Topic: Future fees of legacy addresses - page 2. (Read 458 times)

Thank you both for those two very good answers
I only have 1 smerit left, i'll give it to CryptopreneurBrainboss as he has a lower rank and was first to answer.

ETFbitcoin, your answer was fantastic, I hope CryptopreneurBrainboss or someone else send you one smerit for your message


Cheers

Actually that depends on the transaction structure itself (total input, total output, script size, etc.). But on some cases, it's true.


It's hardly predictable (especially we're talking few years in future), there are few important parameter/variable :
1. Transaction size. Upcoming technology such as Schnorr Signature will reduce transaction size on transaction with more an input.
2. Minimum transaction fees allowed to be broadcasted. Currently it's 1 sat/byte, but there are plans to reduce it.
3. Maximum block size
4. Average transaction per second (TPS)
5. Total unconfirmed transaction

But obviously it will be higher than redeem/spend coins from SegWit address.

Permit me to speak from a general point of view, the rise of the price of transfer fee is cause by the network users competing within themselves on who's transaction will be confirmed first by the miners as a result they increase their transfer fee to attract the miners to choose theirs over others from the huge queue of transactions lined up which must have been caused by the increase of bitcoin network users. And due to the steady increase of the numbers of bitcoin network users over the years, due to the success of the price of bitcoin and other factors, we're likely to experience high transfer fee from legacy address that's why we're encourage to use segwit address and LN for now until better solutions are developed.

So for your 5-10yrs period, based on the current situation, my answer is yes the trx fee will increase but hopefully before then, a better solution must have been developed.

Hi,

I have a simple question regarding the tx fees.

Fees are about 1 $ ( 0.00018BTC) now.
They have been higher ( 0.0039btc in December 2017) and lower in the past.
And of course, it depends on the "weight" of the Tx in Byte
the weight of tx issued by 1xxx addresses is heavier than tx issues by Bench32 addresses (3xx or bcxxx), right ?
With segwit the tx fees are reduced by 40% (found online).

So when a segwit address send coins to a segwit or a legacy (1xxxxx) the fees are low.

However then, when a legacy address wants to send the coins to another legacy or segwit, the tx are higher.

This is all good by me today, but what about in 5 years?

Today we still have a BTC relatively low in price ( $5.8k).
Which mean that if I want to store $58 in BTC I get about 0.01BTC on my paper wallet.



So my question is the following :
If I load some legacy addresses (paper wallet for example or vanity addresses ) with some low amount of crypto ( $50 to $100).
(They are going to be birthday presents for family members in 5 to 10 years).

When they will want to redeem the coins to a segwit or LN compatible wallet, what kind of fees are we expecting?
Can we expect tx fees to always stay in the $0.1 to $3 forever or are they going to follow BTC price and become (in USD) astronomically high?

Thanks for the help

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thanks

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