Topic: Future Transaction Fees - page 3. (Read 2854 times)

Actually the market does. If a miner doesn't accept low transaction fees, then they will be making less Bitcoin. At this time it is kind of irrelevant, but in the future, transaction fees will become more important and something that miners won't want to miss.

Transaction fees have never been determined by the network, only the relay fee. It can be changed since users can compile the code themselves and it is easier now with arguments to use. Miners are the only ones deciding the transaction fees to accept. They call the shots.

Transaction fees has been adjusted many times before, so we just have to adjust it again when bitcoin price increased.
There aren't any problem for adjust transaction fees, but usually it takes time for everyone to change their default transaction fees (especially when transaction fee is increased).

FYI, total input and output also decide a transaction fee in transaction

As far as I know transaction fee has nothing to do with the amount of bitcoin you are sending. You are paying for transferring data.
If your transaction is compiled from single input your fees will be lower than sending BTC collected from many sources before.

Why do you use fiat as a reference, it is hard for anyone to set a reliable exchange as a source. Transaction fees are decided mostly by the miner and they can choose to accept those with higher fees and ignore those with lower fees. The only fees which you must follow for a non-free transaction is the relay fee. But again, nodes can adjust them.

The fee is not fixed. In the core client, there is recommended fee, such as 0.0001btc/kB. But you do not have to pay that. You can choose your fee. In the busy times, it is better to pay higher fees to get faster confirmation. In the not so busy times, you can reduce the fee to lower than the recommended fees and can still get confirmed.

How would you change the fee, since bitcoin is a P2P network? Does someone go around asking people, "Hey! Stop paying 0.0001 as your tx fee! The meta is now 0.00001!"? Or do we have to switch to a totally different Bitcoin client?

This is all quite confusing to me, as you can see, I'm a mere Jr Member. Enlighten me.

As even 1 satoshi can be sent out transaction fee can be or will be adjusted like before in future. If one bitcoin will be 1,000,000$ than it will cost only 1cent for 1 satoshi so paying 1-3 satoshi will not be big deal to do transaction. So i don't think fee will create any problem in future of bitcoin use.

If bitcoin wants to market itself as cheap it will lower the suggested fee again in the future.

Also, it is only a suggested fee, you can use a lower one, but be prepared to be waiting then.

When Bitcoin's value has reached that stage we will have several sidechains and lightning network, payment channels being implemented. And there you will do your micropayments and more smaller transactions.
At least this is my actual view how things could evolve.

Exactly this! When you just consider how Bitcoin was designed by its original creator and all of the things that he has thought about, this is mind blowing.

Then when you add on the top of this all of the smart people that are working currently on Bitcoin and all of the smart people that will probably be attracted in the future to work on Bitcoin, you cannot but feel good about our future!

Yeah, thats true. The fee is nothing much compared to what you are actually paying for. Anyway, the fee will not be that high.

Bitcoin have so many bright minds in development thats everything is forseen already and taken care of

ok lets give the OP something else to think about.

these 2 links
https://blockchain.info/charts/avg-block-size?timespan=30days -0.55mb blocksize average
https://blockchain.info/charts/n-transactions-per-block?timespan=30days - 1100 tx per block average..

this calculates to ~500byte per tx   (0.55mb / 1100=0.0005mb per tx)

now imagine we stuck to a $0.03cent tx fee, no matter what (dont worry about how many satoshi's it may be for now)
at a maximum of 2000tx in a 1mb block limit. the maximum block fee total if every tx had a fee would be $60
at a maximum of 16000tx in a 8mb block limit. the maximum block fee total if every tx had a fee would be $480
at a maximum of 64000tx in a 32mb block limit. the maximum block fee total if every tx had a fee would be $1920.

so people if you want to know how much pay you will get, when mining bitcoin is dependent only on fees and not reward.. now you know the maximum reward

so yea as bitcoins price increases and tx fees end up being 0.00000001 as the 3cent equivalent value, just remember that the total payout per block solved will still be limited.. to under $2k per block if tx fee's are 3cent each.

but for now, just enjoy the 25btc reward valued at $8000 per block
and next years 12.5btc reward, hopefully valuing bitcoin at $640+ to keep inline with $8000 per block reward

and dont worry so much about fee's as they wont become an important payout for decades, which is when farms wont be concentrating on mining and it will become more decentralised where handfulls of hobbyists are sharing the $2k/10 minute payout

The fees can go to the minimum 0.00001 per k byte or recommended 0.0001 BTC per k byte. Even we can pay zero fee if you don't rush to get the transactions confirmed in the next block or the transactions have high priority.

I don't think that you understand how the miners fees work. Like you said, if the price went up that high, no one would pay that high of a fee, so no one would put the fee up that high. They can change, it is not a set fee. Do you understand now?


Exactly.

that's what make bitcoin different than any other currencies, transfer fee are adjustable, even we can set it to zero fee. but i will never do that you know why, it is like delayed and takes too much time with zero fees.

you can always lower the fee, because if the value will be that big, i doubt you will send 1 btc as it is right now for your shopping purpose, you will send much less 0.01 or lower, so this amount also need less fee

and anyway you can go with zero fees if needed...

Bitcoin has 8 decimal place. We could use mbtc, ubtc instead of btc at that time.