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Author Topic: bitcoin transactions costs in the future  (Read 1475 times)
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June 22, 2019, 11:36:36 PM
 #141

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.



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June 23, 2019, 06:42:34 AM
 #142

In some years we won't need mining because we are reaching the full capacity , when it will be entirely mined then there won't be any income generated by the mining.

Now when we are talking about the cost , have you tried the lightning network payments or payments using segWit Integrated addresses ?

In those you can actually choose your own fee according to your urgency of transaction, therefore in that way the transaction fee is decreasing day by day , I think it won't be entirely free , maybe free only if you buy a subscription for the particular company and such , because even the wallets and the firm's you are investing in needs some money for the fact that they are providing this service.

Making it free , won't it be an injustice ?



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June 23, 2019, 09:22:15 AM
 #143

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.
If someone increase the transaction fee then it would get priority and will confirmed first but normal people will try to keep the fee as low as possible some if someone or few trying to increase it won't even last long for a day.

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June 23, 2019, 02:20:43 PM
 #144

~
If someone increase the transaction fee then it would get priority and will confirmed first but normal people will try to keep the fee as low as possible some if someone or few trying to increase it won't even last long for a day.

It depends on the amount you want to transfer. No one wants to pay $4(the highest fee currently) transferring $20, but if it's $20,000 and you want it fast, why not? Apparently, not so many people are craving for their transaction to be included in the very first block. They decide to wait additional 10-15 minutes but save around $3 on tx fee, and thus we don't have fees race, when transaction fees go higher and higher. The above mentioned race can be bad not only for regular users, but for miners as well, because if BTC price goes down consequently, they lose a lot of USD on each block reward.

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June 23, 2019, 02:30:23 PM
 #145

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.
If someone increase the transaction fee then it would get priority and will confirmed first but normal people will try to keep the fee as low as possible some if someone or few trying to increase it won't even last long for a day.
right, they will be able to measure the transaction costs that are appropriate for themselves. by choosing the lowest transaction costs, you will be able to measure the time required

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June 23, 2019, 03:12:13 PM
 #146

It will go low as the number of users will go high then the number of transactions will go high and it will create low transaction fees for exchanges and other platform that will deduct transaction fees will becoming a competition for them to atteact users or traders in their platform. As we all know that traders or users prefer low cost transaction fees and this is already forseen by the platform devs.

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June 23, 2019, 03:24:43 PM
 #147

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.
If someone increase the transaction fee then it would get priority and will confirmed first but normal people will try to keep the fee as low as possible some if someone or few trying to increase it won't even last long for a day.
right, they will be able to measure the transaction costs that are appropriate for themselves. by choosing the lowest transaction costs, you will be able to measure the time required
Always use recommended fee if your wallet have such feature or just see what can be the best recommended and priority fee for the coin you are transacting and then initiate your transaction.

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June 23, 2019, 11:56:16 PM
 #148

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.
in the development of crypto currencies and crypto markets no one can know for sure and all possibilities can happen and no one can know for sure one day will surely develop better because it will be needed for the economy

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June 24, 2019, 03:30:46 AM
 #149

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.
in the development of crypto currencies and crypto markets no one can know for sure and all possibilities can happen and no one can know for sure one day will surely develop better because it will be needed for the economy

I don't know if it's possible to update the blockchain, it has not change, what we've seen in the past is there are bitcoin forks claiming they have a better system on bitcoin, so most likely that will happen. Bitcoin is not only viewed as a payment system now, it's popular due to the fact that people are treating it like an investment, so in terms of payment system, other coins are way better as they are faster and cheaper.

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June 24, 2019, 08:19:32 AM
 #150

~
I don't know if it's possible to update the blockchain, it has not change, what we've seen in the past is there are bitcoin forks claiming they have a better system on bitcoin, so most likely that will happen. Bitcoin is not only viewed as a payment system now, it's popular due to the fact that people are treating it like an investment, so in terms of payment system, other coins are way better as they are faster and cheaper.

Faster and cheaper doesn't make them way better. Their blockchains are less secure, and, apart from XRP and ETH, they have far more less transactions per day than that of Bitcoin, and who knows, what would happen to them if they had the same load of transactions as BTC has? Bitcoin wouldn't be treated as a good investment unless it was, currently and potentially, the best payment system in crypto world.

I'm pretty sure that in a BIP or two we'll have a solution for lowering transaction fees for BTC significantly.

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June 25, 2019, 07:20:17 PM
 #151

Recently, the network read information about how one person decided to conduct an experiment. To see the real advantages of a bank transfer or a Bitcoin transaction, when transferring funds in the equivalent of $ 25,000.  I do not want to talk about the specific goals of this task, but I want to say that the person paid $ 150 per transaction, with which they transferred $ 25,000 to Bitcoin.

