Topic: bitcoin transactions costs in the future - page 3. (Read 1786 times)
we have already seen bitcoin transactions may cost around 5 dollars for even million dollars transactions recent example of this transaction is Binance did huge transactions to their cold wallet which cost then few dollars after bitcoin halving we may expect less fees
If the miners will run the bitcoin with these renewable sources, then that is the time that the bitcoin's price will be affected with at least 10% of down. The transaction had fees because of the reason for the energy/resources. Once the miners could mine with a lower cost, the senders would demand a lesser rate. That would affect the whole economy of the bitcoin. Also, having a renewable source would take investment for the equipment and project.
Without any fee we cannot expect bitcoin transactions to take place, miners were the people who help in making every transaction with certain fees which gets used for the electricity, equipment and other service charges. In the future there'll be sure increase in fee, probably legalizing bitcoin usage will help with the support on electricity generation through renewable resources.
You are forgetting about the block reward which miners receive along with all the transaction fees if they successfully mined a block. Right now it is 12.5 BTC, or more than $110,000, and it is much bigger than all the transaction fees combined. I may be wrong, but according to my estimation, transaction fees are bringing from $2,000 to $5,000 to miners per block currently, and if nobody was paying any fee, miners would still mine in order to obtain the block reward.
Without any fee we cannot expect bitcoin transactions to take place, miners were the people who help in making every transaction with certain fees which gets used for the electricity, equipment and other service charges. In the future there'll be sure increase in fee, probably legalizing bitcoin usage will help with the support on electricity generation through renewable resources.
That's built in already, that's how the system works, and that's the norms of a decentralized coin which there should be a miner's fee.
My only concern is the growing miners or transaction fee, without LN, things would be harder for small time users.
There will be no free fee for each transaction, even if electricity or solar energy is free though it's free, but the use of excess energy, especially solar can cause increased global warming. Miners need ROI for each RIG purchase or get benefits from these activities, there are still many miners who think of the profits ahead than their free service offer.
Without any fee we cannot expect bitcoin transactions to take place, miners were the people who help in making every transaction with certain fees which gets used for the electricity, equipment and other service charges. In the future there'll be sure increase in fee, probably legalizing bitcoin usage will help with the support on electricity generation through renewable resources.
By the development of technologies the expenses for the miners will get decreases over the years so you no need to worry about the charges on future but the value of Bitcoin transaction fee might be high in future due to the increase in the value of Bitcoin prices against dollar value.
very true and I agree with what you say because in my opinion the greater the price and the value of crypto eyes will be great too and as investors we must be able to take advantage of every opportunity wellusing solar power generation technology does not mean that miners do not need a fee, remember that the equipment they use at any time definitely needs repairs and that it costs money.
Therefore the costs for bitcoin transactions will also always be there. because miners also need to benefit from what they do.
At least using their own solar power generator cost less than using the electric line. But the mining fees will still be the same as the last bull run before and we should expect already that there would be a lot of blocks of transaction that will be processed slowly depending on the mining fee. Therefore the costs for bitcoin transactions will also always be there. because miners also need to benefit from what they do.
I agree with you though since everything that we use really need some maintenance.
By the development of technologies the expenses for the miners will get decreases over the years so you no need to worry about the charges on future but the value of Bitcoin transaction fee might be high in future due to the increase in the value of Bitcoin prices against dollar value.
very true and I agree with what you say because in my opinion the greater the price and the value of crypto eyes will be great too and as investors we must be able to take advantage of every opportunity well 
using solar power generation technology does not mean that miners do not need a fee, remember that the equipment they use at any time definitely needs repairs and that it costs money.
Therefore the costs for bitcoin transactions will also always be there. because miners also need to benefit from what they do.
Therefore the costs for bitcoin transactions will also always be there. because miners also need to benefit from what they do.
Well I think that as long as the price stays low, we are not going to have any problem with transactions fees being too high and unaffordable. My problem is those people who are wishing that the price of Bitcoin should get to $1 million just because they are greedy and they want to make quick money and buy islands and become rich. These people forgets that as the price of Bitcoin gets high so will the transactions be getting high as well. With the way Bitcoin has been going, I'm guessing that if 1 Bitcoin should be up to $1 million then we will all have to be paying up to $100 thousand for a transaction lol.
First of all, it is necessary to take into account the fact that the prices for a Bitcoin transaction have increased due to the large number of Bitcoin users who make transactions. Everyone is trying to make their transaction faster and therefore offer a higher price than it really is. Proceeding from this, the Miners first of all choose the best transaction with high payment. In my opinion, this is exactly the situation that was formed in the pricing of a Bitcoin transaction. ~
Going back, I'm really happy to see that chart is hitting the same number of transaction that we had during the all time high. And the fees has changed a lot and those people that doesn't appreciate this kind of improvement will still talk about the fees in the future. Even the highest possible would be ranging from $0.1 - $3.
