What will transaction fees be like once no more BTC can be mined? - page 2.

fortunecrypto

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Quote from: marlboroza on May 15, 2016, 02:54:00 PM

hah that is really good question, but i don't think we should be worried about it as the last bitcoin is going to be mined in about 120 years Grin

in that time maybe no life will be left on earth. Maybe miners will work for fee or some new coin will replace bitcoin

I agree with you this should be the least of our question ,our goal right now is to have bitcoin embrace but all people and merchants and to have it at five digit value..

calkob

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They are certain to be higher but there is more likly to be higher transactions on the network by then also which means more people spending....

julian071

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BTC being totally transparent, you can just calculate:

If the miners want to make the same amount they do today, at a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today).
Using 5 transactions/sec as maximum speed (with current block size), 300 transactions each minute.
$1250/300 transactions = $4,16 per transaction.

Of course this changes as the metrics change:
2x higher BTC price -> 2x higher fees
2x more transactions per block -> 1/2 fees

marlboroza

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hah that is really good question, but i don't think we should be worried about it as the last bitcoin is going to be mined in about 120 years Grin

in that time maybe no life will be left on earth. Maybe miners will work for fee or some new coin will replace bitcoin

European Central Bank

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Let's hope something's in places or the whole system's gonna fall apart. The more layers there are on top the more expensive it might be to use on chain stuff. Maybe it'll attract news headlines in the future "bitcoin block chain transaction takes place".

tiggytomb

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Quote from: tzman on May 15, 2016, 01:15:50 PM

Well thats a question to be handled over the next generations as i doubt we will be alive by 2140 thats when the mine of bitcoin should be over,but sure there is a concern since no more coins,what the miners will get to keep bitcoin security,or what will happen if the hash stop protects bitcoin what would be the next step?

I still hold hope for some kind of technology that will allow us to still be here. I would think it would be a whole new world at that point and bitcoin should finally be the currency of choice, fees would they be enough for miners to keep on mining? who knows, would be nice to have a time machine to have a quick look.

tzman

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Well thats a question to be handled over the next generations as i doubt we will be alive by 2140 thats when the mine of bitcoin should be over,but sure there is a concern since no more coins,what the miners will get to keep bitcoin security,or what will happen if the hash stop protects bitcoin what would be the next step?

amacar2

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Quote from: ProfessionalGoogler on May 15, 2016, 12:04:31 PM

Will they be high?

Depends on the price of bitcoin and if it is low amount in bitcoin will be high but altogether it should not be more than current fiat rate. Lots of miner may left mining if they don't find it profitable making mining easier so that even at low transaction fee without sufficient block reward bitcoin network will keep running.

ProfessionalGoogler

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Will they be high?

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