bitcoin transactions costs in the future

[Wellyan]

By the development of technologies the expenses for the miners will get decreases over the years so you no need to worry about the charges on future but the value of Bitcoin transaction fee might be high in future due to the increase in the value of Bitcoin prices against dollar value.

very true and I agree with what you say because in my opinion the greater the price and the value of crypto eyes will be great too and as investors we must be able to take advantage of every opportunity well

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[Oceat]

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.

At least using their own solar power generator cost less than using the electric line. But the mining fees will still be the same as the last bull run before and we should expect already that there would be a lot of blocks of transaction that will be processed slowly depending on the mining fee.

I agree with you though since everything that we use really need some maintenance.

[Adhichan]

By the development of technologies the expenses for the miners will get decreases over the years so you no need to worry about the charges on future but the value of Bitcoin transaction fee might be high in future due to the increase in the value of Bitcoin prices against dollar value.

very true and I agree with what you say because in my opinion the greater the price and the value of crypto eyes will be great too and as investors we must be able to take advantage of every opportunity well

if bitcoin value increase alot , we should not worry about its cost for each transaction,moreover lightning network still developted.if this technology completely done , i am sure it will defeat all conventional payment fee.

[Ayiranorea]

Without any fee we cannot expect bitcoin transactions to take place, miners were the people who help in making every transaction with certain fees which gets used for the electricity, equipment and other service charges. In the future there'll be sure increase in fee, probably legalizing bitcoin usage will help with the support on electricity generation through renewable resources.

[ufaiz50]

There will be no free fee for each transaction, even if electricity or solar energy is free though it's free, but the use of excess energy, especially solar can cause increased global warming. Miners need ROI for each RIG purchase or get benefits from these activities, there are still many miners who think of the profits ahead than their free service offer.

[freedomgo]

Without any fee we cannot expect bitcoin transactions to take place, miners were the people who help in making every transaction with certain fees which gets used for the electricity, equipment and other service charges. In the future there'll be sure increase in fee, probably legalizing bitcoin usage will help with the support on electricity generation through renewable resources.

That's built in already, that's how the system works, and that's the norms of a decentralized coin which there should be a miner's fee.
My only concern is the growing miners or transaction fee, without LN, things would be harder for small time users.

[Betwrong]

Without any fee we cannot expect bitcoin transactions to take place, miners were the people who help in making every transaction with certain fees which gets used for the electricity, equipment and other service charges. In the future there'll be sure increase in fee, probably legalizing bitcoin usage will help with the support on electricity generation through renewable resources.

You are forgetting about the block reward which miners receive along with all the transaction fees if they successfully mined a block. Right now it is 12.5 BTC, or more than $110,000, and it is much bigger than all the transaction fees combined. I may be wrong, but according to my estimation, transaction fees are bringing from $2,000 to $5,000 to miners per block currently, and if nobody was paying any fee, miners would still mine in order to obtain the block reward.

[DoublerHunter]

If the miners will run the bitcoin with these renewable sources, then that is the time that the bitcoin's price will be affected with at least 10% of down. The transaction had fees because of the reason for the energy/resources. Once the miners could mine with a lower cost, the senders would demand a lesser rate. That would affect the whole economy of the bitcoin. Also, having a renewable source would take investment for the equipment and project.

[blockchainwriters]

we have already seen bitcoin transactions may cost around 5 dollars for even million dollars transactions recent example of this transaction is Binance did huge transactions to their cold wallet which cost then few dollars after bitcoin halving we may expect less fees

[Vishnu.Reang]

The transaction fees are what keep miners mining, even with the access of these wind turbines and and solar panels they the electricity may not be cheap due to it, they miners needs to get paid well. The other option to take is to pick an altcoin where transaction is lesser. There are stable coins too, it that makes the charges fixed.

Not really. As of now, the transaction fee represent less than 10% of the mining reward. The remaining is the mining block reward and the levels will remain the same for another year or so. Even after the block reward halving in 2020, the share of transaction fee will increase only to somewhere in the range of 15% to 20%, and it will stay so till 2024.

[boyptc]

we have already seen bitcoin transactions may cost around 5 dollars for even million dollars transactions recent example of this transaction is Binance did huge transactions to their cold wallet which cost then few dollars after bitcoin halving we may expect less fees

His point is about the renewable energy that the miners are using.

He concluded that fees should be free because of that but hey it won't be free since it won't be called 'fee' if its free. TX fees might be lesser in the future, yes that's correct because occurring problems are being solved gradually.

[jostorres]

We are improving on renewable energy as well don't forget that, electricity will be cheaper and when its cheaper we will have the chance to drop the cost of bitcoin mining as well and when we drop that the transactions could happen a lot cheaper too. However no matter what the idea should be involving more transactions in one block so we can just make it go faster, the cheaper transaction can't be done without actually finding a way to transact more inside one block, making it quick is not the solution, making it same speed but bigger is the real solution.

When one block has 100 transactions and mined in 10 minutes vs one block have 1000 transactions but mined in 20 minutes it is always better to pick the more heavy block for all of us. That will make sure the costs will drop in the future.

[RealMalatesta]

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.

So, what are you trying to insinuate now, that the price of Bitcoin should remain low for us to continue to enjoy low transaction fee which I doubt if anyone will support you on that because I believe that while we have 90 percent of people who are wishing that the price of Bitcoin continues to surge and are willing to pay any amount for fee provided it is still the same Bitcoin that gives them the profit in it.

