Topic: future bitcoin transaction fees - page 4. (Read 1705 times)
Bitcoin chargers depend on future activities, how to people awareness on utilization BTC with regarding payment transactions small small amount fees add, this is my view.
People nowadays are selling out their coins because they are panicking on bitcoin's price now in the cryptocurrency market. Because of that transaction fees are in low cost coz the market is falling down. Despite all of these, there are lots of people still using bitcoin.
The transaction fees are low because the market is in a dip. This is the result of the people selling out their coins which are at a low price now, causing the demand of the coins to fall and so does the fall in the transaction fees have occurred. This will all be rectified once the market recovers.
perhaps the future cost of upcoming bitcoin transactions could be bigger and also keep up with the rising dollar prices that are getting more and more up the price per dollar.
Certainly time will come when a permanent solution will be incorporated to solve the Bitcoin transaction fees and time issues. I think the lightening has good plans to do this and we hope for it to be incorporated to better bitcoin user experience. However, other solutions can also come up lateron to perfect this.
Efforts are continuously being made to make this transaction process faster. We hope soon the market will rise back to its previous position. Let's see what happens.
Currently the cost of bitcoin transactions is very cheap due to the relatively small amount of transactions, moving 48,000 bits per 4 cents, very cheap compared to December 2017 at some time up to $ 50 due to too many transactions at that time. . However, when the market recovers, there will be many transactions to be made and then whether technologies such as Segwit or Lightning network will help bitcoin trading faster and transaction costs do not become expensive. or not?
When I look and I look at the issue of transfer fees it could be due to the issue of bitcoin value or price that takes place when making a transaction.
Bitcoin is gradually improving. The transaction procedure has made faster than before and they also have reduced the transaction fees. I expect that the fees wion't be increased when the price rises for bitcoin.
Sometimes transaction fees become high to have fast transaction process due to the traffic. But no fees little bit become cheaper because less people transact due to the low price of coins. There is a possibility to go back to high fee when the price do good in the market which make you to get high amount of earning to used the fee worth.
I think that transaction fees are oftentimes connected in ratio with the amount of transactions or usability of bitcoin. And even with money transfer facilities they based payments with the amount of money. So I think it would happen that if there would be problems most especially with more transactions taking place the greater the payment will be. So in the future should bitcoin go back to its all time high maybe bitcoin will have higher fees again.
Given that the market is in a dip, this has resulted in a low level of investment. Because of that, the transaction fees have also drastically and are coming off as cheap. But, according to the analytics, at the end of the year, the prices are supposed to go up, and the market's condition will be improved.
Nice and helpful informarion. I think new ways will be found to assure the transaction with low transaction cost. On that emergency time, Segwit or Lightning network can be used to avoid any complexity.
Well that’s right that the transaction fees were high in the past time but now it is very less. Which is very good and it is liked by every investors. I think that when the market will again recover this rate won’t get high anymore it will be in a constant position.
Currently the cost of bitcoin transactions is very cheap due to the relatively small amount of transactions, moving 48,000 bits per 4 cents, very cheap compared to December 2017 at some time up to $ 50 due to too many transactions at that time. . However, when the market recovers, there will be many transactions to be made and then whether technologies such as Segwit or Lightning network will help bitcoin trading faster and transaction costs do not become expensive. or not?
I think the more expensive bitcoin price is, the more expensive the transaction fee because the fee itself going up when the difficulty of bitcoin mining is increasing.
Hope in the future there are cryptocurrency with very low fees and very fast transaction speed.
3. Devs are planning on onchain fees getting more and more expensive in the future, so they focus their attention on solutions like LN to make Bitcoin work as a currency for everyday usage. https://medium.com/@rusty_lightning/dear-bitcoin-im-sorry-fees-will-rise-b002b1449054
Lightning won't help in this case because on-chain transactions are still going to be necessary every now and then. It won't be viable if every transaction costed $500-$1000 in fees.
Either way, it's not like the door is completely closed for block size increases in the future, so on-chain transactions don't have to be that bad:
https://bitcoin.stackexchange.com/questions/66120/on-chain-scaling-still-required-with-lightning-network
The Lightning Network whitepaper itself says block size increases may still be necessary. I'm sure we'll eventually reach a healthy middle somewhere down the line.
