Will bitcoin transaction fees be too high in the future?

[Viscore]

I'm doubt, it was crazy to think a $3 trx fees to move 0.001BTC, I'd almost pay it all and received less than I paid with the miners.

The value of Bitcoin will soon rise for sure but I was not thinking also that high fees will correspond to it. If that will happen, well, I don't think that small/average investors will likely invest Bitcoin but probably they will change their minds and choose the stock market investment.

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[GGUL]

They will be paying high fees to miners in order to proceed one transaction a month.

As if this will save Bitcoin.

1 transaction per month for each user - now, with the current block size, this is a maximum of ~10 million users. Only 10 million users. How are you going to take over the world with 10 million users? Full delirium.

I'm sorry, but all those who convince us that with Ln + 1MB. block we will reach a billion users are by definition stupid.

[shield132]

My prediction is that bitcoin fees won't be that much high in near future because we learnt something from past experience, we implemented lighting network, there are more comfortable mechanisms made from bitcoin service  providers that includes zero transaction fees on transactions between certain service provider users, for example you can send bitcoins from your xapo wallet to recipient's xapo wallet without fees. Combination of different implementations and others will help us to get rid of immersive bitcoin transaction fees, at least we are more and well prepared right now.

[BlackFor3st]

This is what I saw also especially if there are too many transactions that are need to be processed then the transaction fees will surely to increase the same to what happened to
Eth fees right now.

But I am hoping that there will be something that can be done to it in order to prevent this kind of scenario to happen in the future as it can surely affect the number of people who are going to use bitcoin because wise investors will surely to use the currencies that has a lower transaction fees.

[verita1]

I am comfortable with the current Bitcoin fees. I think that if the network gets congested like Ethereum we will see a rise in fees. But there will always be someone who creates solutions to solve this problem and we need to wait for these solutions to arrive because of the work that developers take to launch their products.
If we had a rise in Bitcoin fees, I think we should assume it and demand and support prompt solutions.

[Shasha80]

Hopefully Bitcoin transaction fees won't go up again anytime soon, because the current transaction fees are high enough for me.
But seeing investor demand for Bitcoin continues to increase, there is a possibility that Bitcoin transaction fees will increase as
happened to Ethereum. The best solution by maximizing the use of the Lightning Network.

[MFahad]

I am comfortable with the current Bitcoin fees. I think that if the network gets congested like Ethereum we will see a rise in fees. But there will always be someone who creates solutions to solve this problem and we need to wait for these solutions to arrive because of the work that developers take to launch their products.
If we had a rise in Bitcoin fees, I think we should assume it and demand and support prompt solutions.

When the bitcoin prices rises, there is also increase in bitcoin fee. One reason for this is that since the bitcoin become expensive, so we may see the same amount of satoshi to be of more value which are paid as a tx fee.

[GGUL]

When the bitcoin prices rises, there is also increase in bitcoin fee. One reason for this is that since the bitcoin become expensive, so we may see the same amount of satoshi to be of more value which are paid as a tx fee.

There is no such dependency. You just made it up.

Here are the price and fees charts:
https://www.blockchain.com/charts/market-price
https://www.blockchain.com/charts/transaction-fees-usd
Look for all the time.

Transaction fees depend only on the number of transactions in the mempool. Even if the price of bitcoin rises, if there are no transactions in the mempool, the fees will fall to cents.

Sometimes a large number of transactions in a mempool and a price increase coincide, but not always.

[teosanru]

This is the chart of Bitcoin's Avg. Transaction fee: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

Right now the median fee is about $2. After lots of halvings the reward won't be enough to satisfy the miners. I guess that after a decade, bitcoin will be more widespread, as a result, more transactions will occur every second. Won't this increase the median fee? If it does, bitcoin will start being a not-so medium of exchange. Imagine paying $5 for a transaction. Even paypal doesn't charge that much.

Technicailly this is a pretty big issue. And I think we even had a lots of discussions about this in January 2018 when the fees suddenly skyrocketed and I remember the technology of lightning network was pretty popularized at that time and it was expected that it would solve lots of these issues related to scaling but the pace of development of this technology has been pretty slow and I think there have just been a bunch of use cases of this technology. Moreover it faced tremendous criticism for making the chain centralized which it technically didn't. But yes there would definitely be an issue in the future.

Some people have suggested that even the fiat mechanims like Paypal etc. charge a tremendous fees which in compared to bitcoin is higher but I think the ideology here shouldn't be to blame bitcoin or paypal for charging heavy fees rather creating a hybrid solution which could work out towards lower fees. A few other coins have evolved for this purpose but as usual turned out to be shitcoins at the end.

[DoublerHunter]

My prediction is that bitcoin fees won't be that much high in near future because we learnt something from past experience, we implemented lighting network, there are more comfortable mechanisms made from bitcoin service  providers that includes zero transaction fees on transactions between certain service provider users, for example you can send bitcoins from your xapo wallet to recipient's xapo wallet without fees. Combination of different implementations and others will help us to get rid of immersive bitcoin transaction fees, at least we are more and well prepared right now.

