bitcoin transactions costs in the future

[syamster]

In the future, everything is possible, we can only fantasize. Maybe the PoW algorithm will be noticed on the PoS.

I can see the future to be bright now is the time when all of us will have to show how much we have trust for bitcoin and other crypto, I know it is world of fantasy but I am can see it is our real future, good time never take much time when once it starts, and bitcoin decentralization has good future, people are happy to pay for the fees because it has huge profit as well,

[boyptc]

~
I recognize and appreciate those changes and sure it has been one of the best after all of those times that we've pay for a high fee just because we wanted to send a certain amount to exchanges, casinos, etc.

In short, things are becoming better now.

Yeah, exactly. Many people, and I mean Bitcoin-oriented ones, still think that if we had the the same amount of translactions per day as we had in December 2017-January 2018 we would have the same high transaction fees, but this is not the case currently. And all they need to do to check whether it's true or not is to examine the diagram from this link: https://www.blockchain.com/charts/n-transactions?timespan=all
The situation with the fees have been improved big time since then, and I'm glad you can see that yourself.

It's just a small typo which I edited on the quote. 

Going back, I'm really happy to see that chart is hitting the same number of transaction that we had during the all time high. And the fees has changed a lot and those people that doesn't appreciate this kind of improvement will still talk about the fees in the future. Even the highest possible would be ranging from $0.1 - $3.

[ricardobs]

Bitcoin is having this problem and that's one of the reasons I don't want the price of bitcoin to high like too much like it did in 2017. The fees become very high when the prices goes up too much. Just recently that the price managed to reach about $8000+ plus, the fees started to get high. That is unlike other cryptocurrencies cause they are not like that, their fees don't get that high when they increase price (or maybe they are like that, but I don't know). But people wouldn't leave bitcoin no matter how high the transactions fees get, just because bitcoin is the number one cryptocurrency in the market, lol.

[Twinkledoe]

Bitcoin is having this problem and that's one of the reasons I don't want the price of bitcoin to high like too much like it did in 2017. The fees become very high when the prices goes up too much. Just recently that the price managed to reach about $8000+ plus, the fees started to get high. That is unlike other cryptocurrencies cause they are not like that, their fees don't get that high when they increase price (or maybe they are like that, but I don't know). But people wouldn't leave bitcoin no matter how high the transactions fees get, just because bitcoin is the number one cryptocurrency in the market, lol.

This is what the lightning network wants to resolve. Maybe in the future, the usage of LN will be more popular to crypto users and merchants. Right now, they are already addressing the high fees involved in bitcoin transactions. It is only a matter of time of adopting this LN technology. So yes, the possibility of having low tx fees is more than possible.

[Nellayar]

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.

What will be the ROI of miners with their mining rigs and equipments if they cannot make commisions to the senders? I guess, fee will not become zero. Just like in a remittance center where we can actually see how much their commision or fee to the transaction. We need also to know that there is no more free in this world. We should also pay for the processing.

[Alijiindahaus]

Maybe I’m wrong, but today there is no action on updating the Bitcoin blockchain.  If we compare the current situation with ethereum, then the developers are working in this direction, which showed good results after the last update, namely, the transaction speed has increased and the prices per transaction have decreased.  If the same thing happened in the Bitcoin system, one would hope for a bitcoin transaction price reduction at least.

[trickyriky]

Bitcoin is having this problem and that's one of the reasons I don't want the price of bitcoin to high like too much like it did in 2017. The fees become very high when the prices goes up too much. Just recently that the price managed to reach about $8000+ plus, the fees started to get high. That is unlike other cryptocurrencies cause they are not like that, their fees don't get that high when they increase price (or maybe they are like that, but I don't know). But people wouldn't leave bitcoin no matter how high the transactions fees get, just because bitcoin is the number one cryptocurrency in the market, lol.

Fee for miners is one of the main reasons for Bitcoin high price for its transactions. After halving, it will be reduced, therefore, transactions can become cheaper. It will happen each time after halving.

[Mr.ZODIAC]

It seems to me that if people have already seen the possibilities of Bitcoin in 2017, then they believe in repetition in the same situation.  This suggests that everyone lives with the desire to get a good income with Bitcoin.  Of course, I understand that this is the wrong approach for the development of a cryptocurrency market and cryptocurrency in general in society.  Nevertheless, you need to understand that it is precisely because of the demand for cryptocurrency in society that the future of the cryptocurrency market will be shaped.

[1Referee]

After halving, it will be reduced, therefore, transactions can become cheaper. It will happen each time after halving.

I don't follow your logic.

Fees are meant to compensate miners for the lack of block rewards, which means that the lower the block rewards are, the higher the fees will be. The block size won't likely be getting a bump in the forthcoming years, but the demand for it will continue to grow due to more user adoption, so you better expect a significant increase in transaction fees.

[stompix]

After halving, it will be reduced, therefore, transactions can become cheaper. It will happen each time after halving.

I don't follow your logic.

Fees are meant to compensate miners for the lack of block rewards, which means that the lower the block rewards are, the higher the fees will be. The block size won't likely be getting a bump in the forthcoming years, but the demand for it will continue to grow due to more user adoption, so you better expect a significant increase in transaction fees.

There is nothing to follow

But there won't be any increase in fees either, miners can't do anything about fees other than trying to organize a cartel and decide to no include fees less than x or try to mine empty blocks, decreasing the capacity of the network and forcing people to compete for the space that is left.
But I'm sure this kind of tactic will hurt the coin and the damage won't be compensated this way.

