bitcoin transactions costs in the future

[Vishnu.Reang]

Right now, it costs around $3 to send Bitcoins. But as the number of users increase, this can also go up. If you remember, during the peak of the bitcoin bull run in 2017, we had fee ranging from $30 to $50 for a single transaction. The mining pools were making a killing back then. But the strategy backfired, as the users shifted to ETH, LTC and BCH.

[1715249016]

1715249016

[The Seller]

If what you mean is free transactions and zero costs in the block chain, then everything must be free, because even the tools for mining also have an expensive price and it is impossible for everyone to be free because all of them use capital, even for themselves.

[shesheboy]

Right now, it costs around $3 to send Bitcoins. But as the number of users increase, this can also go up. If you remember, during the peak of the bitcoin bull run in 2017, we had fee ranging from $30 to $50 for a single transaction. The mining pools were making a killing back then. But the strategy backfired, as the users shifted to ETH, LTC and BCH.

number of users does not affect the transaction fees but its the demand or the increase of the price , thats what trully affect the transaction fees  . also , not all wallet/exchange have the same fees  . some have less inexpensive fee because they use low priority or slower speed processing while others dont like waiting so they use high fees   

If what you mean is free transactions and zero costs in the block chain, then everything must be free, because even the tools for mining also have an expensive price and it is impossible for everyone to be free because all of them use capital, even for themselves.

Thats impossible to happen . first of all , we need to pay for the miners so that they will process our transaction . secondly , mining hardwares are not free and wont ever be free because they are expensive and what about the shipping cost  ? They will just create it and deliever it to your door step freely ?  Lol  .

[whirlcoin]

If it's free, miners don't need to send the transaction fee back because senders would not even add transaction fee to the chain. Nothing to return. Is possible to send Bitcoin without fee? I'm not really sure, fee is like a fuel and every car needs fuel to be able to run. Not sure about zero fee but it's absolutely possible to make the transaction fee near zero, unfortunately there is always a fee war. Some people agree to pay more fee to accelerate their transactions or simply ruin the chains, make it very busy so other people will move to other coins. This is the problem, even though the fee is 1 Satoshi, I think we would never do that because our transactions will take forever to be confirmed.

yes you are right when the fees of transaction is very low then it will be more helpful and useful for lots of people to get the extra profit for their mining and the investment definitely a good chance to implement and the possibility of people to increase input field is also there.

[Shenzou]

In theory this all seems to logical and could actually work, but you have to keep in mind that bitcoin is unpredictable, and solar panels are not cheap and generating enough power to actually make some profit requires a large amount of investment, an investment that only a small percent of the people that are rich will actually go for it, and since as i said that bitcoin is unpredictable and the price could change at any moment so the overall investment and profit is inconsistent so the return on the project will take a lot of time, talking about 10 or 20 years.

[rijaljun]

-snip-
I'll admit I'm not expert in mining.  I know very little about it, in fact.  What I'm wondering is what would happen if bitcoin's price reached a level that was so insane that 1 satoshi was something like $5 or even higher.  Would that not screw up the entire bitcoin system?  There would be no way to send small amounts of bitcoin or very exact amounts, much less pay a fee to the miners.  Am I missing something in that hypothetical case other than the fact that 1 satoshi will probably never be worth that much?

I have read about this somewhere (I forgot where). It's mentioned that Satoshi can be divided to smaller units when it reach expensive price for each Satoshi. It can be done through consensus. Theoretically possible but no need for now.

yes you are right when the fees of transaction is very low then it will be more helpful and useful for lots of people to get the extra profit for their mining and the investment definitely a good chance to implement and the possibility of people to increase input field is also there.

I'm sorry, I don't really understand what you are trying to say.

[ralle14]

Although in the future I think this activity will be optimized: more powerful hardwares, longer durability, less equipments needed, cheaper costs involved. Consequently, a fee near zero cost is possible.

Another approach would be that even crypto friendly governments could offer this service in a far future. In a way people should pay only for the maintenance costs.

Bitcoin mining in the future won't cause the fees to be near zero because mining equipments will continue to be expensive. We could see the fee go down for a week or month if there's not a lot of transactions made during those time but it'll never stay that way permanently. The miners don't control how much fee does each user want to set in their transactions. Fees will only become free for everyone when Bitcoin transactions are done off chain where there's less resources being used.

[Apes]

to build a solar farm requires a huge investment costs as well as maintenance cost. the electricity use in mining using electricity from solar panels will not change any cost. basically this is a business, the miners will not willing if transaction costs are reduced because the investment and maintenance costs are already high. and the use of solar farms can only instaled on places that have high light intensity, so not everyone can use it.

[Vishnu.Reang]

Right now, it costs around $3 to send Bitcoins. But as the number of users increase, this can also go up. If you remember, during the peak of the bitcoin bull run in 2017, we had fee ranging from $30 to $50 for a single transaction. The mining pools were making a killing back then. But the strategy backfired, as the users shifted to ETH, LTC and BCH.

number of users does not affect the transaction fees but its the demand or the increase of the price , thats what trully affect the transaction fees  . also , not all wallet/exchange have the same fees  . some have less inexpensive fee because they use low priority or slower speed processing while others dont like waiting so they use high fees   

If the number of users increase, then in all probability the number of transactions can also go up. And then, it depends on the exchange rate was well. The transaction fee may remain the same in terms of BTC. But its value in USD can go up if the prices rise. And I always use wallets where I can set the fee myself. If I think that the default fee is too high, I manually set it to a lower amount.

[Reid]

What is free in this world now? Soon even your breathing should be paid.