Fees of 500$ or 1000$? Never.
People will never pay 500$ or 1000$ for that, at this point it will simply not be worth using BTC anymore
During the last hike, a lot of users stopped paying with BTC and just waited, using BTC only when there as no other choice.
If the fees will go to 1000$ (that's half of the median wage in EU) who do you think will keep on paying those?
People, that transfer millions a day? Maybe, but those are not enough to clog the chain.
Just imagine, the network is doing an average of about 400 000tx when the blocks are full. With a 1000$ fee, it would mean 400 million a day in fees or 1.2 billion a month. Even the whales will turn into shrimps at this rate.
1. Blockspace will keep being limited to allow every user to independently verify the blockchain, so it shouldn't be strange that the fees will be going up. Since wel'll have space only for 10-30 onchain transactions per second, it will be taken by the biggest transactions, and $500-1000 will be a pretty good price for moving millions, it's less than what banks take now. Of course it heavily depends on Bitcoin's adoption, it if will be low, fees will be only dozens of dollars.
As I told you in the first post, you realize that in order to have that fees you will need approximately 400 000 people transferring each day millions worth of BTC?
There are 15 million millionaires in the world, each of them would have to make at least one transaction a day to cover this.
And do you know how much banks are charging for transferring millions?
You're going to be surprised but for business accounts at least ING charges 0.1% with a max fee of 75 euros for transactions up to 1 million.
(internationally, not SEPA).
No way, a BTC network with txs of 1000$ will never be popular and we will never see mass adoption, rather mass fleeing.
Don't forget that by 2030 over 95% of Bitcoins will be mined, so to afford sufficient levels of PoW security the fees will have to rise to compensate for lower block rewards.
In order to guarantee the same level of protection for the chain as now and excluding the reward, the average tx must be somewhere below 20$, a bit less if segwit adoptions will grow.
Fees of 500$ or 1000$? Never.
People will never pay 500$ or 1000$ for that, at this point it will simply not be worth using BTC anymore
During the last hike, a lot of users stopped paying with BTC and just waited, using BTC only when there as no other choice.
If the fees will go to 1000$ (that's half of the median wage in EU) who do you think will keep on paying those?
People, that transfer millions a day? Maybe, but those are not enough to clog the chain.
Just imagine, the network is doing an average of about 400 000tx when the blocks are full. With a 1000$ fee, it would mean 400 million a day in fees or 1.2 billion a month. Even the whales will turn into shrimps at this rate.
1. Blockspace will keep being limited to allow every user to independently verify the blockchain, so it shouldn't be strange that the fees will be going up. Since wel'll have space only for 10-30 onchain transactions per second, it will be taken by the biggest transactions, and $500-1000 will be a pretty good price for moving millions, it's less than what banks take now. Of course it heavily depends on Bitcoin's adoption, it if will be low, fees will be only dozens of dollars.
2. Don't forget that by 2030 over 95% of Bitcoins will be mined, so to afford sufficient levels of PoW security the fees will have to rise to compensate for lower block rewards.
3. Devs are planning on onchain fees getting more and more expensive in the future, so they focus their attention on solutions like LN to make Bitcoin work as a currency for everyday usage. https://medium.com/@rusty_lightning/dear-bitcoin-im-sorry-fees-will-rise-b002b1449054
When the block reward halves do you think miners will flea if the transaction fees dont increase?
Currently the cost of bitcoin transactions is very cheap due to the relatively small amount of transactions, moving 48,000 bits per 4 cents, very cheap compared to December 2017 at some time up to $ 50 due to too many transactions at that time. . However, when the market recovers, there will be many transactions to be made and then whether technologies such as Segwit or Lightning network will help bitcoin trading faster and transaction costs do not become expensive. or not?
I'm not sure if the Lightning Network can significantly lessen the transaction fees even the time of huge volume transactions specially on a Bearish market season where many investors are coming!
I really think that lightning or other technology to improve speed and fees of BTC are mandatory for the future as it could not be supported if market will go back to bull and so other serious crypto that are much more faster and cheaper.
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