 

[quality.crypto]

Even using the renewable source of energy, you still need to cover the initial investments of the equipment used. So you still need to charge fee for every transaction, though you have the option to lower such charges. And in that regard, future bitcoin transaction fees might be lower as compared to current rates, even if you want to add more satoshis to accelerate your transaction.

This is a good idea to lower the price of transactions which is hounding everyone of us, just last week one of my transaction took me 4 hours to receive, but the biggest question is do we have good samaritans that will help set up this renewable energy for Bitcoin transactions and not charge us with the set up.

Yes, in some we might see the transaction confirmation are taking little longer but once the price of Bitcoin starts increasing we might see higher transaction rate. Maybe in future with the development of technology the transaction fee can be reduced easily.

[kaya11]

The big companies will have a lifetime grudge on bitcoin if it will be free of transaction charges. Banks, Electric Cooperation, Oil companies (powering electric generation) and many other related parties. I think they would combine forces and do all means just to stop Bitcoin from doing it so.

[imstillthebest]

I believe that bitcoin will be more indemand in the future, so that means that bitcoins value will increase and that also means that its transaction fee will also become expensive but what do you think the purpose of other coins ?  You got it right  . altcoins are called alternative because they can be use as a replacement for btc in the means of a currency use while btc will only be good for an investment use .

[Godday]

I believe that bitcoin will be more indemand in the future, so that means that bitcoins value will increase and that also means that its transaction fee will also become expensive but what do you think the purpose of other coins ?  You got it right  . altcoins are called alternative because they can be use as a replacement for btc in the means of a currency use while btc will only be good for an investment use .

it might happen and no one can be sure of the development of crypto currencies and crypto currencies created by using advances in the economy and possibly in the future

[syamster]

Even using the renewable source of energy, you still need to cover the initial investments of the equipment used. So you still need to charge fee for every transaction, though you have the option to lower such charges. And in that regard, future bitcoin transaction fees might be lower as compared to current rates, even if you want to add more satoshis to accelerate your transaction.

This is a good idea to lower the price of transactions which is hounding everyone of us, just last week one of my transaction took me 4 hours to receive, but the biggest question is do we have good samaritans that will help set up this renewable energy for Bitcoin transactions and not charge us with the set up.

Yes, in some we might see the transaction confirmation are taking little longer but once the price of Bitcoin starts increasing we might see higher transaction rate. Maybe in future with the development of technology the transaction fee can be reduced easily.

It will be low but as according to me it is not still very high because we are getting good transaction of money from all over the world with very fair and good fees, as if we want low or free transaction as were happening in past it will take so long for conformation, but now we are in good time we can get fast conformation with reliable fees.

[Tigerw]

I really hope that Bitcoin will be interested in Big Business.  Back in 2018, there was a lot of information that heavy industry is interested in a Bitcoin transaction in order to transfer large amounts of money, since this business has very large amounts of cash flow.  If this happens, then Bitcoin will have another round of development for a great future.

[guoyu78]

Well I think that as long as the price stays low, we are not going to have any problem with transactions fees being too high and unaffordable. My problem is those people who are wishing that the price of Bitcoin should get to $1 million just because they are greedy and they want to make quick money and buy islands and become rich. These people forgets that as the price of Bitcoin gets high so will the transactions be getting high as well. With the way Bitcoin has been going, I'm guessing that if 1 Bitcoin should be up to $1 million then we will all have to be paying up to $100 thousand for a transaction lol.

[Betwrong]

~
Going back, I'm really happy to see that chart is hitting the same number of transaction that we had during the all time high. And the fees has changed a lot and those people that doesn't appreciate this kind of improvement will still talk about the fees in the future. Even the highest possible would be ranging from $0.1 - $3.

Yes, right now, for example, you can pay 64 satoshis/byte for your transaction to get first confirmation within 35 minutes, and it's $1.36 for an average transaction, while the number of transactions per day, 300k-440k, is on the same level as that was when fees were reaching $40-$50 in December 2017 - January 2018. But I think that even this is not the limit. Bitcoin transaction fees should be at least 10 times smaller than they are today, and I am sure the team of developers will succeed in that in the future.

[Snaic]

Well I think that as long as the price stays low, we are not going to have any problem with transactions fees being too high and unaffordable. My problem is those people who are wishing that the price of Bitcoin should get to $1 million just because they are greedy and they want to make quick money and buy islands and become rich. These people forgets that as the price of Bitcoin gets high so will the transactions be getting high as well. With the way Bitcoin has been going, I'm guessing that if 1 Bitcoin should be up to $1 million then we will all have to be paying up to $100 thousand for a transaction lol.

First of all, it is necessary to take into account the fact that the prices for a Bitcoin transaction have increased due to the large number of Bitcoin users who make transactions.  Everyone is trying to make their transaction faster and therefore offer a higher price than it really is.  Proceeding from this, the Miners first of all choose the best transaction with high payment.  In my opinion, this is exactly the situation that was formed in the pricing of a Bitcoin transaction.

[moynul2050]

using solar power generation technology does not mean that miners do not need a fee, remember that the equipment they use at any time definitely needs repairs and that it costs money.

Therefore the costs for bitcoin transactions will also always be there. because miners also need to benefit from what they do.