Future Transaction Fees

[bieberluvr]

Since the BTC transaction fee is 0.0001 BTC, here are what transfers will cost in the future:

$1,000 per coin = $0.10 transaction fee
$10,000 per coin = $1.00 transaction fee
$100,000 per coin = $10.00 transaction fee
$1,000,000 per coin = $100 transaction fee

Honestly, if Bitcoin goes to the 6-7 figure mark, I don't see how people would be willing to pay these fees.  Especially for everyday transactions.  And considering there aren't enough Bitcoins for everyone in the world to own even a tenth of a coin. Comments?

[AgentofCoin]

You do not understand the basics of Bitcoin/bitcoin.
The miner's fee can be adjusted in the future, to equal the new appropriate miners fee.
The decimal is not fixed, but adjustable, if and when needed.

For example, if 1BTC is equal to $1,000,000 USD (we all wish),
 then the miners fee will be adjusted to around 0.0000001 BTC or 10 Satoshis.

[gentlemand]

The fee has been adjusted in the past. It can easily be done again. The idea is that there'll be that many more transactions to compensate miners so fees won't have to be astronomical.

[saturn643]

Also, if Bitcoin were to reach super high prices, it could be due to inflation of the dollar. Then in that case, paying a $10 fee for something that costs $1500 (e.g. a gallon of milk after hyper inflation) is not unimaginable and comparatively, is a small fraction.

[bieberluvr]

Ah, I see - Thanks for clarifying.

[dunfida]

The fee was 0.01 per kB, then it was reduced to 0.001 per kB. Now it is 0.0001 per kB. This fee changes with the value of bitcoin. It is not fixed.

[Kprawn]

Ah, I see - Thanks for clarifying.

Clever way to pimp your faucet referral link  It was a valid question though...  ....

For example, if 1BTC is equal to $1,000,000 USD (we all wish),
 then the miners fee will be adjusted to around 0.0000001 BTC or 10 Satoshis.

From your post to the god's of Bitcoins ears... a 1 BTC / $1 000 000 price would cut my remaining working days to pension considerably.  ... Do you reckon the fee would

really be that low at that price...   

[TECHNO55]

Honestly, if Bitcoin goes to the 6-7 figure mark, I don't see how people would be willing to pay these fees.  Especially for everyday transactions.  And considering there aren't enough Bitcoins for everyone in the world to own even a tenth of a coin. Comments?

Bitcoin has 8 decimal place. We could use mbtc, ubtc instead of btc at that time.

[Amph]

you can always lower the fee, because if the value will be that big, i doubt you will send 1 btc as it is right now for your shopping purpose, you will send much less 0.01 or lower, so this amount also need less fee

and anyway you can go with zero fees if needed...

[quentincole32]

you can always lower the fee, because if the value will be that big, i doubt you will send 1 btc as it is right now for your shopping purpose, you will send much less 0.01 or lower, so this amount also need less fee

and anyway you can go with zero fees if needed...

that's what make bitcoin different than any other currencies, transfer fee are adjustable, even we can set it to zero fee. but i will never do that you know why, it is like delayed and takes too much time with zero fees.

[Blue_Tiger73]

I don't think that you understand how the miners fees work. Like you said, if the price went up that high, no one would pay that high of a fee, so no one would put the fee up that high. They can change, it is not a set fee. Do you understand now?

You do not understand the basics of Bitcoin/bitcoin.
The miner's fee can be adjusted in the future, to equal the new appropriate miners fee.
The decimal is not fixed, but adjustable, if and when needed.

For example, if 1BTC is equal to $1,000,000 USD (we all wish),
 then the miners fee will be adjusted to around 0.0000001 BTC or 10 Satoshis.

Exactly.

[Cashew]

The fees can go to the minimum 0.00001 per k byte or recommended 0.0001 BTC per k byte. Even we can pay zero fee if you don't rush to get the transactions confirmed in the next block or the transactions have high priority.

