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

[Zionatin]

I personally do not believe in fearless anything and subscribe to the idea that you get what you pay for. You pay people for a service it is just the way it works. Everything has a fee. Everyone needs their cut.
Paying a fee normally ensures better quality service and if it doesn't it should.

Yes!!!  I understand the passion people have for bitcoin, I truly do.  But when it comes to a discussion about its problems, everyone just seems to fall silent.  And those problems are the fees, especially when the network is congested and confirmation times.  Most altcoins have much lower fees and much faster confirmations and thus they function better as money (if you wanted to spend them and if anybody accepted them as payment).  It is nice to hear an honest opinion about this.

Zero fee cryptos would be ideal, but I am more than happy with, say, dogecoin's fee which is usually 1 doge to send any amount.  That is more than reasonable, especially compared to bitcoin when its price is at or above a mark like $10,000.  At that point it starts getting very expensive and especially for small amounts.

I guess that fee-less cryptocurrencies would somehow contribute towards the decentralized economy. But they might prove to be a lesser attractive option to miners or delegates, than other cryptocurencies which charge a fee per each transaction performed on the Blockchain. Sometimes I wonder if EOS, Steem, Nano, IOTA, and other fee-less cryptocurrencies will survive for a long time because of the lack of additional incentives via fees. Dogecoin may be a cryptocurrency which charges fees per transaction (like most cryptos out there on the market), but it's inexpensive and highly accessible to everyone. While the fees earned by miners might not be that much in terms of USD, they surely accumulate over time.

Despite this, I believe that there's still a future for fee-less cryptocurrencies if they manage to retain miners or delegates to support their Blockchain networks for a long time. In a world where fast transactions and low costs are a priority, fee-less cryptocurrencies seem to be the ideal solution for micropayments. Time will tell us what will be the fate of these cryptocurrencies as more people join the space. Just my thoughts

I think it is a silly idea. People cannot expect to get things for free. How can you expect to get a service for absolutely free? How would that work? Even if it did work it would still be better to have fees to maintain the health of the currency. People want their piece of the pie and without fees there is no pie.

[radjie]

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

Of course. In the cryptocurrency market, low fees are one aspect that is highlighted to attract investors and traders. And this can be a potential niche. With a cheaper fee, but still able to maintain the quality, safety, and speed of delivery will certainly increase interest.

if there are no costs incurred when making a transaction, there will be no exchange able to benefit from the person making the withdrawal. it is likely that the project will not
last long because various exchanges will surely benefit from fees charged to users to make withdrawals. would make sense if the costs incurred were cheaper than other types of tokens

Cheaper fees, not without fees. We all know that the fees charged by an exchange are costs that we use because we have used the exchange service yeah a kind of symbiotic mutualism.

yes of course it will not eliminate the costs incurred, I mean it might make more sense if the costs incurred are cheaper and do not eliminate the costs charged by each exchange. of course we will benefit because we can use the relevant exchange services and vice versa, the exchange can take advantage of users who make withdrawals because they are charged by costs that must be incurred.

[Ailmand]

Is fee less possible? I don't think so. Miners will have to get their rewards. I think a very cheap transaction fee would be possible and this might attract investors. People are avoiding transacting through bitcoin when the price is too high due to the transaction fee. If this can be achieved in the future, I guess it would attract a lot of investors.

[Aabcde]

I think it might be possible. But not about the fee-less, but how the coin technology was built and its implementation. If you only rely on fee-less, it will not bring the best coins. But if fee-less can occur, I think there will be a time to raise fees for various reasons later.

the lack of commissions in coins is normal, but not for everyone. you need to understand that the tokens that are created, for example for internal use to pay for services inside any platform, should not take a commission for payment

If the token is decentralized, it is not possible for every transaction to not be charged. How can miners benefit if there is no transaction fee in the network? If we talk in the case of coins or centralized tokens, transactions can be made free. But surely it will gradually incur transaction costs even though the amount is small.

[Kyraishi]

if there are no costs incurred when making a transaction, there will be no exchange able to benefit from the person making the withdrawal. it is likely that the project will not last long because various exchanges will surely benefit from fees charged to users to make withdrawals. would make sense if the costs incurred were cheaper than other types of tokens

That's a bit of a useless post, exchanges don't make the majority of their income off overcharging the customer for a withdraw, they make most of their funds off trading fees, and if there where new popular, fee-less coins, exchanges would leap over each other to list them.