Going back, I'm really happy to see that chart is hitting the same number of transaction that we had during the all time high. And the fees has changed a lot and those people that doesn't appreciate this kind of improvement will still talk about the fees in the future. Even the highest possible would be ranging from $0.1 - $3.
Yes, right now, for example, you can pay 64 satoshis/byte for your transaction to get first confirmation within 35 minutes, and it's $1.36 for an average transaction, while the number of transactions per day, 300k-440k, is on the same level as that was when fees were reaching $40-$50 in December 2017 - January 2018. But I think that even this is not the limit. Bitcoin transaction fees should be at least 10 times smaller than they are today, and I am sure the team of developers will succeed in that in the future.
Well I think that as long as the price stays low, we are not going to have any problem with transactions fees being too high and unaffordable. My problem is those people who are wishing that the price of Bitcoin should get to $1 million just because they are greedy and they want to make quick money and buy islands and become rich. These people forgets that as the price of Bitcoin gets high so will the transactions be getting high as well. With the way Bitcoin has been going, I'm guessing that if 1 Bitcoin should be up to $1 million then we will all have to be paying up to $100 thousand for a transaction lol.
I really hope that Bitcoin will be interested in Big Business. Back in 2018, there was a lot of information that heavy industry is interested in a Bitcoin transaction in order to transfer large amounts of money, since this business has very large amounts of cash flow. If this happens, then Bitcoin will have another round of development for a great future.
Even using the renewable source of energy, you still need to cover the initial investments of the equipment used. So you still need to charge fee for every transaction, though you have the option to lower such charges. And in that regard, future bitcoin transaction fees might be lower as compared to current rates, even if you want to add more satoshis to accelerate your transaction.
This is a good idea to lower the price of transactions which is hounding everyone of us, just last week one of my transaction took me 4 hours to receive, but the biggest question is do we have good samaritans that will help set up this renewable energy for Bitcoin transactions and not charge us with the set up.
Yes, in some we might see the transaction confirmation are taking little longer but once the price of Bitcoin starts increasing we might see higher transaction rate. Maybe in future with the development of technology the transaction fee can be reduced easily.
I believe that bitcoin will be more indemand in the future, so that means that bitcoins value will increase and that also means that its transaction fee will also become expensive but what do you think the purpose of other coins ? You got it right . altcoins are called alternative because they can be use as a replacement for btc in the means of a currency use while btc will only be good for an investment use .
I believe that bitcoin will be more indemand in the future, so that means that bitcoins value will increase and that also means that its transaction fee will also become expensive but what do you think the purpose of other coins ? You got it right . altcoins are called alternative because they can be use as a replacement for btc in the means of a currency use while btc will only be good for an investment use .
The big companies will have a lifetime grudge on bitcoin if it will be free of transaction charges. Banks, Electric Cooperation, Oil companies (powering electric generation) and many other related parties. I think they would combine forces and do all means just to stop Bitcoin from doing it so.
Even using the renewable source of energy, you still need to cover the initial investments of the equipment used. So you still need to charge fee for every transaction, though you have the option to lower such charges. And in that regard, future bitcoin transaction fees might be lower as compared to current rates, even if you want to add more satoshis to accelerate your transaction.
This is a good idea to lower the price of transactions which is hounding everyone of us, just last week one of my transaction took me 4 hours to receive, but the biggest question is do we have good samaritans that will help set up this renewable energy for Bitcoin transactions and not charge us with the set up.
Yes, in some we might see the transaction confirmation are taking little longer but once the price of Bitcoin starts increasing we might see higher transaction rate. Maybe in future with the development of technology the transaction fee can be reduced easily.
After halving, it will be reduced, therefore, transactions can become cheaper. It will happen each time after halving.
I don't follow your logic.
Fees are meant to compensate miners for the lack of block rewards, which means that the lower the block rewards are, the higher the fees will be. The block size won't likely be getting a bump in the forthcoming years, but the demand for it will continue to grow due to more user adoption, so you better expect a significant increase in transaction fees.
There is nothing to follow
But there won't be any increase in fees either, miners can't do anything about fees other than trying to organize a cartel and decide to no include fees less than x or try to mine empty blocks, decreasing the capacity of the network and forcing people to compete for the space that is left.
But I'm sure this kind of tactic will hurt the coin and the damage won't be compensated this way.
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