[franky1]

ok lets give the OP something else to think about.

these 2 links
https://blockchain.info/charts/avg-block-size?timespan=30days -0.55mb blocksize average
https://blockchain.info/charts/n-transactions-per-block?timespan=30days - 1100 tx per block average..

this calculates to ~500byte per tx   (0.55mb / 1100=0.0005mb per tx)

now imagine we stuck to a $0.03cent tx fee, no matter what (dont worry about how many satoshi's it may be for now)
at a maximum of 2000tx in a 1mb block limit. the maximum block fee total if every tx had a fee would be $60
at a maximum of 16000tx in a 8mb block limit. the maximum block fee total if every tx had a fee would be $480
at a maximum of 64000tx in a 32mb block limit. the maximum block fee total if every tx had a fee would be $1920.

so people if you want to know how much pay you will get, when mining bitcoin is dependent only on fees and not reward.. now you know the maximum reward

so yea as bitcoins price increases and tx fees end up being 0.00000001 as the 3cent equivalent value, just remember that the total payout per block solved will still be limited.. to under $2k per block if tx fee's are 3cent each.

but for now, just enjoy the 25btc reward valued at $8000 per block
and next years 12.5btc reward, hopefully valuing bitcoin at $640+ to keep inline with $8000 per block reward

and dont worry so much about fee's as they wont become an important payout for decades, which is when farms wont be concentrating on mining and it will become more decentralised where handfulls of hobbyists are sharing the $2k/10 minute payout

[Velkro]

Ah, I see - Thanks for clarifying.

Bitcoin have so many bright minds in development thats everything is forseen already and taken care of

[Blue_Tiger73]

Also, if Bitcoin were to reach super high prices, it could be due to inflation of the dollar. Then in that case, paying a $10 fee for something that costs $1500 (e.g. a gallon of milk after hyper inflation) is not unimaginable and comparatively, is a small fraction.

Yeah, thats true. The fee is nothing much compared to what you are actually paying for. Anyway, the fee will not be that high.

[Mickeyb]

Ah, I see - Thanks for clarifying.

Bitcoin have so many bright minds in development thats everything is forseen already and taken care of

Exactly this! When you just consider how Bitcoin was designed by its original creator and all of the things that he has thought about, this is mind blowing.

Then when you add on the top of this all of the smart people that are working currently on Bitcoin and all of the smart people that will probably be attracted in the future to work on Bitcoin, you cannot but feel good about our future!

[Denker]

Since the BTC transaction fee is 0.0001 BTC, here are what transfers will cost in the future:

$1,000 per coin = $0.10 transaction fee
$10,000 per coin = $1.00 transaction fee
$100,000 per coin = $10.00 transaction fee
$1,000,000 per coin = $100 transaction fee

Honestly, if Bitcoin goes to the 6-7 figure mark, I don't see how people would be willing to pay these fees.  Especially for everyday transactions.  And considering there aren't enough Bitcoins for everyone in the world to own even a tenth of a coin. Comments?

When Bitcoin's value has reached that stage we will have several sidechains and lightning network, payment channels being implemented. And there you will do your micropayments and more smaller transactions.
At least this is my actual view how things could evolve.

[NorrisK]

If bitcoin wants to market itself as cheap it will lower the suggested fee again in the future.

Also, it is only a suggested fee, you can use a lower one, but be prepared to be waiting then.

[amacar2]

As even 1 satoshi can be sent out transaction fee can be or will be adjusted like before in future. If one bitcoin will be 1,000,000$ than it will cost only 1cent for 1 satoshi so paying 1-3 satoshi will not be big deal to do transaction. So i don't think fee will create any problem in future of bitcoin use.

[CoinHopper]

How would you change the fee, since bitcoin is a P2P network? Does someone go around asking people, "Hey! Stop paying 0.0001 as your tx fee! The meta is now 0.00001!"? Or do we have to switch to a totally different Bitcoin client?

This is all quite confusing to me, as you can see, I'm a mere Jr Member. Enlighten me.