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Author Topic: What will be the future of bitcoin transaction fee?  (Read 343 times)
Alexa ale
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May 30, 2017, 03:10:52 AM
 #1

In past we have to pay a fixed fee of 0.0001 btc for sending payment and the transaction didn't take too much time to confirm. Moreover in some bitcoin wallet there was no transaction fee. But nowadays the transaction fee is too high and it takes too much time to be confirmed. All wallet takes transaction fee now.(Not internal transaction like coinbase,xapo)
Does the transaction fee will increase more in future or it will be fixed as past?
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May 30, 2017, 03:32:13 AM
 #2

In past we have to pay a fixed fee of 0.0001 btc for sending payment and the transaction didn't take too much time to confirm. Moreover in some bitcoin wallet there was no transaction fee. But nowadays the transaction fee is too high and it takes too much time to be confirmed. All wallet takes transaction fee now.(Not internal transaction like coinbase,xapo)
Does the transaction fee will increase more in future or it will be fixed as past?
a nice question mate, but from the demands itself i guess the transaction fee will be more expensive as miner will ask for more in order to process
or request let see how the developing team will take care of this concern we still hoping for the best in this coming future ahead.

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May 30, 2017, 04:01:29 AM
 #3

In past we have to pay a fixed fee of 0.0001 btc for sending payment and the transaction didn't take too much time to confirm. Moreover in some bitcoin wallet there was no transaction fee. But nowadays the transaction fee is too high and it takes too much time to be confirmed. All wallet takes transaction fee now.(Not internal transaction like coinbase,xapo)
Does the transaction fee will increase more in future or it will be fixed as past?

I completely panic about that bro. Today I have sent the 0.002 btc coinbase to the betting site. Transaction fees seems around 0.0091 btc for that transaction. It's almost half the amount in the transaction.
I am getting little amount in the campaign and little tasks due to this fees issue. I don't know what ll happen in future.

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May 30, 2017, 06:13:41 AM
 #4

In past we have to pay a fixed fee of 0.0001 btc for sending payment and the transaction didn't take too much time to confirm. Moreover in some bitcoin wallet there was no transaction fee. But nowadays the transaction fee is too high and it takes too much time to be confirmed. All wallet takes transaction fee now.(Not internal transaction like coinbase,xapo)
Does the transaction fee will increase more in future or it will be fixed as past?

I completely panic about that bro. Today I have sent the 0.002 btc coinbase to the betting site. Transaction fees seems around 0.0091 btc for that transaction. It's almost half the amount in the transaction.
I am getting little amount in the campaign and little tasks due to this fees issue. I don't know what ll happen in future.
You said you sent 0.002 btc and yet you paid 0.0091 for the transaction fee? What's the wrong here the one you sent or the one you pay for the TX fee?

About to OP, it seems the fee will be doubled sooner or later and that fee will be so ridiculous, because it takes dollar/s sometimes. If this will not be fixed then expect higher fees.



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mocacinno
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May 30, 2017, 06:17:07 AM
 #5

In past we have to pay a fixed fee of 0.0001 btc for sending payment and the transaction didn't take too much time to confirm. Moreover in some bitcoin wallet there was no transaction fee. But nowadays the transaction fee is too high and it takes too much time to be confirmed. All wallet takes transaction fee now.(Not internal transaction like coinbase,xapo)
Does the transaction fee will increase more in future or it will be fixed as past?

First things first: there never was a fixed fee of 0.0001 BTC. 0.0001 BTC was just a "lazy" option of wallet designers/services that didn't want to calculate the proper transaction size and multiply it with the best fee at that time. So, instead of calculating the optimal fee, they just overpayed by sticking to a 0.0001 BTC fee. However, optimal fees are so high lately, the 0.0001BTC does no longer cover a lot of transaction sizes.

The fee is calculated in this way:
transaction size in bytes * optimal fee in satoshi/byte = optimal fee for your transaction in satoshi

The transaction size for P2PKH (= most standard transaction) is calculated as:
tx size =~ nr of inputs*147 + nr of outputs*34 + 10 + number of inputs

Since at this very moment, there is a huge backlog, people outbid eachother, so the optimal fee in satoshi/byte is really high... This drives up the average fee spectacularly... IF either the number of broadcasted transactions goes down, or more transactions fit into a block, i suspect the fee will go down again.

