Fee-less cryptocurrencies...Are they the future?

[Abiky]

For me it makes no sense to be classifying a project feeless, nothing is free and some how they block producers are getting paid. Remember Bitcoin did not have fee before it was later included in it for it to make better economics for miners, even you can still send some transaction without fee, is just going to take days before it get confirmed.

Honestly, I didn't know that Bitcoin was fee-less in its very beginnings. But it's good to know that the "fee system" was implemented, since it serves as a precautionary measure to help protect the main BTC blockchain against spam attacks. I believe that such issue will be faced by fee-less cryptocurrencies like EOS, STEEM, IOTA, and even NANO in the future. Fees serve as a sort of penalty for the attacker. The more transactions are placed on the network, the higher the load, resulting in higher fees. The costs will be extremely high if the underlying cryptocurrency is extremely valuable (like it's the case with Bitcoin).

In the case of fee-less cryptocurrencies, anyone can flood the network with transactions without getting penalized. Not to mention, miners or delegates will lack an additional incentive to support their operations. Which is why, I believe that fee-less cryptocurrencies won't last for long. In the end, cryptocurrencies with a "fee mechanism" will survive as they're self-sustainable. If people want to conduct transactions at the lowest costs possible, then they could always resort to "Layer-two" solutions like the Lightning Network or the Raiden Network. Time will tell us what will be the outcome of fee-less cryptocurrencies within the mainstream world. Just my opinion

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[BlackFor3st]

Personally, I have found out that fee-less cryptocurrencies are extremely convenient for sending micropayments worldwide. Most of them are blazing-fast in transaction confirmation times, making them an attractive choice on top of Bitcoin or Ethereum. Cryptocurrencies such as EOS, Steem, and Nano have no fees at all, becoming a favorite among several crypto enthusiasts (like me).

However, it's yet to be seen whenever a fee-lees structure is a viable solution for the crypto economy. I mean, if there are no fees on the Blockchain, then how would delegates maintain their loyalty to fee-less cryptocurrencies? I believe that in order to maintain long-term stability, there needs to be an incentive via the collection of fees among the network's users.

Nonetheless, do you think that fee-less cryptocurrencies are the future of the crypto industry? Or are they simply a niche?

Fee-less will not last long if it will continue because the owner will not benefit from it and the maintenance will need some money support in order to work.
But if there will be fee-less that will last long and will continue it's support then it will be trend and will be the future of crypto industry.

For example, if the tokens/coins demand is enough for them in order to continue the support and can pay the dev's behind the project then it can surely grow.

[the rise]

ever happened when the blockchain mempool was flooded with spam transactions, I call it a collection of attacks that make transactions very long, with traffic too high which makes an alternative to prioritizing higher fees. This will also happen to altcoin, but it looks more interesting because traders can choose transactions with altcoin that are faster, lower cost and very effective for breaking up volumes to many altcoins, the emphasis here is in the future we will be served by more alternative coins with low fee, not fee-less.

[semobo]

ever happened when the blockchain mempool was flooded with spam transactions, I call it a collection of attacks that make transactions very long, with traffic too high which makes an alternative to prioritizing higher fees. This will also happen to altcoin, but it looks more interesting because traders can choose transactions with altcoin that are faster, lower cost and very effective for breaking up volumes to many altcoins, the emphasis here is in the future we will be served by more alternative coins with low fee, not fee-less.

Any coin which gets more demand the fee will also increase,but now the memepool attack was stopped by upgrading exchange's wallet to segwit so they can make more number of payouts in single transactions which saves fee and time.If a coin have low fee then the support from miners will be less so transaction time will be more.

[duuuuude]

It depends on which side to approach this issue. In general, I think that there is nothing to worry about in a small commission, especially if it goes to maintain and expenditure needs for the network. Another question is when intermediaries appear, such as ATMs, cafes, shops, and the commission becomes larger and this is no longer cool.

[ajeef]

It depends on which side to approach this issue. In general, I think that there is nothing to worry about in a small commission, especially if it goes to maintain and expenditure needs for the network. Another question is when intermediaries appear, such as ATMs, cafes, shops, and the commission becomes larger and this is no longer cool.

