bitcoin transactions costs in the future - page 4.

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Quote from: trickyriky on June 13, 2019, 02:01:39 PM

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.

Mr.ZODIAC

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It seems to me that if people have already seen the possibilities of Bitcoin in 2017, then they believe in repetition in the same situation. This suggests that everyone lives with the desire to get a good income with Bitcoin. Of course, I understand that this is the wrong approach for the development of a cryptocurrency market and cryptocurrency in general in society. Nevertheless, you need to understand that it is precisely because of the demand for cryptocurrency in society that the future of the cryptocurrency market will be shaped.

trickyriky

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Quote from: ricardobs on June 12, 2019, 07:58:01 AM

Bitcoin is having this problem and that's one of the reasons I don't want the price of bitcoin to high like too much like it did in 2017. The fees become very high when the prices goes up too much. Just recently that the price managed to reach about $8000+ plus, the fees started to get high. That is unlike other cryptocurrencies cause they are not like that, their fees don't get that high when they increase price (or maybe they are like that, but I don't know). But people wouldn't leave bitcoin no matter how high the transactions fees get, just because bitcoin is the number one cryptocurrency in the market, lol.

Fee for miners is one of the main reasons for Bitcoin high price for its transactions. After halving, it will be reduced, therefore, transactions can become cheaper. It will happen each time after halving.

Alijiindahaus

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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.

Nellayar

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Quote from: rijaljun on May 24, 2019, 09:51:00 PM

If it's free, miners don't need to send the transaction fee back because senders would not even add transaction fee to the chain. Nothing to return. Is possible to send Bitcoin without fee? I'm not really sure, fee is like a fuel and every car needs fuel to be able to run. Not sure about zero fee but it's absolutely possible to make the transaction fee near zero, unfortunately there is always a fee war. Some people agree to pay more fee to accelerate their transactions or simply ruin the chains, make it very busy so other people will move to other coins. This is the problem, even though the fee is 1 Satoshi, I think we would never do that because our transactions will take forever to be confirmed.

What will be the ROI of miners with their mining rigs and equipments if they cannot make commisions to the senders? I guess, fee will not become zero. Just like in a remittance center where we can actually see how much their commision or fee to the transaction. We need also to know that there is no more free in this world. We should also pay for the processing.

avarnet

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Quote from: ricardobs on June 12, 2019, 07:58:01 AM

Bitcoin is having this problem and that's one of the reasons I don't want the price of bitcoin to high like too much like it did in 2017. The fees become very high when the prices goes up too much. Just recently that the price managed to reach about $8000+ plus, the fees started to get high. That is unlike other cryptocurrencies cause they are not like that, their fees don't get that high when they increase price (or maybe they are like that, but I don't know). But people wouldn't leave bitcoin no matter how high the transactions fees get, just because bitcoin is the number one cryptocurrency in the market, lol.

high transaction costs must have a contributing factor and the possibility for the future will be even better we all cannot know for sure because the risk in investment with crypto currencies is price and development nobody can know

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Quote from: ricardobs on June 12, 2019, 07:58:01 AM

Bitcoin is having this problem and that's one of the reasons I don't want the price of bitcoin to high like too much like it did in 2017. The fees become very high when the prices goes up too much. Just recently that the price managed to reach about $8000+ plus, the fees started to get high. That is unlike other cryptocurrencies cause they are not like that, their fees don't get that high when they increase price (or maybe they are like that, but I don't know). But people wouldn't leave bitcoin no matter how high the transactions fees get, just because bitcoin is the number one cryptocurrency in the market, lol.

This is what the lightning network wants to resolve. Maybe in the future, the usage of LN will be more popular to crypto users and merchants. Right now, they are already addressing the high fees involved in bitcoin transactions. It is only a matter of time of adopting this LN technology. So yes, the possibility of having low tx fees is more than possible.

ricardobs

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Bitcoin is having this problem and that's one of the reasons I don't want the price of bitcoin to high like too much like it did in 2017. The fees become very high when the prices goes up too much. Just recently that the price managed to reach about $8000+ plus, the fees started to get high. That is unlike other cryptocurrencies cause they are not like that, their fees don't get that high when they increase price (or maybe they are like that, but I don't know). But people wouldn't leave bitcoin no matter how high the transactions fees get, just because bitcoin is the number one cryptocurrency in the market, lol.

boyptc

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Quote from: Betwrong on June 11, 2019, 08:12:27 AM

Quote from: boyptc on June 11, 2019, 04:59:41 AM

~
I recognize and appreciate those changes and sure it has been one of the best after all of those times that we've pay for a high fee just because we wanted to send a certain amount to exchanges, casinos, etc.

In short, things are becoming better now.

Yeah, exactly. Many people, and I mean Bitcoin-oriented ones, still think that if we had the the same amount of translactions per day as we had in December 2017-January 2018 we would have the same high transaction fees, but this is not the case currently. And all they need to do to check whether it's true or not is to examine the diagram from this link: https://www.blockchain.com/charts/n-transactions?timespan=all
The situation with the fees have been improved big time since then, and I'm glad you can see that yourself.

It's just a small typo which I edited on the quote.

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.

syamster

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Quote from: nerlial on June 11, 2019, 06:35:18 AM

In the future, everything is possible, we can only fantasize. Maybe the PoW algorithm will be noticed on the PoS.

I can see the future to be bright now is the time when all of us will have to show how much we have trust for bitcoin and other crypto, I know it is world of fantasy but I am can see it is our real future, good time never take much time when once it starts, and bitcoin decentralization has good future, people are happy to pay for the fees because it has huge profit as well,

coin-investor

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Quote from: Twinkledoe on May 24, 2019, 10:01:54 PM

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.

