Tx fees if Bitcoin will reach 100k $

[vrm86]

Many BTC holders believe that one day BTC price will reach even 100.000$ as it will be wide adopted.

So, what fees shall people pay then just for sending for example 20$ worth of Bitcoin (0,0002 BTC)? I mean, if tx fee levels expressed in $ will be still reasonable comparing to the banks transfers charges? As far as I know there is some fixed tx fee depending on transaction size in block, but I don't know technical details though.

[Amph]

well bitcoin is divisible, you can just lower the fee to 1 satoshi

the problem could occur if even 1 satoshi will be worth a tons

[DarkHyudrA]

Altough there is a consensus on a decent amount of fee, you can always choose how much you want to pay.
No big deal.

[Sarthak]

This is no big deal! Put your fee to a few satoshi! Problem solved 

[mishax1]

Ask yourself this: What happens if no one pays a fee for a transaction today?

[vrm86]

well bitcoin is divisible, you cna just lower the fee to 1 satoshi

the problem could occur if even 1 satoshi will be worth a tons

I asked that question according to this:
https://en.bitcoin.it/wiki/Transaction_fees

Otherwise, the reference implementation will round up the transaction size to the next thousand bytes and add a fee of 0.1 mBTC (0.0001 BTC) per thousand bytes[1]. As an example, a fee of 0.1 mBTC (0.0001 BTC) would be added to a 746 byte transaction, and a fee of 0.2 mBTC (0.0002 BTC) would be added to a 1001 byte transaction. Users may increase the default 0.0001 BTC/kB fee setting, but cannot control transaction fees for each transaction.

But i might misunderstood something.

[neoneros]

Ask yourself this: What happens if no one pays a fee for a transaction today?

Miners still have blocks to mine and get coins/income. It will only be  a problem if the coins are all dug up and the miners have to live of the fees.

[randy8777]

Ask yourself this: What happens if no one pays a fee for a transaction today?

Miners still have blocks to mine and get coins/income. It will only be  a problem if the coins are all dug up and the miners have to live of the fees.

i wonder how much the fee then will be. and also, will it be a hard forced fee that you can't turn off.
fee must be decent enough for the miners to continue mining and low enough to not bother the people who send bitcoin.

[mishax1]

If everyone don't add bitcoin to transaction fee / just add only 1 satoshi
Miners don't have choice & have to accept it

Even now, there are some transaction with very low fee / no fee but miners still accept it

These transactions are usually delayed hours and even days..

[Lauda]

Was this not discussed before? As far as I know the fees have been reduced once, who's saying that it can't be done again?
You can also either send a transaction without a fee which may or may not take hours/days to process depending on luck.

These transactions are usually delayed hours and even days..

Not really. Actually mine was never delayed in the past, I guess that was just luck or something.

[mishax1]

Was this not discussed before? As far as I know the fees have been reduced once, who's saying that it can't be done again?
You can also either send a transaction without a fee which may or may not take hours/days to process depending on luck.

These transactions are usually delayed hours and even days..

Not really. Actually mine was never delayed in the past, I guess that was just luck or something.

Mine did, a couple of times.. 

[vrm86]

As far as I know the fees have been reduced once, who's saying that it can't be done?

Seems that this is the solution.

 

If everyone don't add bitcoin to transaction fee / just add only 1 satoshi
Miners don't have choice & have to accept it

Even now, there are some transaction with very low fee / no fee but miners still accept it

Main purpose now for mining is block reward. I can't imagine that there would be so many miners paying electricity bills out of their pockets just to secure blockchain.

[EcuaMobi]

As far as I know the fees have been reduced once, who's saying that it can't be done?

Seems that is the solution.

This. And also that we can have more than 8 decimal places in the future if required.
So even if 1 satoshi is too much we can have a default fee of 1^-10 for example.
This is definitely not a problem.

