Topic: bitcoin transactions costs in the future - page 9. (Read 1789 times)

Transaction fee is one of reason why we have a miners this indicate their earning to cover from their expenses like electricity and cost of the miner gadget. Having a solar panel is good for miners but imagine you run a miner for free this is impossible to happen right now the transaction cost too high.

You are so wrong... A business always has its costs.

Let's say electricity is for free and the devices are paid, those for the electricity and those for mining.
This or that will break from time to time (miners, light cells, network routers, name it) and some of them are not cheap, so some money has to be put aside for those.
The internet is not for free.
The space where everything is running is not for free.
The cooling.. OK, let's add the cooling to the things already paid and which will only break now and then.
Good. We have a better image, only one thing is still missing: nobody likes to work for free.

So no matter what, the miners will have to be paid. The fees are not big (usually). It's up to them to evolve and switch to free electricity to stay in competition... and that's all.

Did anyone watch the funny video about Roger Ver and Tone Vays. I hate both of them and they are silly but it was stupid to see Roger Ver lose a $10k bet with Tone Vays. He said he would give 10k to Tone if Tone could send $5 of Bitcoin to someone with 1 satoshi/byte fee and it would confirm.

It did, of course. Bitcoin fees are high now yes but because mempool is big. On normal times 1 satoshi is always enough.

Right, I mean it's business, specially for big mining farms such as Bitmain. So there will always be fee going to be put on all bitcoin transactions an of course to all of us.

But I just do hope that it's not that exorbitant anymore because it they can harness free electricity or at least reduce the cost of mining a coin, then they're no reasons for any high fees.

I think transaction fee would always be there it is the source of income of a miner .
If the transaction would be free why would the miners continue to mine specially in the future when all of the supply has been mined?

The logic is, what if all the miners are already using renewable energy and solar panel for their farms?

Isn't it free energy for all of them and the cost of mining would also be free? IMO, there's no need for any return from miners fee back to the sender because it's the fee for confirming our transactions.

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.

The price of transaction could be lesser if that would be the case. Transactions being free might be impossible since miners are still investing for their set-up and maintenance. With the evolving mining equipment and natural energy as a source in the future the possibility of transactions to be cheaper regardless of the crypto price is attainable.

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.

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.

One of the biggest critics made to bitcoin so far are the expensive costs that a transaction can reach when the network is overloaded. However on long run, specialists and enthusiasts defend it's not a problem, as the hardwares, responsible for the mining operation are evolving, getting more powerful to process the transactions faster and with less effort. What doesn't change is the fact that miners have to earn money from this operation anyway, as electricity isn't for free and their equipments are expensive.

So I would like to add a possibility: if the necessary energy to move the mining activity was supplied *for free*, could btc transactions be executed for free as well? As the world is evolving, renewable sources of energy are becoming even more popular and sustainable (taking our daily needs in consideration). Elon Musk's Tesla has already made a 100mw battery, and the conclusion is that it's paid back in 20 months, an incredible economy compared to the expensive electricity we use yet.

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?