Betwrong

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Quote from: boyptc on June 11, 2019, 04:59:41 AM

~
I recognize and appreciate those changes and sure it has been one of the best after all of those times that we've pay for a high fee just because we wanted to send a certain amount to exchanges, casinos, etc.

In short, things are becoming better now.

Yeah, exactly. Many people, and I mean Bitcoin-oriented ones, still think that if we had the the same amount of translations per day as we had in December 2017-January 2018 we would have the same high transaction fees, but this is not the case currently. And all they need to do to check whether it's true or not is to examine the diagram from this link: https://www.blockchain.com/charts/n-transactions?timespan=all
The situation with the fees have been improved big time since then, and I'm glad you can see that yourself.

nerlial

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In the future, everything is possible, we can only fantasize. Maybe the PoW algorithm will be noticed on the PoS.

boyptc

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Quote from: Betwrong on June 10, 2019, 04:10:54 AM

Quote from: boyptc on June 08, 2019, 08:12:55 AM

Quote from: Betwrong on June 08, 2019, 02:31:42 AM

My point is that I don't expect the rising of transaction fees in the next several years.

You have a point because last 2017, the fees increased due to the network spam and that led everyone to be pissed off by just sending $5, everyone has to pay for more than that.

But I think that after just a couple of years, a lot has changed and we may not experience it by next year but who knows?

Yeah, look at the diagram showing Confirmed Transactions Per Day:

https://www.blockchain.com/charts/n-transactions?timespan=all

We are almost at the same level regarding the number of transactions as we were in December 2017, when people were paying $30-$60 per transaction, but today you can pay 92 satoshis/byte (or around $1.8 for transaction of an average size) for your transaction to be confirmed within 35 minutes. It's hard to not spot the difference since it's huge. And, of course, if you are not in a hurry, you can pay 3 satoshis/byte, or just around $0.06 for your transaction currently, and it will be confirmed within 3 hours anyway. So, things have improved a lot in this regard.

I recognize and appreciate those changes and sure it has been one of the best after all of those times that we've pay for a high fee just because we wanted to send a certain amount to exchanges, casinos, etc.

In short, things are becoming better now.

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Quote from: FanEagle on June 11, 2019, 03:30:06 AM

I think with lightning network and anything else that will put on top of that the transactions will be fine even without the electricity costs. I don't know how miners will profit from it in the end because I am not a miner and I haven't dealt with the operations of a mining place however I know how it will affect the users since I am a user.

I have been looking into getting a ledger nano just so I will be capable of sending and receiving on the best possible ways, that way I can pay less transactions via lightning network when available or segwit right now. Which means for the customers the future is not for electricity costs or some better mining equipment or something, the future is better core development codes for bitcoin itself which could make it cheaper.

If miners will not get a profit, they will stop mining.

If this happens there are two things that will follow
- hashrate will drop, the network will be less secure, anyone could buy the mountains of scrap mining gear that will be sold at scrap metal prices and guess what they might do with it
- if miners really stop completely (which is an impossible scenario since you will need only a simple computer to mine a block once difficulty will die down) there will be no more transactions, no more opening and closing channels in the LN ..no bitcoin whatsoever. So, you as a user with your ledger you will be just as the rest of us...f****! Grin

FanEagle

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I think with lightning network and anything else that will put on top of that the transactions will be fine even without the electricity costs. I don't know how miners will profit from it in the end because I am not a miner and I haven't dealt with the operations of a mining place however I know how it will affect the users since I am a user.

I have been looking into getting a ledger nano just so I will be capable of sending and receiving on the best possible ways, that way I can pay less transactions via lightning network when available or segwit right now. Which means for the customers the future is not for electricity costs or some better mining equipment or something, the future is better core development codes for bitcoin itself which could make it cheaper.

unusualfacts30

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Quote from: Twinkledoe on May 24, 2019, 10:01:54 PM

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.

pretty much this. I don't think it would be completey free but it can definitely be much lower if you're talking about using renewable energy. There is still cost associated with equipment that you'll have to purchase and their maintenance and so on but it would be much cheaper than today.

Betwrong

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Quote from: boyptc on June 08, 2019, 08:12:55 AM

Quote from: Betwrong on June 08, 2019, 02:31:42 AM

My point is that I don't expect the rising of transaction fees in the next several years.

You have a point because last 2017, the fees increased due to the network spam and that led everyone to be pissed off by just sending $5, everyone has to pay for more than that.

But I think that after just a couple of years, a lot has changed and we may not experience it by next year but who knows?

Yeah, look at the diagram showing Confirmed Transactions Per Day:

https://www.blockchain.com/charts/n-transactions?timespan=all

We are almost at the same level regarding the number of transactions as we were in December 2017, when people were paying $30-$60 per transaction, but today you can pay 92 satoshis/byte (or around $1.8 for transaction of an average size) for your transaction to be confirmed within 35 minutes. It's hard to not spot the difference since it's huge. And, of course, if you are not in a hurry, you can pay 3 satoshis/byte, or just around $0.06 for your transaction currently, and it will be confirmed within 3 hours anyway. So, things have improved a lot in this regard.

leavolnhals

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I think not. If the power supply is free, the miners still have to find a place to place digging equipment and cost more to buy materials and insurance.
There are lots of costs to spend on miners. therefore, there won't be anything free. If there are too many such promotions, Blockchain will be a redundancy. Wink

klaaas

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Quote from: jakoylantern on June 08, 2019, 08:56:04 AM

But the transaction price will always be depending on the current value of the bitcoin.

No, It depends on how much people want tot pay overall for a fast transaction. If we as a whole decide to pay lesser fees the speeds will be the same.

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