[Bralex]

If everyone don't add bitcoin to transaction fee / just add only 1 satoshi
Miners don't have choice & have to accept it

Even now, there are some transaction with very low fee / no fee but miners still accept it

These transactions are usually delayed hours and even days..

Why would they delay them when they are getting more than they get now i mean if this is the theory that 1 satoshi is $1 surely they will be making more money than they do now mining? What am i missing? lol

[EcuaMobi]

If everyone don't add bitcoin to transaction fee / just add only 1 satoshi
Miners don't have choice & have to accept it

Even now, there are some transaction with very low fee / no fee but miners still accept it

These transactions are usually delayed hours and even days..

Why would they delay them when they are getting more than they get now i mean if this is the theory that 1 satoshi is $1 surely they will be making more money than they do now mining? What am i missing? lol

mishax1 is talking about TX with zero fee. If they're not priority then they can take days to confirm and that will always be the case. However we will never have to pay several dollars per transaction as fee, things can change to prevent that.

[DannyHamilton]

- snip -
As far as I know the fees have been reduced once, who's saying that it can't be done again?
- snip -

Actually, it has already happened at least 3 times in the past.

I recall the standard transaction fee being 0.001 BTC, then I recal it being reduced to 0.0005 BTC, then down to 0.0001 BTC, and eventually it was reduced to 0.00001 BTC.

I haven't loaded Bitcoin Core version 0.10 yet, but I thought I read that it now attempts to dynamically compute a reasonable fee.  If the transaction has a high enough priority, you can send it with 0 fee and still have it confirmed in a reasonable amount of time.

[coinpr0n]

I suppose transaction fees would be lowered to stay competitive. It wouldn't make sense to send 0.0001 BTC ($10) for most transactions. These kind of things can be dealt with by the community.

[flyingplows]

Many BTC holders believe that one day BTC price will reach even 100.000$ as it will be wide adopted.

So, what fees shall people pay then just for sending for example 20$ worth of Bitcoin (0,0002 BTC)? I mean, if tx fee levels expressed in $ will be still reasonable comparing to the banks transfers charges? As far as I know there is some fixed tx fee depending on transaction size in block, but I don't know technical details though.

I think people will just use alcoins for small transactions and if you buy big you use bitcoin because if bitcoin skyrockets even one satoshi might become a problem for a fee. At least altcoins will have some purpose and not only for speculation

[BitcoinFr34k]

Altough there is a consensus on a decent amount of fee, you can always choose how much you want to pay.
No big deal.

I disagree on this. If you choose to pay a too low of an amount then you are unlikely to have your tx treated as if it includes a fee, and if your tx otherwise is too low of a priority then it will likely take a long time for it to get confirmed.

- snip -
As far as I know the fees have been reduced once, who's saying that it can't be done again?
- snip -

Actually, it has already happened at least 3 times in the past.

I recall the standard transaction fee being 0.001 BTC, then I recal it being reduced to 0.0005 BTC, then down to 0.0001 BTC, and eventually it was reduced to 0.00001 BTC.

I haven't loaded Bitcoin Core version 0.10 yet, but I thought I read that it now attempts to dynamically compute a reasonable fee.  If the transaction has a high enough priority, you can send it with 0 fee and still have it confirmed in a reasonable amount of time.

I am surprised to see this response from you. Version 0.9.1 (mac) of QT allows you to set a custom default tx fee on a per kb basis. Additionally most clients will allow the user to set any tx fee that they choose, be it .0001 for a 4 kb tx, or 1.4 for a 1 kb tx.

It is ultimately up to the pool/miner/the entity that finds the block to determine the tx policy and what tx's they will accept among any number of factors including the size of the tx fee on a per kb basis. Although the miners as a whole may generally accept the same amount of a tx fee, it is impossible to "change" the tx fee.

When the price of bitcoin increases substantially from where it is now, in theory the number of tx per second will have increased substantially so the average tx fee can have decreased a lot and the miners would still get a similar total amount of total block reward.