Bitcoin transaction fee when high, only does not favor this who are basically using it for utility, which is also why we still have other reliable altcoins that are good for payment with low transaction fees?

[cryptoknightt]

we have already seen bitcoin transactions may cost around 5 dollars for even million dollars transactions recent example of this transaction is Binance did huge transactions to their cold wallet which cost then few dollars after bitcoin halving we may expect less fees

I think the transaction costs when you use bitcoin when the price has reached $ 20k more or more expensive then the exchange of transactions that will occur will be very expensive because the price of expensive bitcoin exchanges will have a very significant price effect.

[redsun114]

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.

Miners cannot still shy away from their responsibilities no matter how much they try to economize. The cost of setting up that solar technology that will power those mining machines is also not a child’s play, the fact that they don’t get to continuously make payment on solar technology doesn’t mean the heavy amount paid for it at the initial setup should not be considered, and moreover, solar technology also requires maintenance, and some of its maintenance also could gulp lots of money.

I don’t know about other countries, like my country where electricity is poor, we use solar here and the cost of changing those batteries every 2 years is very expensive. The only thing I see here with solar is that it will reduce the cost of bitcoin transaction a little bit if applied.

[stompix]

but the use of excess energy, especially solar can cause increased global warming.

Wow, we have a candidate to replace Al Gore here...
I wonder what's so special about solar panels that is causing global warming faster than burning oil/as/coal.

The transaction had fees because of the reason for the energy/resources. Once the miners could mine with a lower cost, the senders would demand a lesser rate.

TX fees might be lesser in the future, yes that's correct because occurring problems are being solved gradually.

The only thing I see here with solar is that it will reduce the cost of bitcoin transaction a little bit if applied.

I once argued with somebody that 99% of the people here have no clue how mining and bitcoin transactions work.
From all my heart, thank you, people, for proving me that I'm not entirely wrong in my estimate.

Anyhow, guess I'll have to report this topic to get locked, nonsense concentration levels are starting to get really dangerous.

[nightways]

I always think about that sometimes. There are times I even feel like I don't want the price of Bitcoin to increase just because of the transaction fees, I know what I had to pay for transaction back in 2017 when there was a bull run and the price was very high. In times like that, Litecoin seems to be a better option than Bitcoin cause the transaction cost is always cheap. There are other coins that has cheap transaction cost also, but I prefer Litecoin and it is one of the top coins in the market. They really need to find a way to fix the high transaction cost issue, if possible.

[Betwrong]

I always think about that sometimes. There are times I even feel like I don't want the price of Bitcoin to increase just because of the transaction fees, I know what I had to pay for transaction back in 2017 when there was a bull run and the price was very high. In times like that, Litecoin seems to be a better option than Bitcoin cause the transaction cost is always cheap. There are other coins that has cheap transaction cost also, but I prefer Litecoin and it is one of the top coins in the market. They really need to find a way to fix the high transaction cost issue, if possible.

It's not that transaction fees depend on BTC price like you think. First of, in 2017 the Bitcoin network was spammed intentionally to make Bitcoin look like it's unusable. I mean, even then transaction fees should not be that high. Secondly, today we have almost the same number of transactions per day, and yet the transaction fees are much smaller: around $2.50 for a fast transaction, compared to $30-$50 back then.

[whyrqa-1]

I always think about that sometimes. There are times I even feel like I don't want the price of Bitcoin to increase just because of the transaction fees, I know what I had to pay for transaction back in 2017 when there was a bull run and the price was very high. In times like that, Litecoin seems to be a better option than Bitcoin cause the transaction cost is always cheap. There are other coins that has cheap transaction cost also, but I prefer Litecoin and it is one of the top coins in the market. They really need to find a way to fix the high transaction cost issue, if possible.

It's not that transaction fees depend on BTC price like you think. First of, in 2017 the Bitcoin network was spammed intentionally to make Bitcoin look like it's unusable. I mean, even then transaction fees should not be that high. Secondly, today we have almost the same number of transactions per day, and yet the transaction fees are much smaller: around $2.50 for a fast transaction, compared to $30-$50 back then.

Of course there is a minimum rate for transaction fees.  But you still have to take into account the fact that who the owner of the cryptocurrency who performs the transfer, specifically raises the price per transaction, so that his transactions are carried out first.  And therefore, the price growth ladder is carried out one by one.

[Oilacris]

I always think about that sometimes. There are times I even feel like I don't want the price of Bitcoin to increase just because of the transaction fees, I know what I had to pay for transaction back in 2017 when there was a bull run and the price was very high. In times like that, Litecoin seems to be a better option than Bitcoin cause the transaction cost is always cheap. There are other coins that has cheap transaction cost also, but I prefer Litecoin and it is one of the top coins in the market. They really need to find a way to fix the high transaction cost issue, if possible.

It's not that transaction fees depend on BTC price like you think. First of, in 2017 the Bitcoin network was spammed intentionally to make Bitcoin look like it's unusable. I mean, even then transaction fees should not be that high. Secondly, today we have almost the same number of transactions per day, and yet the transaction fees are much smaller: around $2.50 for a fast transaction, compared to $30-$50 back then.

Seconded on this one because if we do tend to compare it clearly.We aren't experiencing the same situation

wayback on 2017.Fees are still low and we can already see network tx's are almost the same on numbers
which do really proves out that it had been spammed before.