^ Definitely right, once Lightning Network will fully apply in all wallets and it is applicable in a single transaction, it is probably good. But as of now, this LN was good for bulk transactions or even the micro transaction, but somehow it will be able to use even single transactions. I don't think the fee will high, probably the value but not the amount as a fee of your trsanction, it the same calculation, sats per bytes. However, I don't bother my self just thinking so much in the future even if you are asking the price of bitcoin in the future, as of now, trust of what you believe in bitcoin, let see what will happen next.

[kawetsriyanto]

So far, one of the problems of BTC is having high fees. However now, ETH gas fee is probably higher, much higher.

Before answering the question, we can see the example from Etheruem (ERC) platform. As we know, Ethereum or other ERC tokens had very affordable fees, it was very small compared to BTC and the fees are rather stable.

However, look at the condition right now. The fee is extremely changing and going so high multiple times. this is really annoying because most coins use this platform and many people have a problem with the fees.

from that situation, I think that the BTC fee sometimes probably may change into high fees again or even decrease depending on the situation, condition, and also news at that time.

[emirov]

Hopefully Bitcoin transaction fees won't go up again anytime soon, because the current transaction fees are high enough for me.
But seeing investor demand for Bitcoin continues to increase, there is a possibility that Bitcoin transaction fees will increase as
happened to Ethereum. The best solution by maximizing the use of the Lightning Network.

Alas, I read information that the fees for Bitcoin transactions will grow, this cannot be avoided, otherwise you will have to sacrifice security. But since bitcoin is the currency of the future, and the number of investors is increasing, the problem must be solved.

[TimeTeller]

Hopefully Bitcoin transaction fees won't go up again anytime soon, because the current transaction fees are high enough for me.
But seeing investor demand for Bitcoin continues to increase, there is a possibility that Bitcoin transaction fees will increase as
happened to Ethereum. The best solution by maximizing the use of the Lightning Network.

Alas, I read information that the fees for Bitcoin transactions will grow, this cannot be avoided, otherwise you will have to sacrifice security. But since bitcoin is the currency of the future, and the number of investors is increasing, the problem must be solved.

I think it is high time to optimize the use of Lightning Network.
As we are faced with this high transaction fees, and is really not practical anymore, we should look into this option.
But up until now, most local exchanges are not supporting LN.
Merchants or shops should also look into utilizing LN. In that way, crypto users will appreciate bitcoin as their payment method.
Until then, users will find another alt that will serve their purpose.

[Abiky]

If we limit ourselves to value the bitcoin price in dollars (or in any other fiat currency, it does not matter) fees will always be high.
Some of you don't know that when bitcoin started to become more popular fees were super high (if you think of their fiat value today). (picked one tx with BTC0.03 as an example)
This all fees drama is simply subjective. Perhaps, one day we will be storing our wealth in the most secure network available and there will be no need to move your wealth unless truly necessary.
Take gold for example: do you know what it takes to get some gold bars out of a physical vault?

Remember, when bitcoin price will go to the moon that's the sign that fiat currencies eventually lost their value against the most ingenious asset ever created by humankind.

That's what you get when you use Fiat as a unit of account. If we begin valuing things in terms of Bitcoin instead of Fiat, things would've been much different now. Sadly, there's nothing we can do since people use Fiat to value everything in the whole wide world. Based on current prices vs amount of Bitcoin required for transactions to process on the Blockchain, fees are ridiculously expensive. And they could go higher in the future if the network congestion persists. The only solution for Bitcoin is off-chain transactions via "The Lightning Network" for people to enjoy dirt cheap fees that are less than a penny (in terms of USD). Transaction settlement times are instant too, making the Lightning Network a suitable tool for micropayments and so much more. The only issue is that most merchants, businesses, and wallet providers haven't adopted the LN to its entirety. Because of this, most (if not all) people aren't aware of Bitcoin's "Layer-Two" solution to reap its benefits. I believe adoption will come for the LN, but it'll take a little longer than we've expected.

Ultimately, people will decide whenever they'd want to continue using Bitcoin for mainstream transactions or switch to another cryptocurrency. As far as I know, there are thousands of cryptocurrencies available on the market with greater transaction capacity than Bitcoin. This means lower on-chain fees and faster transaction speeds without the need for a separate network (which has a steep learning curve for the average person). Even on-chain Bitcoin transactions with a low fee can be processed on the Blockchain (albeit at slower settlement times). Scaling Bitcoin is something optional as decentralization/censorship-resistance is what truly matters. But not everyone thinks this way. In a world where people prefer convenience the most, the average person will most likely use Bitcoin's Lightning Network for lower fees or switch to another cryptocurrency. Whatever happens in the future, I'm certain that Bitcoin will remain as an unbeatable cryptocurrency in the mainstream world. Just my opinion

[mikeywith]

I'm sorry, but all those who convince us that with Ln + 1MB. block we will reach a billion users are by definition stupid.