And they could always charge a sperate fee for the fee-less transaction, label it as a "processing fee" if they are greedy.

A coin like this, as long as they were able to be charged-back, it would make small transactions like buying a coffee in person using blockchain technology a lot easier.

[tsaroz]

if there are no costs incurred when making a transaction, there will be no exchange able to benefit from the person making the withdrawal. it is likely that the project will not last long because various exchanges will surely benefit from fees charged to users to make withdrawals. would make sense if the costs incurred were cheaper than other types of tokens

That's a bit of a useless post, exchanges don't make the majority of their income off overcharging the customer for a withdraw, they make most of their funds off trading fees, and if there where new popular, fee-less coins, exchanges would leap over each other to list them.

And they could always charge a sperate fee for the fee-less transaction, label it as a "processing fee" if they are greedy.

A coin like this, as long as they were able to be charged-back, it would make small transactions like buying a coffee in person using blockchain technology a lot easier.

Fee less crypto would certainly come to storm the market. The coin that could be used for day to day transaction between customers and merchants should have a zero transaction fees. We can easily achieve this by implementing new ways to benefit the nodes. Maybe minting new coins as reward for the nodes could be an option. If crypto is to be success, it should be user friendly. The volatile nature of price and fees are one of the reason why people don't like crypto.

[lolgato1]

I think that you have to motivate miners, block producers to manage the blockchain, that works when we talk about the blockchain. I know, that there are alternatives like DAG technology used by IOTA where fees are not paid, but that is not a blockchain, right?

[TheGreatPython]

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?

You can see how the developers of those coins are really not paying much attention to those coins because they have no gain on them, many people you see here in cryptocurrency really wants to make profit, and if there is truly a fee less coin, then I don't think such coin will grow. Look at the way that we have decentralized exchanges, but people still left those decentralized exchanges to go for centralized exchanges and I think that is the way people actually want.

Anyone that is creating a fee less currency now is only wasting its time as not many people would be paying attention to it, people will still prefer to use the most reliable and stable coin in the market  which is bitcoin, which I also prefer to use more than all these currencies that is being mentioned.

[Bitbtc8]

Many big exchanges exits till date because of the money they make from transaction fees, i wonder how projects will survive without one, its not advisable to invest in such project because this type of promise will never come to reality and even if they start successfully they will end up hurting you

[X-ray]

Is fee less possible? I don't think so. Miners will have to get their rewards. I think a very cheap transaction fee would be possible and this might attract investors. People are avoiding transacting through bitcoin when the price is too high due to the transaction fee. If this can be achieved in the future, I guess it would attract a lot of investors.

Cryptocurrency have many method for this and Proof of Stake is one of them so a crypto doesn't necessarily need to provide for miner because using PoS only require people who stakes and it could rewarded by using the block reward generated from the unmined cryptos that is reserved for future. However I also agree that fee-less cryptocurrency is not a way to go because blockchain system is basically p2p and there is someone that must be rewarded if not from the block reward it must come from fee.

[Abiky]

I think it is a silly idea. People cannot expect to get things for free. How can you expect to get a service for absolutely free? How would that work? Even if it did work it would still be better to have fees to maintain the health of the currency. People want their piece of the pie and without fees there is no pie.

That's certainly true, mate. I believe that a fee-less cryptocurrency cannot be sustainable for the foreseeable future. Miners or delegates largely depend on fees (in addition to the block reward) to sustain the underlying blockchain network. Without fees, there won't be an additional incentive to keep the network alive. The miner or delegate could simply choose another Blockchain of his choice that charges a fee per transaction. It's no wonder why Bitcoin has been so successful these days, despite being relatively expensive in fees for the end user.

Still though, fee-less cryptocurrencies are experimental. They could continue to improve over time as they see fit, in order to bring a sustainable economy that's bound to last for many generations. Cryptocurrencies like EOS, Steem, IOTA, and Nano could find their place in the market if there's enough demand for fee-less transactions. After all, "free" transactions would encourage people to send micropayments worldwide improving the crypto economy. If fee-less cryptocurrencies become a big hit, then they could become true rivals of traditional cryptocurrencies like Bitcoin and Ethereum.