I wonder why when cryptocurrency is used as transaction for buying something that not related to cryptocurrency like u said buying stuff and coffees or other things, the fee is become very high and make people will not using it because sometimes the fee is higher than the price of the thing that we bought. So i think the cryptocurrency or bitcoin's fee need more adjustment so we cryptocurrency could be more mainstream

[Abiky]

It depends on which side to approach this issue. In general, I think that there is nothing to worry about in a small commission, especially if it goes to maintain and expenditure needs for the network. Another question is when intermediaries appear, such as ATMs, cafes, shops, and the commission becomes larger and this is no longer cool.

We have to accept the fact that fees are unavoidable. Even with so called "fee-less" cryptocurrencies, you're obliged to pay a fee to the merchant or crypto exchange. The concept of a "fee-less" system only works when sending payments from one person to another. When it comes to services, you'd have to pay a fee to get it. Which is why, I believe that the model of a "fee-less" system is more of a niche than anything else. Popular cryptocurrencies like EOS and Steem would need to incentivize their Delegates/Block Producers one way or another. Otherwise, the ecosystem won't be self-sustainable after all.

Despite this, I believe that "fee-less" cryptocurrencies could result beneficial to the end user over time. While merchants and businesses will still charge a commission for their services, the costs will be minimal with a "fee-less" cryptocurrency than Bitcoin itself. As long as the underlying cryptocurrency looks for way to maintain miners/delegates/block producers on the Blockchain, it should last for years to come. Time will tell us whenever a "fee-less" model for the crypto economy will have a future or not. Just my opinion

[sapnu]

It depends on which side to approach this issue. In general, I think that there is nothing to worry about in a small commission, especially if it goes to maintain and expenditure needs for the network. Another question is when intermediaries appear, such as ATMs, cafes, shops, and the commission becomes larger and this is no longer cool.

We have to accept the fact that fees are unavoidable. Even with so called "fee-less" cryptocurrencies, you're obliged to pay a fee to the merchant or crypto exchange. The concept of a "fee-less" system only works when sending payments from one person to another. When it comes to services, you'd have to pay a fee to get it. Which is why, I believe that the model of a "fee-less" system is more of a niche than anything else. Popular cryptocurrencies like EOS and Steem would need to incentivize their Delegates/Block Producers one way or another. Otherwise, the ecosystem won't be self-sustainable after all.

Despite this, I believe that "fee-less" cryptocurrencies could result beneficial to the end user over time. While merchants and businesses will still charge a commission for their services, the costs will be minimal with a "fee-less" cryptocurrency than Bitcoin itself. As long as the underlying cryptocurrency looks for way to maintain miners/delegates/block producers on the Blockchain, it should last for years to come. Time will tell us whenever a "fee-less" model for the crypto economy will have a future or not. Just my opinion

I don't actually believe that cryptocurrency can be fee-less even in the future in terms of different use. For example in some trading sites or exchange, we know that in every transaction we are making there are payment that we need to pay for us to make that particular transaction. Or in cashing out your money, let us say that you want to convert your crypto into a fiat for you to be able to convert that, I think there are some banks and wallets that you need to pay first, but not that really big for every transaction.

[Emilyearl]

This won't be viable on the long run. Miners expects to be paid, mining a token without reward won't last into the future expect a means of paying miners is developed by such projects. I see some new cryptocurrency are adopting this model I'm not sure why they didn't consider miners rewards.

[HungryTigerGrouchyCrotch]

I think that fee-less cryptocurrencies will never reach such profits like Bitcoin. Because what is the use case of Bitcoin? It is "GAS" for the Bitcoin blockchain, if you want to use it you need to buy it. More users = higher price.
But when you use fee-less cryptocurrencies, everyone who stakes could earn free coins and these coins become soon worthless.

[Kiefner]

Cryptocurrency without commission is not profitable. More precisely for us it is certainly good, but to for maintaining a normal network it is not profitable. Everyone has to earn.

[InwardContour]

It depends on which side to approach this issue. In general, I think that there is nothing to worry about in a small commission, especially if it goes to maintain and expenditure needs for the network. Another question is when intermediaries appear, such as ATMs, cafes, shops, and the commission becomes larger and this is no longer cool.