So how do you plan on getting us to billion users without using a second layer solution?

Increasing block size isn't the solution either, you have living proof of coins with 8MB blocksize such as BCH or even unlimited blocksize such as BSV, do these coins have more traffic and users than Bitcoin? the answer is NO, people paid an average of 50$ to interact with ERC20 contracts on ETH, they pay 10-20$ to send BTC, why would they do that when they can send it for almost free? heck, some coins have instant confirmation and close to 0 fees but nobody uses them.

This is a free market, users bet against each other and whoever wants to use it must pay for it, we barely have full blocks and some blocks go almost empty, we are not even close to a full maximation of blocksize.

Another factor that you need to consider is the blockchain size as a whole, why do you need a purchase of 1$ for your morning coffee to be written on a public ledger stored on thousands of computers, who is going to pay for it? this isn't just a matter of miners process transactions and then delet that block for good, thousands of people need to store it on their computers, storage costs money, if we have unlimited blocksize and fees go close to 0 then doors for transaction spamming will be wide open, eventually, the blockchain (which is already huge) will be way too huge for the average joe to run their full-node, and then it's only a matter of time until only large corporations can afford to run full nodes and this will take us back to the old monetary system where a couple of people sit in a closed room and decide what to do with bitcoin.

Also, receiving/downloading and propagating large blocks is a 1st world's privilege, the majority of people don't have fast enough internet to process huge blocks, so even those who can afford storage will suffer, miners across the globe will no longer be able to mine solo and 100% of the hashrate will be direct to 2-3 mining pools, 50-100 full nodes that are owned by 2-3 large companies and then you have the perfect centralized public ledger, exactly how banks and governments would want it to be.

[ampu]

Now that Bitcoin is wrapped on Ethereum's blockchain, in the future, there will be many blockchains implementing Bitcoin wrap.

What does it mean "Bitcoin is Wrapped on Ethereum Blockchain"? but yeah there will be many blockchain because altcoins are continuously growing and
 being created nowadays,though legit can only be counted by our fingernails ..

You can learn more about Bitcoin wrap at the link below. Bitcoin wrap is the solution for the present time so that users can trade Bitcoin on DEXs. This solution is innovative and solves many problems in transactions between chains without having to develop complex cross-chain
https://www.mycryptopedia.com/what-is-wrapped-bitcoin-wbtc-a-detailed-guide/

[mezzaluna]

This is the chart of Bitcoin's Avg. Transaction fee: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

Right now the median fee is about $2. After lots of halvings the reward won't be enough to satisfy the miners. I guess that after a decade, bitcoin will be more widespread, as a result, more transactions will occur every second. Won't this increase the median fee? If it does, bitcoin will start being a not-so medium of exchange. Imagine paying $5 for a transaction. Even paypal doesn't charge that much.

I guess that actually depends on the transaction fee's being set by the exchange or whatever is holding your Bitcoin. $2 is already a big amount in some countries and that would already be equivalent to a meal. It would be expected for these transaction fee's to grow since higher value of Bitcoin takes more time to transfer and there are some options that allow you to rush transactions by paying higher fees.

[Darkelf11]

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Right now the median fee is about $2. After lots of halvings the reward won't be enough to satisfy the miners.
~

In my opinion, in the future, where all the bitcoin's have already been mined, the transaction fees will get higher because these miners does not have taking any rewards. The only money that they can take is from the transaction fees from every single blocks they were able to create. I don't know what will happen next because of this. We'll know if we get there.

[Reatim]

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Right now the median fee is about $2. After lots of halvings the reward won't be enough to satisfy the miners.
~

In my opinion, in the future, where all the bitcoin's have already been mined, the transaction fees will get higher because these miners does not have taking any rewards. The only money that they can take is from the transaction fees from every single blocks they were able to create. I don't know what will happen next because of this. We'll know if we get there.

the more the bitcoin value grows high same as the transaction fees will go high also,in this case Expect the higher fee in our future transacting.

and it is been a Bias if we are gaining a lot while miners are not?they are the one who is responsible why the Bitcoin is in circulation so
 let us give them what they deserve.

i will also commend that whenever there are  increase in fees,let us just consider that miner is taking their piece of cake from our market.

[FlightyPouch]

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Right now the median fee is about $2. After lots of halvings the reward won't be enough to satisfy the miners.
~

In my opinion, in the future, where all the bitcoin's have already been mined, the transaction fees will get higher because these miners does not have taking any rewards. The only money that they can take is from the transaction fees from every single blocks they were able to create. I don't know what will happen next because of this. We'll know if we get there.

As they said, there will be an equilibrium that will happen. And since we are still not talking about when all of the bitcoins are mined, as the difficulty increases, that would also mean that the transaction fees will increase because of the value of bitcoin also increasing. That is the effect of halving making it fair for all of us.