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Author Topic: Tx fee for cryptocurrency  (Read 588 times)
donatebitcointome
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May 30, 2017, 07:47:16 AM
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Hi guys,

I remember when the first cryptocurrency launch, be it bitcoin or other altcoin, they promoted that the transaction fee is close to nothing, which is true because the value of it is only $1 or below.

Even it reach $100, it is still close to nothing. 0.001 x $100 = 10 cent / kb

My question is, let say one day the value of bitcoin or any other altcoin reach $100,000/coin (optimistic) then the tx fee will be $100/kb. Isn't it a bit too high?
or there will be a reduction in tx fee let say it will become 0.00001 or 0.xxxx to match the value of the coin?

Thanks
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May 30, 2017, 08:04:55 AM
 #2

Hi guys,

I remember when the first cryptocurrency launch, be it bitcoin or other altcoin, they promoted that the transaction fee is close to nothing, which is true because the value of it is only $1 or below.

Even it reach $100, it is still close to nothing. 0.001 x $100 = 10 cent / kb

My question is, let say one day the value of bitcoin or any other altcoin reach $100,000/coin (optimistic) then the tx fee will be $100/kb. Isn't it a bit too high?
or there will be a reduction in tx fee let say it will become 0.00001 or 0.xxxx to match the value of the coin?

Thanks

Well if youu put that low fee you will have to wait too long for your transaction to confirm. As for an average speed of transaction you want the fee 0.001 which is around 2USD. If bitcoin wasn't crowded with transaction as it is now fee should be like 0.001 which is roughly  0.2$.

Let's see how will SegWit play out on the UASF on the 1st of August. hopefully we will see the correction for the fees and for the speed of our transaction to confirm faster. As SegWit allows off-chain transactions which should lower the fee rate if I understood it correctly. I am not for BU nor for LN (SegWit) but with people doing UASF it seems that SegWit will win at end, lets wait and see.

I don't think that people want high fees, I mean even now for micro transactions you want to use some altcoin, not bitcoin. Where bitcoin is still good if you have your pockets filled to transfer the vast sums of money.

donatebitcointome
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May 30, 2017, 08:24:27 AM
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Hi guys,

I remember when the first cryptocurrency launch, be it bitcoin or other altcoin, they promoted that the transaction fee is close to nothing, which is true because the value of it is only $1 or below.

Even it reach $100, it is still close to nothing. 0.001 x $100 = 10 cent / kb

My question is, let say one day the value of bitcoin or any other altcoin reach $100,000/coin (optimistic) then the tx fee will be $100/kb. Isn't it a bit too high?
or there will be a reduction in tx fee let say it will become 0.00001 or 0.xxxx to match the value of the coin?

Thanks

Well if youu put that low fee you will have to wait too long for your transaction to confirm. As for an average speed of transaction you want the fee 0.001 which is around 2USD. If bitcoin wasn't crowded with transaction as it is now fee should be like 0.001 which is roughly  0.2$.

Let's see how will SegWit play out on the UASF on the 1st of August. hopefully we will see the correction for the fees and for the speed of our transaction to confirm faster. As SegWit allows off-chain transactions which should lower the fee rate if I understood it correctly. I am not for BU nor for LN (SegWit) but with people doing UASF it seems that SegWit will win at end, lets wait and see.

I don't think that people want high fees, I mean even now for micro transactions you want to use some altcoin, not bitcoin. Where bitcoin is still good if you have your pockets filled to transfer the vast sums of money.

Hi,

I don't mean put low fee for transaction, like you mentioned that the average speed fee is 0.001 which is $2 with the current rate.
If one day any crypto coin reach 1 coin = $100,000. even 0.001 would be $100 unless the fee can adjust according with the value of the coin, which in this case probably become 0.00002 and it will stay at $2.

Just wondering. Cheesy
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May 30, 2017, 10:44:49 AM
 #4

Hi guys,

I remember when the first cryptocurrency launch, be it bitcoin or other altcoin, they promoted that the transaction fee is close to nothing, which is true because the value of it is only $1 or below.

Even it reach $100, it is still close to nothing. 0.001 x $100 = 10 cent / kb

My question is, let say one day the value of bitcoin or any other altcoin reach $100,000/coin (optimistic) then the tx fee will be $100/kb. Isn't it a bit too high?
or there will be a reduction in tx fee let say it will become 0.00001 or 0.xxxx to match the value of the coin?

Thanks

that is a big problem that they are trying to fix now with activation of segwit, so the fee can be lower, in bitcoin, but you are right if bitcoin increase too much segwit or anythign else would not be enough, the fee should be lower than 1000 satoshi in the future, if the value go very high, other altcoin don't have this issue, because their value is nothing compared to bitcoin, and their fee are lower too
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