We have to accept the fact that fees are unavoidable. Even with so called "fee-less" cryptocurrencies, you're obliged to pay a fee to the merchant or crypto exchange. The concept of a "fee-less" system only works when sending payments from one person to another. When it comes to services, you'd have to pay a fee to get it. Which is why, I believe that the model of a "fee-less" system is more of a niche than anything else. Popular cryptocurrencies like EOS and Steem would need to incentivize their Delegates/Block Producers one way or another. Otherwise, the ecosystem won't be self-sustainable after all.

Despite this, I believe that "fee-less" cryptocurrencies could result beneficial to the end user over time. While merchants and businesses will still charge a commission for their services, the costs will be minimal with a "fee-less" cryptocurrency than Bitcoin itself. As long as the underlying cryptocurrency looks for way to maintain miners/delegates/block producers on the Blockchain, it should last for years to come. Time will tell us whenever a "fee-less" model for the crypto economy will have a future or not. Just my opinion

I really like the fact you pointed out that if block producers are not rewarded, the project won't be sustainable. Fee-less cryptocurrencies are the way forward looking at merchant adoption, but I think most businesses will prefer stable coins.

[salty]

Nonetheless, do you think that fee-less cryptocurrencies are the future of the crypto industry? Or are they simply a niche?

I think that in any case there should be a Commission.Even the most minimal,but it needs to be.This Commission can simply be given to developers.I believe that if they create a coin that everyone will use, then they deserve a lifetime passive income.

[Abiky]

This won't be viable on the long run. Miners expects to be paid, mining a token without reward won't last into the future expect a means of paying miners is developed by such projects. I see some new cryptocurrency are adopting this model I'm not sure why they didn't consider miners rewards.

Exactly. New cryptocurrency projects that have started using a fee-less model for Blockchain transactions, haven't considered miner's rewards to keep them on the network for the foreseeable future. This would cause fee-less cryptocurrencies to become abandoned by miners over the long term, due to an unsustainable economic model. There's needs to be a balance between the end user and miners/delegates/block producers supporting the Blockchain, in order to make a cryptocurrency project last a lifetime. It's no wonder why Bitcoin still has a fee model for its transactions (despite costs being extremely high at times). With fees, the underlying Blockchain network could not only remain economically sustainable for the long term but also extremely secure against spam attacks. Like it or not, we need fees one way or another to maintain the crypto ecosystem.

Even so called fee-less cryptocurrencies require the end user to pay a certain amount of coins for services within the crypto industry. Exchanges, merchants, and other crypto service providers will charge you a fee in order to sustain their operations. This tells us that fees are unavoidable and that the term "fee-less" is more of a niche than anything else. It's hard to say that "fee-less" cryptocurrencies will have a bright future, since miners/delegates/block producers are just into crypto for the money (instead of the technology). Sooner or later, they might switch to other cryptocurrencies which provide an additional incentive per each block mined with the fees deducted from end users on the underlying blockchain network. Hence, only Bitcoin and cryptocurrencies with a fee model will be able to survive for many years to come. Just my thoughts

[bitvalak]

Personally, I have found out that fee-less cryptocurrencies are extremely convenient for sending micropayments worldwide. Most of them are blazing-fast in transaction confirmation times, making them an attractive choice on top of Bitcoin or Ethereum. Cryptocurrencies such as EOS, Steem, and Nano have no fees at all, becoming a favorite among several crypto enthusiasts (like me).

However, it's yet to be seen whenever a fee-lees structure is a viable solution for the crypto economy. I mean, if there are no fees on the Blockchain, then how would delegates maintain their loyalty to fee-less cryptocurrencies? I believe that in order to maintain long-term stability, there needs to be an incentive via the collection of fees among the network's users.

Nonetheless, do you think that fee-less cryptocurrencies are the future of the crypto industry? Or are they simply a niche?

Logically the higher the price, the greater the transaction costs, it still makes sense.
But the problem is when we pay a large fee, but the transaction is stuck either because the network is problematic or there are other factors, it can be detrimental.
I hope that with the high transaction costs, improvements and network quality will be maintained well so that each transaction can be confirmed according to the specified time.