Fees when bitcoin "skyrocket"

[errornone]

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

[Dire]

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

You're missing the fact that the fee amount is changeable as the market dictates it. If everyone starts paying to the tune of the USD amount $10, then yes, more people would do so to get their transaction confirmed quicker as the miners would give it priority.

So, for example, you can pay 0.03 BTC today for a transaction if you want, but that doesn't mean everyone will.

Just to be clear, you can change the fee to zero if you want, it just means it'll take longer for a confirmation, and miners should be given something for their hashing power.

[Deuceisgood]

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

You're missing the fact that the fee amount is changeable as the market dictates it. If everyone starts paying to the tune of the USD amount $10, then yes, more people would do so to get their transaction confirmed quicker as the miners would give it priority.

So, for example, you can pay 0.03 BTC today for a transaction if you want, but that doesn't mean everyone will.

Just to be clear, you can change the fee to zero if you want, it just means it'll take longer for a confirmation, and miners should be given something for their hashing power.

Could it conceivably take FOREVER for a zero fee transaction to process?!? I have a couple of small transaction from 8 July that have STILL failed to post to the blockchain. I'm not sure what gives with those ... but suspect they were sent during the SPAM attack and got linked with the spam transmissions?

Btw, I didn't send these transaction, I am the recipient.

[--Encrypted--]

Could it conceivably take FOREVER for a zero fee transaction to process?!? I have a couple of small transaction from 8 July that have STILL failed to post to the blockchain. I'm not sure what gives with those ... but suspect they were sent during the SPAM attack and got linked with the spam transmissions?

Btw, I didn't send these transaction, I am the recipient.

zero confirmation just means that no miner has included that transaction in a block yet. miners includes transactions in blocks because the fees goes to them. so when you don't pay the fees, you gotta wait for some rare miners that will eventually include your transaction on their block.

that's just the simple explanation. check this and this for the more technical explanations.

[Ingatqhvq]

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

Don't afraid such peoblem, it will be reduce the fee when the price is too high.
                                                                   

[funtotry]

Fee will reduce later obviously.
No one will want to pay 10 bucks per transaction, especially if its a small coffee transaction like 2$. Thats 5x the amount of the item lol.
Even now, the fee seems a bit high. 0.0001 is a small decimal, but thats a couple cents. A couple cents 100 times is a couple dollars. Its much smaller than paypal or western union or stuff like that, but it really adds up
I have ~500 transactions on my main address.
500 x 0.0001 is 0.05 btc, which is 14$. I guess thats not much for 500 transactions (paypal would almost be in the thousand dollar amount for that many transactions), but 14$ is a lot for just sending around coins.

[pooya87]

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

fees has already been changed a couple of times until now. it was not always 0.0001 BTC for fees , i don't know exactly what was the amounts before but i know for a fact that it has been changed more than once in history of bitcoin.

so in the future it is not a problem to change it again for example if the price skyrockets it can be reduced or if the block reward decreases a couple more times and price goes down it can be increased.

[PenguinFire]

I have not seen many actual figures on here.  Would it be like .001?  Is that reasonable?

[Derrike]

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

You're missing the fact that the fee amount is changeable as the market dictates it. If everyone starts paying to the tune of the USD amount $10, then yes, more people would do so to get their transaction confirmed quicker as the miners would give it priority.

So, for example, you can pay 0.03 BTC today for a transaction if you want, but that doesn't mean everyone will.

Just to be clear, you can change the fee to zero if you want, it just means it'll take longer for a confirmation, and miners should be given something for their hashing power.

miners are given 25 Bitcoin for their hashing power and if you don't know then let me tell you that the fee goes to the pool and not to the miners.

[Derrike]

Then we will be making the transaction fee more less like 100 Satoshi

[notlist3d]

We have a LONG time till we worry about fees.  I think it's multiple havings till we have any issues at all.

And the community is not stupid.  They will correct value of BTC to where it does not cost a fortune.   What cost will be in 10 years.... hard to say.  Just not enough out there to give good anwser.

[Amph]

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

Don't afraid such peoblem, it will be reduce the fee when the price is too high.
                                                                   

the point is that this will lead to more waiting, for your comfirmation, which is already long some time when the average is not on your favor

if you already reduce it by one order of magnitude, you need to wait two hours on average, not ideal at all

[Kprawn]

Whatever happens, the fees will be less than most or all of the other traditional payment methods out there at the moment. While the Block reward is still there to reward the miners, the fee's function as a added bonus.

