First you need to know what will be the transaction/blocks and the block size and the price in the future.
Also what the value of the transactions, if they are big, a bigger transaction fee will be charged.
I don't think one can predict it right now, only maybe draw possible scenarios that will most likely will be all wrong.
Topic: What fees would realistically be once all the BTC is mined? (Read 468 times)
I'm guessing at least over a dollar.
I wouldn't be surprised to see 1000X more TX on the network by the time the mine completely runs dry, at which point 1/10thof a cent / TX would probably be enough...
the big question is can the main chain scale 100-1000X and allow for nearly free ultra secure TX. I believe it can.
the big question is can the main chain scale 100-1000X and allow for nearly free ultra secure TX. I believe it can.
It's impossible to predict right now because no one knows how much bitcoin will be worth, how many people the network will be able to support in future and what percentage of the fees paid by those users will go to miners if off-chain services become a thing. It's all pure speculation at this point.
How would Bitcoin price matter when we are talking about fees? The Bitcoin price wouldn't make any difference, only if Bitcoins are being mined.
That part depends on whether or not fiat crumbles or if people still want to think of Bitcoin as an asset that they can exchange for cash. The more valuable bitcoin is, the less miners will need to cover their operating costs. If people aren't including enough fee with their transactions to make things profitable for the miners, the miners can elect not to include those transactions.
But to further complicate things, this also depends on how many individuals as opposed to how many large companies are using the main chain. Some envision that the average person in future won't be settling on the main blockchain, as that will generally be reserved for the finance sector and big business, who would naturally pay large amounts in fees. I'm not sure this is a likely outcome, though. I don't think we'll ever win the finance sector around to a system they have no control over.
Any variation in how the ecosystem develops over time, including things I haven't even thought of, could all have an impact on what the average fee might end up being in future. It's pure guesswork and anyone who says different is lying.
It's impossible to predict right now because no one knows how much bitcoin will be worth, how many people the network will be able to support in future and what percentage of the fees paid by those users will go to miners if off-chain services become a thing. It's all pure speculation at this point.
How would Bitcoin price matter when we are talking about fees? The Bitcoin price wouldn't make any difference, only if Bitcoins are being mined.
What do you mean how it does matter? Well if you pay 0.0001 BTCs for a fee it's not the same if 1 btc is worth $1,000 or $200. This 0.0001 will be worth 5 times more in first case scenario.
Nobody knows like previous user had written. There are too many unknowns at the moment!
i think that spending more than 5c on any transaction is rediculous.. so lets use the 5c as a benchmark per tx.
now then a 1mb block has the potential of 4200tx per block. thus $210 MAXIMUM POTENTIAL income from a block of purely tx fee's
now then a 20mb block has the potential of 84000tx per block. thus $4200 MAXIMUM POTENTIAL income from a block of purely tx fee's
now then a 32mb block has the potential of 134400tx per block. thus $6720 MAXIMUM POTENTIAL income from a block of purely tx fee's
so there are the fiat totals.. but no one can know for sure what the bitcoin price will be in a few decades to equate that to a btc income..
but lets guess
$2,000/btc= total solving reward of 3.36btc per block (full 32mb), with an individual tx cost of 0.00002500/tx
$5,000/btc= total solving reward of 1.344btc per full 32mb per block (full 32mb), with an individual tx cost of 0.00001000/tx
$10,000/btc= total solving reward of 0.672btc full 32mb per block, with an individual tx cost of 0.00000500/tx
there's the maths.. enjoy your speculating
now then a 1mb block has the potential of 4200tx per block. thus $210 MAXIMUM POTENTIAL income from a block of purely tx fee's
now then a 20mb block has the potential of 84000tx per block. thus $4200 MAXIMUM POTENTIAL income from a block of purely tx fee's
now then a 32mb block has the potential of 134400tx per block. thus $6720 MAXIMUM POTENTIAL income from a block of purely tx fee's
so there are the fiat totals.. but no one can know for sure what the bitcoin price will be in a few decades to equate that to a btc income..
but lets guess
$2,000/btc= total solving reward of 3.36btc per block (full 32mb), with an individual tx cost of 0.00002500/tx
$5,000/btc= total solving reward of 1.344btc per full 32mb per block (full 32mb), with an individual tx cost of 0.00001000/tx
$10,000/btc= total solving reward of 0.672btc full 32mb per block, with an individual tx cost of 0.00000500/tx
there's the maths.. enjoy your speculating
It's impossible to predict right now because no one knows how much bitcoin will be worth, how many people the network will be able to support in future and what percentage of the fees paid by those users will go to miners if off-chain services become a thing. It's all pure speculation at this point.
How would Bitcoin price matter when we are talking about fees? The Bitcoin price wouldn't make any difference, only if Bitcoins are being mined.
It's impossible to predict right now because no one knows how much bitcoin will be worth, how many people the network will be able to support in future and what percentage of the fees paid by those users will go to miners if off-chain services become a thing. It's all pure speculation at this point.
Any research on this topic?
I mean when you hold BTC the hidden tax is basically more coins being mined into existence. Like when the FED prints money.
But what about when the last BTC is mined? Surely the small fees now can't cover mining costs?
Would we have to change mining methods altogether? Or are fees just going to end up being like they are with the USD, EURO, etc.
I mean when you hold BTC the hidden tax is basically more coins being mined into existence. Like when the FED prints money.
But what about when the last BTC is mined? Surely the small fees now can't cover mining costs?
Would we have to change mining methods altogether? Or are fees just going to end up being like they are with the USD, EURO, etc.
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