Nonetheless, time will tell us if the idea of a fee-less system, will truly survive or not. It may be too early to tell if cryptocurrencies using a fee-less model will have a bright future ahead of them. Everything will depend on mainstream adoption without a doubt. Just my opinion

[Apes]

At present cryptocurrencies are difficult to compete with paper money, because paper money does not charge transaction fees for each transaction.  Imagine if we shop at supermarkets when paying buyers are burdened by taxes, if using cryptocurrencies the buyer is subject to taxes and transaction fees.  In my opinion, this is burdening the user. If cryptocurrencies want to be more popular and widely adopted, transaction costs must be revolutionized to become free transaction fee.

[Drai]

Cryptocurrencies are rapidly heading towards worldwide adoption and it would be almost useless if we are having to pay transaction fees for every little purchase we make, that would ensure that most people would prefer electronic payments over cryptocurrency payments because it would be much cheaper which defeats the purpose of cryptocurrency in the first place, although I don't think that the solution we are looking for us EOS or Nano. I don't know much about Nano but EOS is partly centralised and judging by the spam attack that happened recently, it seems it can be easily manipulated too.

[Obito]

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

Someone has to maintain the platform. It is easy to say if transactions are made in a small group of people. But when it comes to world wide transactions and world wide used it is a different story now. Though it is convenient and is economical for individual because you could save a lot of money from fees but people who are working behind such platforms ain't just made for free labor. I don't think it would go for mass adoption.

[huu78]

Usually, the fee to pay the miner in that case. Wherever it is there must be a cost though the slightest and the points are certainly blockchain technology is the future of the crypto industry.
Where transactions are more transparent, secure, inexpensive, and efficient. Hopefully in the future many countries that adopt the blockchain for their payment.

[erickastella]

in my opinion altcoin with a low fee is very special especially for large-scale traders. maybe in the future the fee will be abolished by some markets but it is only for a few altcoin / coins because it is to maintain the stability and profit of the web owner.

[stephanirain]

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?

Many coins are fee-less as long as you do not convert them to other coins or to fiat. Fees are important for other coins because they fund the security of the transactions. Fee-less transactions are also safe because the company that owns it has their budget for it. Fee-less coins are best to use for quick and small transactions like buying some products online or paying small bills. In the future, fee-less coins can dominate the market since I guess we will more likely often use crypto as if it is fiat.

[Pinkris128]

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?

Personally, I can only see fee-less projects for small and canned transactions but for bigger transactions, paying a fee can ensure me that it be secure. Top coins have transaction fees because the demand and use of it higher, therefore are more subject to hacking and other nasty stuff. They also need to expand their services since their clients are getting larger and the transactions are getting more expensive. Fee-less transactions might be seen in the future like today's real life money that can be used in daily transactions like shopping.

[Abiky]

Cryptocurrencies are rapidly heading towards worldwide adoption and it would be almost useless if we are having to pay transaction fees for every little purchase we make, that would ensure that most people would prefer electronic payments over cryptocurrency payments because it would be much cheaper which defeats the purpose of cryptocurrency in the first place, although I don't think that the solution we are looking for us EOS or Nano. I don't know much about Nano but EOS is partly centralised and judging by the spam attack that happened recently, it seems it can be easily manipulated too.

Fee-less transactions may seem convenient to the end user, but they're not a viable solution for encouraging miners or delegates in supporting the underlying Blockchain network. The main concern here is spam attacks, as anyone can easily disrupt the Blockchain without any costs involved. Popular Blockchain networks like Bitcoin and Ethereum have fees for a very good reason. These fees serve to protect the network against spam attacks making it extremely costly for an attacker to disrupt the whole network. The higher the fee, the better it'll be for miners and the security of the underlying Blockchain network.

That's why I doubt that Fee-less cryptocurrencies like EOS, Steem, Nano, and IOTA will last for long. Of course, ordinary people may find it economical to send payments across these cryptocurrencies on top of Bitcoin or Ethereum. But, miners and delegates won't see it that way since they're missing an additional incentive to keep the network alive. In the end, Layer-two (L2) scaling solutions would be the only way to maintain incentivization while providing the lowest costs possible to the end user. This way, everyone will benefit without putting the security and reliability of the underlying Blockchain network at risk. But who knows? Perhaps, fee-less cryptocurrencies will have a bright future as they improve over time. In the uncertain world of crypto, anything could happen. Just my thoughts

[disconnectme]

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.