I don't follow all the politics around UASF, segwit, BU,... But rest assured: many people are working on (conflicting) sollutions... So expect the average fee to go down sooner or later...

For the time being, you can allways use my tool to calculate the optimal fee for a transaction, so you don't over/under pay: http://www.mocacinno.com/page/feeestimate

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May 30, 2017, 06:20:07 AM
 #6

Its really going to depend on whether a real solution to scaleability comes or not. If it does then we will see low transaction fees with lots of transaction activity, if not then the fees will keep rising but people won't be doing very many transactions.
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May 30, 2017, 07:03:33 AM
 #7

In past we have to pay a fixed fee of 0.0001 btc for sending payment and the transaction didn't take too much time to confirm. Moreover in some bitcoin wallet there was no transaction fee. But nowadays the transaction fee is too high and it takes too much time to be confirmed. All wallet takes transaction fee now.(Not internal transaction like coinbase,xapo)
Does the transaction fee will increase more in future or it will be fixed as past?
Alright let me tell you one thing , when the price of bitcoin was 1000$ the fees was fine , transaction took max 30 min to confirm. That time everyone were saying when will price go 2000$ plus and stuff. Now we have 2k plus price but now people are complaining about slow speeds and fees and not using their logic at all. Just imagine if the price increase to 2000$ that means more people have invested which means now there will be way more transactions than before which will lead the network to get stuck. And miners are also really less and they will surely mine the transaction with more fees
Everything comes with a price if you wanted price increase deal with fees increase also

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May 30, 2017, 07:07:57 AM
 #8

In past we have to pay a fixed fee of 0.0001 btc for sending payment and the transaction didn't take too much time to confirm. Moreover in some bitcoin wallet there was no transaction fee. But nowadays the transaction fee is too high and it takes too much time to be confirmed. All wallet takes transaction fee now.(Not internal transaction like coinbase,xapo)
Does the transaction fee will increase more in future or it will be fixed as past?
It can be happen that the price can be increase more that can affect also the fee for every transaction.. And i think we are still getting the benefits of bitcoin only for old bitcoin users but for new holders of bitcoin it can be a big fee to them.. hoping that they can change it in the future and reduce or change it to the fix rate of every transaction..
For now there is no news about what we be the decision if it will be the fix rate.

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audaciousbeing
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May 30, 2017, 07:56:22 AM
 #9

In past we have to pay a fixed fee of 0.0001 btc for sending payment and the transaction didn't take too much time to confirm. Moreover in some bitcoin wallet there was no transaction fee. But nowadays the transaction fee is too high and it takes too much time to be confirmed. All wallet takes transaction fee now.(Not internal transaction like coinbase,xapo)
Does the transaction fee will increase more in future or it will be fixed as past?

The future of transaction fees is still very much going to the high side from my own point of view because in as much as we are happy that the price will increase, we should equally be happy that the transaction fees is also increasing and the moment the right amount is being paid for the fee the issue of unnecessary delay time of confirmation will be sorted out or won't even arise at all.

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May 30, 2017, 10:31:34 AM
 #10

As of right now we're witnessing a period of really high transaction volume; this means that people who want their transaction confirmed in a reasonable time will use software to track the average amount of fees being paid right now by other transactions in the network and will set theirs accordingly.

since the protocol limits the block size to 1 megabyte and each block averaging 10 minutes frequency, this will basically start a bidding war on fees among users to get their transaction to be picked by miners in the next block (they will of course pick the higher ones since they get to keep the fee)

All of this will most likely lead to fees increasing as more people gain interest in bitcoin and more transactions are being sent on the network. Fees will get so high that it won't be worth it anymore to even make a transaction (mainly low value transactions) and people will start losing interest in bitcoin or just stop sending coins (which would lead to fees lowering again) - IF the protocol stays as it is right now.

We might see a change of protocol in a near future though, that would avoid all this by increasing block size so that more megabytes of transactions can get in and be confirmed in a reasonable time.
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