Topic: What would happen to the transaction fee if bitcoin SKYROCKETED - page 2. (Read 2464 times)

The transaction fee can be lowered, in the last years we have seen that case before so it's not a real problem.
Also btc development isn't stopped therefore, if needed, some other decimal numbers can be added.

In today's economy , there are around 5 trillion dollars , if you consider all economies.

Let's say 15 million BTC are mined , that will mean that even if the entire economy is only Bitcoin , each Bitcoin will be worth 5,000,000,000,000/15,000,000 = 333,333$ in today's money.

Bitcoin will never be worth a million $ of today's money. Sure , it may happen one day when USD has inflated so much that it is worth a cent of today's money. But in comparison to the money of now , Bitcoin can not cross a million.

Yes... that was what I was talking about. Even during the last time, there was a lot of opposition from some of the major mining pools. The next time, the opposition is going to be much more vocal.

not much would happen imho..business as usual.

they would move the decimal places so that you can have fractions of a satoshi. They can easily add another 8 decimals.


in fact 1 bitoin would be 100 million dollars in that case. And that would make most of us multi-millionaires or even billionares.

Not completely impossible either. Could happen within the next 10 years.


bitcoin is meant for both large and micro transactions, and as long as the protocol is maintained in the right way, there's no need for altcoins at all.


Mining fees have been lowered before and they will lower again. Some miners can join a pool which still charges higher fees, but they will be beaten by the pools with lower fees and more miners. Eventually they will never find any blocks and they will give up and join bigger pools (with lower fees) or stop mining. If miners become too greedy they will not last.

Miners always must make a decision between a lot of transactions with a low fee, or a few transactions with a high fee. But since more transactions means more fees in total, as well as a higher and more stable bitcoin value, most smart miners will accept the lowest fee possible, while still being profitable. For example it's better to have 10000 transactions per second for a 0.00000050 fee than 100 transactions per second for a  0.00000100 fee

As long as you can specify your own transaction fee, the problem will take care of itself naturally.  i.e. I will keep my transaction fees in line with what they are currently... a few pennies per transaction.

I don't think that the miners are going to be happy with that suggestion. Already they are complaining that the mining is very unprofitable. Any further attempted reduction in the transaction fee will face a lot of opposition.

If bitcoin value increases a lot, more decimal place can be introduced.  Transaction fee can be changed as well.

If BTC skyrockets...there will be no more $10 meals allowed .   Maybe $10 bottles of water...jk

Thread would be made 900% more accurate to near-future reality by replacing "if" with "when" in every instance.

In this so successful scenario and with BTC having a so high value in $, it's right and correct the fee is $1-$2. For your daily needs just convert a fraction of your BTC in another cryptocurrency (e.g. LTC) with a lower value; surely in this case BTC should not the only cryptocurrency accepted, especially for cheap purchases as the one you mentioned.

It really is just a question of moving decimal points a few spots as needed. AS long as everyone is getting value for their btc or hashing power things should be fine. 

If BTC becomes much more valuable, then Tx fees can be lowered with max block sizes increased given the increased price allows for tx fees to be lower in nominal value while still paying a similar real value when compared to fiat (or goats, or cheeseburgers, or whatever). Cost of "normal network functions" doesn't necessarily increase with price, so it's reasonable to bring down the "minimum" fee while increasing the amount of transactions able to be stuffed into it (within reason, and I think we're allowing too many transactions to be potentially stuffed into blocks right now), and of course to reduce the minimum Tx BTC amount to be considered dust.

That will be a great problem to have...that would mean that 1 bitcoin would be worth 1 million dollars. I think we are a long way off from those numbers. But Im sure if it becomes an issue well have a solution.

There are many solutions. It's just an engineering problem. Each solution will depend on how bitcoin is used.

Who cares, we would be billionaires!!!

And more decimal places can be added...

Here is what I mean,

Imagine if 1 satoshi = $1 ..... WHat would happen to the fee, I mean 1 satoshi is smallest fraction of a bitcoin. It would be stupid to buy a $10 meal and the fee being $1-$2