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Author Topic: What will transaction fees be after btc is fully mine  (Read 99 times)
Msworld83
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November 11, 2018, 04:15:17 AM
 #1

As we all know that bitcoin has a max it can go as total supply and we currently have over 17m+ in circulation with halving reward method of 12.5 to miner every 10min while the users still pay fees for transaction for same miners.

With the current situation in market has btc was expect by many users that it suppose dip more to like $2000+ while some are anticipating for new all time high by this December , and I read in some post that miner are the reason for btc not breaking $6k level to dip to $2000+ level because of the cost incurred to mine btc .

So this makes me worry that if to mine one block could be that costly that the reawrd of 12.5btc which sum up to total of $80,100 with the current rate of $6400 each along with TRX fees from the sender which also depend on which wallet the trx came from as we all know that all exchange charge 0.0005 as a fees which makes their transaction more faster than some wallet like blockchain , which shows that miner are more concern in high fee .

So come when btc is fully mined and there is no more reward for miner through Bitcoin mining but only base on transaction fee and the cost by then to create a block will be more expensive than what we have now with such reward per block and once there is no more reward , what will the transaction fee be by then is what is giving me concern and will like to hear a different opinion from every one as this is much more important to the survival of Bitcoin in the future.
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November 11, 2018, 06:07:57 AM
 #2

Possible Outcomes   Smiley

1.  Transactions fees will be insanely high and only the rich will transact in Bitcoin. (32% probability)

2.  Bitcoin network dies as no one can make money mining and transaction fees can't cover operating costs. (23% probability)

3.  Government mandates who is able to mine and they all agree to only mine a fixed % each.
     Completely controlled by the World Governments if this happens.  (43% probability)

4.  Bitcoin switched to PoS which makes operating it sustainable and affordable. (2% probability)


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November 11, 2018, 06:59:40 AM
Last edit: November 11, 2018, 07:15:39 AM by bL4nkcode
Merited by dbshck (2)
 #3

Well, that's so true that once BTC reached its max supply, miners will only rely on their gain from transaction fees. Transaction fee at that time might be 15-20 BTC from this chart in the past 4 month or might be less than 15 BTC once every client implements and used Segwit.

And once all 21M BTC have been mined which is around the year 2140, the supply cannot increase, regardless of growing demand. So as far as the law of supply and demand goes, people assumed that btc price will be much higher than we expected. So even miners will only rely on transaction fees it will be enough to them if the price will reach 5 digits or much better if it breaks until 6 figures, if and only if the demand grows at that time, else, btc and its technology will die.

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November 11, 2018, 07:08:01 AM
 #4

Then mining depends on only transaction fee. So there will be no block prize. But BTC price will be higher than now so no one need BTC block prize. (off course in theory)

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November 11, 2018, 07:31:54 AM
 #5

after 21 million bitcoins are mined, then the supply of bitcoin cannot increase any more. if demand increases, bitcoin will be used for a transaction, so transaction costs will be expensive.

but, another thing can happen, when bitcoin will not be used again by everyone, and it will kill bitcoin faster. and all miners will not get a block reward.

an important point that can keep miners for creating profits after bitcoin run out is the development of technology in the future and an increase in the purchasing power of a stable bitcoin.

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November 11, 2018, 07:55:30 AM
Merited by dbshck (2)
 #6

Satoshi's original idea was that the Block reward would be phased out and later replaced by miners fees. He anticipated that the transaction volume will significantly increase and that the increased miners fees would be enough to replace the Block reward to the end. I doubt that he ever considered that people would create side-chains like the Lightning Network that might reduce transactions that would have been done on-chain.

We now hope that the Lightning Network would generate enough settlement transactions on-chain to still generate enough tx's to fund a large miner fee scenario that would be able to replace Block rewards. This is why we are saying that this is still highly experimental.  Roll Eyes
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November 14, 2018, 08:42:30 AM
 #7

Lightning Network and of course some more advanced technologies will be built in the future, so we may assume that fees won't be significant.
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