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June 27, 2019, 06:17:55 AM
 #152

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.
in the development of crypto currencies and crypto markets no one can know for sure and all possibilities can happen and no one can know for sure one day will surely develop better because it will be needed for the economy

I don't know if it's possible to update the blockchain, it has not change, what we've seen in the past is there are bitcoin forks claiming they have a better system on bitcoin, so most likely that will happen. Bitcoin is not only viewed as a payment system now, it's popular due to the fact that people are treating it like an investment, so in terms of payment system, other coins are way better as they are faster and cheaper.
The more the price of Bitcoin grows, the more it seems like it has an expensive fee, I think this is because there is more of people using it as payment on the network, which is why we think the fee is that high, ifall these other coins you talked about were to be in the position of Bitcoin, you will see that they will all be expensive too.

I don’t think we should really be complaining about fee of Bitcoin, because Bitcoin reward system is more than enough to rewards us for these high fee, the money we have taking from Bitcoin as profit cannot be compared to the token we pay for such system, so we should not make it continue to look like other coin are  better, how many of them can give such huge rewards that comes with Bitcoin usage.

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June 27, 2019, 06:50:16 AM
 #153

Now the price of Bitcoin is kept increasing and this makes transaction fee higher for any transaction we do in terms of Bitcoin, When the price is increasing many people will start moving their Bitcoins to exchange for selling but for that they need to pay a higher price for the transactions.

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June 27, 2019, 07:35:43 AM
 #154

In any case, miners should be rewarded for their work. I fully admit that in the future only large companies on an industrial scale will be engaged in mining, and the margins of this business will not be high. It is possible that then the commission will be lower. It is also quite likely that thanks to such solutions as LN we will be able to receive minimum commissions in the future and Bitcoin will can be used in everyday calculations. In any case, the future for cryptocurrency

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June 27, 2019, 12:14:00 PM
 #155

Now the price of Bitcoin is kept increasing and this makes transaction fee higher for any transaction we do in terms of Bitcoin, When the price is increasing many people will start moving their Bitcoins to exchange for selling but for that they need to pay a higher price for the transactions.

yes I agree, indeed the increase in bitcoin has now been used by many people. because this increase has been eagerly awaited by many people. the problem is the current increase sometimes occurs and does not always increase. I hope the increase will always occur.



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June 27, 2019, 07:46:44 PM
 #156

in any case, the cost of transactions will increase if the price of Bitcoin will also go up.  Who men need to take into account the fact that each user himself increases the price for the urgency of the transfer of funds.

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June 29, 2019, 04:11:53 PM
 #157

Recently, the network read information about how one person decided to conduct an experiment. To see the real advantages of a bank transfer or a Bitcoin transaction, when transferring funds in the equivalent of $ 25,000.  I do not want to talk about the specific goals of this task, but I want to say that the person paid $ 150 per transaction, with which they transferred $ 25,000 to Bitcoin.

Unfortunately, I can't find the info about that experiment. Can you please provide a link?

But even from just what you said, I can say that he will pay less than $6 for transferring the $25,000 to any place in the world, and the transaction will be confirmed within 45 minutes. Theoretically the transaction fee can be much higher than $6, but I presume his transaction will have just one input. Now, compare $150 and $6, the difference is obvious. But of course they can intentionally transfer the $25,000 in BTC from a hundred different addresses, and then the transaction having a weight of 18,000+ bytes will cost him over $450, and thus they can "prove" that Bitcoin transactions are more expensive.

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June 29, 2019, 05:13:00 PM
 #158

Now think if a solar energy farm with a battery like that were used to create bitcoin transactions. It's an infinite and free source or energy, right? At least after the investment is paid back. My doubt is how miners could return the fees to the transaction senders in this case. Would it be possible? Would you like to add any thoughts?

Energy will never be free. Bitcoin will push prices of energy extremely high. Right now Bitcoin not  spend even 1% of all energy that is used on earth. When price of Bitcoin will be 20 times higher and many believes that will happen in only 5 years time, then more then 10 % of all energy used on Earth will be used to secure Bitcoin  network. Of course only if price of electricity stays the same.

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June 30, 2019, 11:46:14 AM
 #159

Now the price of Bitcoin is kept increasing and this makes transaction fee higher for any transaction we do in terms of Bitcoin, When the price is increasing many people will start moving their Bitcoins to exchange for selling but for that they need to pay a higher price for the transactions.

It will only increase when bitcoin price is skyrocketing, but it does not happen everyday.
So far, the transaction fee is okay, since I can still send BTC with less than a dollar fee and it confirms in less than an hour.

Although I like it instant but we know how congested the network sometimes, if we like fast and cheap, we should switch to altcoins.
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June 30, 2019, 12:18:07 PM
 #160

There's only two possibilities of bitcoin's fees in the future.
1. If bitcoin turns out good and becomes a legit currency worldwide, im sure government and companies will make a way to lessen the fees and become more accessible to the people.
2. If bitcoin turns out negative then it would be higher fees with less application.

I hope for the first one to happen.

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