Topic: What will happen to the transaction fee? (Read 3085 times)
Transaction fees are being distributed to the miners ,which is always and distributed between them at last it been sold by a person .this is how the chain goes on ur plz quote me if i am wrong.
i dont see anypoing to worry about. 19k satoshi is the recommended miner fees for every transaction but i pay only 4.5k satoshi for each transaction since i use wallets with 0confirmations so i do not need to worry about anything.
Transactions fees can be minimised by sending less bitcoin not necessarily be true. I think with time transaction fees would reach sky high. At a time when miners will have very less profit then definitely they would rise three transaction fees even more
Yeah it looks like soon we might be paying 1$ fees for a 10$ transaction, hehe but that been said I think the only way this can be solved is by introducing some miners. Maybe some huge mining farms can be opened which runs just at low profits and hence problem is solved.
i am thinking what will happen when block halving reward will become negligible may be after 2050 or before that. even now itself miners had quit mining because profit dropped from 25 to 12.5 then think of 2050's situation.
That is a wrong statement. Before halving the exchange rates were around $230 per coin. So for every block, they were getting the equivalent of $5,750. And now, after the halving they are getting $740 per coin, for a total of $9,250. Actually their profits have increased by around 80%.
Past performance is not indicative of future results
it all hinges on adoption. for what bitcoin aims to be, internet money, it's currently a pitiful price. if it can't rise to accommodate more people and commerce then it's gonna be abandoned in lock step with the mining. it's a self perpetuating loop either towards success or death.
I don't particularly disagree with that, since it goes without saying that future adoption is what ultimately matters. Nevertheless, having said that, I still think that we are sort of insured from the necessity of doubling the price before or right after each halving. Let's assume that the price doesn't change at the next halving and halving itself doesn't get canceled. Obviously, miners will receive half as much revenue, and some of them may start leaving while others will continue mining since they all have different profit margins. But once some miners leave, the mining difficulty will decrease eventually, and the remaining miners will share the bitcoins that otherwise would be given to those who had left...
The inference is that, no matter how low the price might fall, mining will always be profitable in the long run
But miners take and maintain fees in a manner right ?
I mean if the price of bitcoins reaches 1000$ then maybe more transactions and hence less fees ? Plus miners can take .0001 and hence have a 0.1$ easy while right now they are taking .0002 because price is a bit low. I am not sure though.
I mean if the price of bitcoins reaches 1000$ then maybe more transactions and hence less fees ? Plus miners can take .0001 and hence have a 0.1$ easy while right now they are taking .0002 because price is a bit low. I am not sure though.
there can't be any more transactions at present. and i don't believe there are enough, or any, people with a pressing enough need to use only bitcoin to stomach paying stupid high fees. they'll switch to regular money. why would you pay a dollar or two in fees to buy something on steam when you maybe already had to pay a premium to get the bitcoin in the first place? you'd forget bitcoin and use your card or paypal.
I think for me it impossible that you pay high fee even the price of bitcoin is increasing they are just relaying in the present price of bitcoin.
But we have no assurance maybe it can be happen in the future.. because we are growing and the price of bitcoin is keep increasing..
But miners take and maintain fees in a manner right ? But we have no assurance maybe it can be happen in the future.. because we are growing and the price of bitcoin is keep increasing..
I mean if the price of bitcoins reaches 1000$ then maybe more transactions and hence less fees ? Plus miners can take .0001 and hence have a 0.1$ easy while right now they are taking .0002 because price is a bit low. I am not sure though.
Historically that may be true, but as the reward continues to divide, I don't think that miners will continue to make the same amount. It would require the price of bitcoin to at least double every reward halving.
it all hinges on adoption. for what bitcoin aims to be, internet money, it's currently a pitiful price. if it can't rise to accommodate more people and commerce then it's gonna be abandoned in lock step with the mining. it's a self perpetuating loop either towards success or death.
i am thinking what will happen when block halving reward will become negligible may be after 2050 or before that. even now itself miners had quit mining because profit dropped from 25 to 12.5 then think of 2050's situation.
That is a wrong statement. Before halving the exchange rates were around $230 per coin. So for every block, they were getting the equivalent of $5,750. And now, after the halving they are getting $740 per coin, for a total of $9,250. Actually their profits have increased by around 80%.
i am thinking what will happen when block halving reward will become negligible may be after 2050 or before that. even now itself miners had quit mining because profit dropped from 25 to 12.5 then think of 2050's situation.
That is a wrong statement. Before halving the exchange rates were around $230 per coin. So for every block, they were getting the equivalent of $5,750. And now, after the halving they are getting $740 per coin, for a total of $9,250. Actually their profits have increased by around 80%.
i am thinking what will happen when block halving reward will become negligible may be after 2050 or before that. even now itself miners had quit mining because profit dropped from 25 to 12.5 then think of 2050's situation.
That is the reality that it will closely to happen and if a transaction doesn't require fees then the miners will just stop mining. For it is not going to be profitable to them to make mining as sourrce as it is not going to be helpful for us if there is going to be an implementation that no fees are going to be ever made with our transactions.
Halving will increase the price, so in the end they will earn the same amount when they convert to fiat also they are still holding "old" coins.