Water and other enegy source cost more since it is a daily need of one human being.

It still uses energy and someone needs to maintain it. Better if it would be cheap but never free.
Thanks for sharing though.

[mu_enrico]

As others have pointed out, the cost for mining is not only about electricity, but also network, hardware, warehouse, etc. If you feel that the BTC transaction fee is so expensive lately, that's because of "network congestion." You might want to use SegWit wallet to reduce fee, or simply use LN for micro/mini payments. Don't buy a cup of coffee with on-chain BTC transaction.

[mirawantirinjana]

To create a "free energy system" are necessary a lot of money, and even so they can't make the bitcoin transaction for free, all of this cost money and after sometime the system need to be replaced with new solar panels, and also mining equipment is not cheap, so always will be a fee on bitcoin transactions.

free energy system? how do you mention the free energy system if it requires a lot of money, until whenever I think nothing will be free. to make a profit you have to spend money. whatever it costs definitely.

[traderethereum]

I don't think that if we use free electricity, we will not pay any fee because every transaction will have the fee and that was included in the transaction itself.
So even if we use renewable energy that will replace electricity that we know, we still use the fee to make a transaction of sending the bitcoin reward from the mining process.
But for how much the fees, I am not sure about that.
And yes, right now, the fee cost too high, and it's more than $2 for one transaction, but it depends on how much money you want to send to the recipient wallet address.

[NeuroticFish]

Right now, it costs around $3 to send Bitcoins. But as the number of users increase, this can also go up. If you remember, during the peak of the bitcoin bull run in 2017, we had fee ranging from $30 to $50 for a single transaction. The mining pools were making a killing back then. But the strategy backfired, as the users shifted to ETH, LTC and BCH.

I still believe that in 2017 there was also a spam attack ongoing, probably from BCH supporters and maybe with the help of some pools too.
If you look around better, you see now that there are periods with high fees and periods with low fees, only a couple of hours apart.
I've sent myself a transaction with 5 sat/byte a few hours before your post and got confirmed in less than one hour.

What I'm wondering is what would happen if bitcoin's price reached a level that was so insane that 1 satoshi was something like $5 or even higher.  Would that not screw up the entire bitcoin system?  There would be no way to send small amounts of bitcoin or very exact amounts, much less pay a fee to the miners.  Am I missing something in that hypothetical case other than the fact that 1 satoshi will probably never be worth that much?

I think that it's counterproductive to worry for such scenarios.
There's still quite some time until Bitcoin will become so expensive. And if that'll happen, maybe only companies will send on-chain transactions. For off-chain there will be LN and most probably other solutions too.
5$ for one satoshi.. maybe until then maybe the fees will be calculated in a different way. After all, there were times when the min fee was not ties to transaction size. Things do change over time.

[deisik]

I'll admit I'm not expert in mining.  I know very little about it, in fact.  What I'm wondering is what would happen if bitcoin's price reached a level that was so insane that 1 satoshi was something like $5 or even higher.  Would that not screw up the entire bitcoin system? There would be no way to send small amounts of bitcoin or very exact amounts, much less pay a fee to the miners.  Am I missing something in that hypothetical case other than the fact that 1 satoshi will probably never be worth that much?

I don't think that 1 satoshi will ever be worth so much, either

However, it doesn't mean that extremely high prices should necessarily screw up the Bitcoin ecosystem as this ecosystem mostly consists of speculators and their likes (read, fees are irrelevant in this context). In other words, such prices and fees as high will only affect real-life use of Bitcoin. But given that it is virtually nonexistent anyway, it is not a big deal in itself. Fees had already been on the insane before but did it stop speculators from speculating?

[sheenshane]

The biggest problem any renewable sources of energy platforms are and will be facing are the people who make their income from the electricity. I can tell that they will not agree and will make sure to make their business stay in its position.  Because once these renewable sources will be offered to the public, they will not earn money anymore and they will lose everything they have.

It is the same problem Elon Musk is facing with his Tesla Automotives. The people from the Gas reserves industry and electric industry doesn't let him do what he wants because he will step to them for sure. They would also do anything to stop Elon Musk and would get Elon Musk's life. In Gas and Electricity, there are a lot of them committed in syndicates because they are too rich to have a problem like this.

[Ucy]

I think mining fee normally increases when network is congested.
Besides, Bitcoin Blockchain has some limitation. This is why an increase in transactions volume normally makes the network congested. This will hopefully be improved with Lightening Network.

I don't see how cheap/free energy would improve the situation or make transactions faster.

[shield132]

You may know basic economy rule: If there is demand, there will be someone who will have supply. But when demand is very high, in any way it creates opportunity to sell your product in high prices without any problem and this is an opportunitu that no one wants to hang on.
Also when you consider free electricity, there is one problem too. People are against using electricity for mining, that free electricity can't cover things and it can also increase difficulty, make it impossible for individuals to mine.

[shinharu10282016]

Now thats a great idea. They can also add more renewable sources since its a plus for the environment. But the thing is these renewable resources don't usually operate on its own. It also needs people to work on it since our civilization isn't that dependent on robots yet.

[CryptoBry]

Nobody will ever supply electricity for free that is impossible in this world we live in and even if you can be talking about the power of the sun there will always be generation and operational cost. Now even if the electricity is free, you have a big investment with the equipment and other related expenses. The most important here is that there is always the development of better mining equipment that hopefully will do things faster and most importantly more efficient in the use of power (this is a big concern for many especially environmentalists). I am looking forward to many good innovations and changes soon in the bitcoin mining industry.