Once the reward decline to a level, where the motivation to mine is not profitable, a increase in fee's would be inevitable.

It's also a motivator for people to pay higher fee's, when there is a transaction backlog. The higher the fee, the quicker the confirmation. It's just how it works.  

[neoneros]

It would be the end of Bitcoin if the fee stays BTC 0.0001. Fee's are not mandatory, so you can try to make a transaction without any fees, it will probably bounce for there are barely miners who will accept the transaction if no fee is being rewarded.

It would be nice to have some maverick miners, accepting 0 and very low fee transactions? Scraping all the transactions other miners will ignore. It would no be profitable, but it would help the not so fortunate or scrooges in the bitcoin community 

[errornone]

Could it conceivably take FOREVER for a zero fee transaction to process?!? I have a couple of small transaction from 8 July that have STILL failed to post to the blockchain. I'm not sure what gives with those ... but suspect they were sent during the SPAM attack and got linked with the spam transmissions?

Btw, I didn't send these transaction, I am the recipient.

zero confirmation just means that no miner has included that transaction in a block yet. miners includes transactions in blocks because the fees goes to them. so when you don't pay the fees, you gotta wait for some rare miners that will eventually include your transaction on their block.

that's just the simple explanation. check this and this for the more technical explanations.

Just one parallel question: if miners are not including his transaction in blocks, where in hell is his transaction at this moment? Where is it saved or written while it is waiting for a block?

[errornone]

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

(...)
Just to be clear, you can change the fee to zero if you want, it just means it'll take longer for a confirmation, and miners should be given something for their hashing power.

if my transaction is lower than 0.01 BTC we CAN'T change the fee to zero. You have to pay the fee, sadly.
This happens to discourage dust spam:

"2. Discourage "dust" spam
If any of the outputs (including any change) of your transaction are less than 0.01 XBT, then a fee of 0.0001 XBT is required. The coin selection algorithm is careful to avoid selecting coins that result in a change amount of less than 0.01 XBT if at all possible."



Right?

[medUSA]

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).
But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!!

You do not need to worry about that. Default fee have been reduced before due to bitcoin price levels.

Default fee was reduced from 0.0005btc to 0.0001btc in May 2013 since Bitcoin-Qt 0.82 (Release Notes). In March 2014 , Bitcoin Core v0.9.0 (Release Notes) reduced the minimum relay fee to 0.00001 btc. Note that lowering minimum relay fee does not imply lowering default fee to 0.00001 btc.

The lowering of minimum replay fee has set the stage for a low "market rate" for transaction fees. If Bitcoin price skyrocketed, users have the option of sending transactions anything above 0.00001 btc fee. It means transaction with 0.00001 btc are also considered valid and will be relayed. It is still up to the miner to decide whether to include it in the blocks.

Could it conceivably take FOREVER for a zero fee transaction to process?!?

Zero fee transaction could also confirm as quickly as fee-paying transactions. It has to do with the priority score and maturity of the inputs of the transaction. In very simple terms, less than 1 kilobyte transactions with more than 1 btc transacted can be sent with no fee (Wiki). I would not suggest any less experienced user to try sending a zero fee transaction because it induces stress and it is a troublesome process to remove the transaction from wallet if it did not confirm within reasonable time.

if miners are not including his transaction in blocks, where in hell is his transaction at this moment? Where is it saved or written while it is waiting for a block?

It's in the unconfirmed transaction memory pool. You can view them here:
https://blockchain.info/unconfirmed-transactions

[Mickeyb]

Fees are very much variable. They depend on Bitcoin price, price of electricity, mining revenues etc.
When Bitcoin skyrockets all the parameters will change and fee will change accordingly.
All in all, Bitcoin fee will always be smaller than bank fee. 

[errornone]

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

(...)
Just to be clear, you can change the fee to zero if you want, it just means it'll take longer for a confirmation, and miners should be given something for their hashing power.

if my transaction is lower than 0.01 BTC we CAN'T change the fee to zero. You have to pay the fee, sadly.
This happens to discourage dust spam:

"2. Discourage "dust" spam
If any of the outputs (including any change) of your transaction are less than 0.01 XBT, then a fee of 0.0001 XBT is required. The coin selection algorithm is careful to avoid selecting coins that result in a change amount of less than 0.01 XBT if at all possible."



Right?

so, anyone would help me with this?

[Herbert2020]

^^
you can always send free transactions (that is without fee) but the thing is that your transaction is not going to get confirmed or take at least 1 week to get any confirmation at all.