Fees will depend of the adoptance of the bitcoin, in 2050 it can be dead or be with high fees.
i am thinking what will happen when block halving reward will become negligible may be after 2050 or before that. even now itself miners had quit mining because profit dropped from 25 to 12.5 then think of 2050's situation.
That is the reality that it will closely to happen and if a transaction doesn't require fees then the miners will just stop mining. For it is not going to be profitable to them to make mining as sourrce as it is not going to be helpful for us if there is going to be an implementation that no fees are going to be ever made with our transactions.
Transactions fees can be minimised by sending less bitcoin not necessarily be true. I think with time transaction fees would reach sky high. At a time when miners will have very less profit then definitely they would rise three transaction fees even more
Yeah it looks like soon we might be paying 1$ fees for a 10$ transaction, hehe but that been said I think the only way this can be solved is by introducing some miners. Maybe some huge mining farms can be opened which runs just at low profits and hence problem is solved.This won't work since the law of diminishing returns will kick in eventually, if not already. I think that the only viable way to keep transactions at their current price level in fiat terms with Bitcoin price going exponential ("to the moon") is to keep miners profits (in Bitcoin terms) they earn through transaction fees intact. There maybe other ways to do that, but what comes to mind at once is to pack more transactions per block, so that their Bitcoin price could safely decline while keeping the grand total of transaction fees at the same level...
As far as understand it, this could be achieved by gradually increasing the block size along with the growth in Bitcoin price
i am thinking what will happen when block halving reward will become negligible may be after 2050 or before that. even now itself miners had quit mining because profit dropped from 25 to 12.5 then think of 2050's situation.
Transactions fees can be minimised by sending less bitcoin not necessarily be true. I think with time transaction fees would reach sky high. At a time when miners will have very less profit then definitely they would rise three transaction fees even more
Yeah it looks like soon we might be paying 1$ fees for a 10$ transaction, hehe but that been said I think the only way this can be solved is by introducing some miners. Maybe some huge mining farms can be opened which runs just at low profits and hence problem is solved.
the transaction fee goes to the people who generated the bitcoin means the one that mined it and since mining bitcoin becomes more and more harder means the more Poole it is required to generated,this transaction fee is split between the number of people who generated the bitcoin so it is fixed whoever it is going up since the price of bitcoin is
Then the price of the recommended fees will decline so that the price tag of a transaction will stay the same.
I began to wonder what will happen with the amount of transaction fee in the future..
I mean, that transaction fee continues to grow, increasing also Bitcoin price.
Now optimal fee is ~19k satoshi, but what gonna happen in few years? How high can be transaction fee when Bitcoin price will be let say $10k?
Is it possible that transaction fee in future will be for example $10 ?
Its Not Possible Because the Transaction Fees We Pay For a Transaction is Mainly Depends Upon the Bitcoin Network That the Bitcoin Network is Weak Or Strong....I mean, that transaction fee continues to grow, increasing also Bitcoin price.
Now optimal fee is ~19k satoshi, but what gonna happen in few years? How high can be transaction fee when Bitcoin price will be let say $10k?
Is it possible that transaction fee in future will be for example $10 ?
E.g. If the Bitcoin Network is Weak then the Bitcoin Fees We Pay is High But If the Bitcoin Network is Strong Then the Fees is Not High.......
I began to wonder what will happen with the amount of transaction fee in the future..
I mean, that transaction fee continues to grow, increasing also Bitcoin price.
Now optimal fee is ~19k satoshi, but what gonna happen in few years? How high can be transaction fee when Bitcoin price will be let say $10k?
Is it possible that transaction fee in future will be for example $10 ?
I mean, that transaction fee continues to grow, increasing also Bitcoin price.
Now optimal fee is ~19k satoshi, but what gonna happen in few years? How high can be transaction fee when Bitcoin price will be let say $10k?
Is it possible that transaction fee in future will be for example $10 ?
More transactions=higher transaction fees,i guess.
What will happen with the transaction fee after all the 21 million bitcoins are mined?
I though that transaction fees are reward for the btc miners.After mining stops perhars there shouldn`t
be any transaction fees exept online wallet fees,i guess.
I began to wonder what will happen with the amount of transaction fee in the future..
I mean, that transaction fee continues to grow, increasing also Bitcoin price.
Now optimal fee is ~19k satoshi, but what gonna happen in few years? How high can be transaction fee when Bitcoin price will be let say $10k?
Is it possible that transaction fee in future will be for example $10 ?
I think it will not happen. because basically the greater the number of transactions that we send, the greater the amount of the fee we have to pay. was reasonable, because it can give us a faster time in sending bitcoin to others. I mean, that transaction fee continues to grow, increasing also Bitcoin price.
Now optimal fee is ~19k satoshi, but what gonna happen in few years? How high can be transaction fee when Bitcoin price will be let say $10k?
Is it possible that transaction fee in future will be for example $10 ?
I believe it would be fair for users and miners.
And if every world start to use the coin, for sure we will make changes in the code to find a solution to keep the low fair for all.
And if every world start to use the coin, for sure we will make changes in the code to find a solution to keep the low fair for all.
i am sure that the transaction fee will be increase too since there are more people start to use bitcoin and the transaction itself is increase in total number in a day. and i think its fine when we see in someday the transaction fee is not the same as before.
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