased and the prices per transaction have decreased. If the same thing happened in the Bitcoin system, one would hope for a bitcoin transaction price reduction at least.
in the development of crypto currencies and crypto markets no one can know for sure and all possibilities can happen and no one can know for sure one day will surely develop better because it will be needed for the economyI don't know if it's possible to update the blockchain, it has not change, what we've seen in the past is there are bitcoin forks claiming they have a better system on bitcoin, so most likely that will happen. Bitcoin is not only viewed as a payment system now, it's popular due to the fact that people are treating it like an investment, so in terms of payment system, other coins are way better as they are faster and cheaper.
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