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Author Topic: Will bitcoin transaction fees be too high in the future?  (Read 2274 times)
pixie85
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September 16, 2020, 04:53:48 PM
 #21

I think that they won't be higher. The lightning network will lower them and in a few years if it's not enough people will think of something better.

Bitcoin is a code that can be change and made better. Maybe one day it will be worth so much that we'll have centralized payment systems built on it that will use real bitcoins as collateral.

Another thing is the cost of a transaction. 10 years from now it could be 50 USD but that 50 won't even be worth 5 of todays Dollars.


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September 16, 2020, 05:27:00 PM
 #22

With the regular update on the network, transaction fee should decrease. We experience things in the opposite way, better the development higher is the fees. More the transaction getting stuck on the network, higher is the transaction fees.

When the usage keeps counting, automatically more number of transactions takes place. In particular when same fee is being paid by lot of transaction, there is more chance of transaction getting stuck on the network. Probably we can expect rise in the transaction fee in the future.

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September 16, 2020, 06:44:12 PM
 #23

Through the transaction fee path chart, we note that it is not stable, there is a kind of fluctuation due to the movement of the bitcoin price, so future transaction fees will be unstable, except in one case, if the bitcoin price stabilizes at a certain level.
But there is a high probability that an agreement will be reached between the miners in determining future transaction fees for the survival of the network and its expansion on a large scale.
In practice, if the transaction fee continues to rise, this will lead to a collapse of the network, so that it will not experience a significant expansion!! This is my opinion, I do not know if I am wrong?
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September 16, 2020, 07:08:25 PM
 #24

Personally, I can't see this happening soon. Bitcoin will have some years development on it network before talk about it high fees or stable fees, though there has been remarkable progress with Lightning Network. As a noobs, couldn't it be that demand will spur higher the fees as we have seen in 2017 and August, 2020?. Am very skeptical about the future of Bitcoin fees if it price hit $100k. Though there are individuals who will pay the fees just to stay anonymous.

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September 16, 2020, 07:36:31 PM
 #25

I think it will be depend on the value of bitcoin in the future. If bitcoin increase too high then I think the transaction fee will also increase. But if ever the miners will mined all the bitcoins i think there will be a changes in transaction fee, maybe it will getting lower even the value of bitcoin increase.

It is a far away thing to discuss, but yeah, imagine what will happen in 2140. No new bitcoins, miners will try to make a living from fees. If the value of bitcoin increases, then the fees will be even more expensive. Bitcoin will either get destroyed or fully globalised. Satoshi was right. I see the first thing coming, though.





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September 16, 2020, 08:06:49 PM
 #26

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.

Maybe a small percentage is always a fee in every transactions. We could already notice the transaction fee increasing and deccresing a lot of times in the network. Traffic in the network etc. seems to be a problem. But still I think it is always a small percentage in every transactions otherwise no one is going to transact anymore if transaction fees is going to get half of the funds sent in the network. But some improvements maybe could be made in the future but we just don't know yet what could happened.

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September 16, 2020, 08:42:56 PM
 #27

Considering the aim for the future is to provide faster and cheaper transactions, I don't think the fees will be too high. Otherwise, people won't be satisfied with this. For example; people already are not happy with the high fees on transactions with Ethereum. 

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September 16, 2020, 09:50:30 PM
 #28

Considering the aim for the future is to provide faster and cheaper transactions, I don't think the fees will be too high. Otherwise, people won't be satisfied with this. For example; people already are not happy with the high fees on transactions with Ethereum. 

The aim is to keep it alive and keep it decentralised. That may mean fees that burn your asshole into embers. There's no way they're going to go down unless a viable second layer arrives. Are lightning networks the one? No way of telling yet.

People doing piddling transactions will need to be prepared to wait and hope for the best rather than have a guaranteed tx in a few hours. There are still low fee periods and may always will be.

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September 16, 2020, 11:35:27 PM
 #29

No one can predict with certainty that in the future Bitcoin transactions will be more expensive or not. But if you look at the Bitcoin supply
that continues to approach the maximum supply because it continues to be mined, should logically make Bitcoin transactions even more
expensive, but I am sure there will be a solution regarding the problem of Bitcoin transaction fees if it continues to rise. For now, Segwit
and LN are solutions to reduce Bitcoin transaction costs, although they cannot be used optimally. And my prediction is very unlikely if Bitcoin
transactions can reach $ 5.

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September 16, 2020, 11:48:27 PM
 #30

It is safe to assume that Bitcoin fees will continue to rise in the future, and if we go further in  future  then fees should be main source of revenue for miners,
but I am sure some second layer solution will show up and be more popular then currently Lightning Network is.
Solution needs to be simple for everyone to use and fees need to be low and cheap if we want to use it everyday.

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September 17, 2020, 12:35:57 AM
 #31

I still remember the time in 2017 where one Bitcoin transaction costs at around $50 of transaction fees. That is one of the highest one in history of Bitcoin and its price at that time is at its ATH which is near $20,000

Now Bitcoin is at the $10,000 price and its fees are sitting near the $3. I'd say that there is an improvement when it comes to the fees but I don't think that fees will be high too in the future as more and more people will be using LN. Its just that the adoption of it is very slow as of this moment. Still though, we don't see what can happen in the future because some of us are always surprised when the market did something we didn't expect to happen Cheesy.

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September 17, 2020, 03:08:52 AM
 #32

Bitcoin's transaction costs can increase or decrease depending on the popularity of bitcoin in the DEV team's payment system and technology updates.
If in the future people use bitcoins more, the transaction cost of each bitcoin will certainly increase more.
The technology of bitcoin in the future is a sensitive issue, the lightning network has done a great job in reducing the cost per bitcoin transaction, but if there are more transactions bitcoin still cannot solve the problem.
We can wrap bitcoins and can freely transact bitcoin in all blockchain networks. That's how DEX exchanges do it to trade bitcoin with other altcoins on any blockchain platform.





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September 17, 2020, 05:12:44 AM
 #33

That's an interesting topic. I did some calculations. Now miners receive 6.25BTC * 144 = 900BTC a day only from the bitcoin network as a reward. Then I calculated the average transaction fee per day for the last year - 47BTC.
So, every day miners get 900BTC from the network and 47BTC from the network users. These are operational expenses, 947BTC per day keeps bitcoin secure.
47BTC that the users pay is less than 5% of the total miners income.
The network reward is going to halve every 4 years, the fee is not going to replace the declining reward. Miners will get less money, the network will be less and less secure halving after halving.
The only way to keep bitcoin network secure is to increase its throughput, 400'000 transactions a day will be not enough in the future.
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September 17, 2020, 06:31:34 AM
 #34

Too high for what? If someone is willing to pay for it, then it's not too high. Bitcoin fees are essentially an auction for the space in the next block, so it's like saying that when someone buys a painting for millions of dollars, the price is too high because average people couldn't buy it. Even if we imagine that Lightning Network wouldn't exist, Bitcoin transactions are still going to be used by people, so the fee is never too high.





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gamer4156
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September 17, 2020, 06:37:38 AM
 #35

Honestly, it's actually a matter of thought. The use of Bitcoin is increasing day by day in the current online world. There is no doubt that it will increase further in the future. Then maybe Bitcoin's transaction fees will increase. In fact, if this happens then there are many people who will give up the use of Bitcoin for fear of transaction fees. This will actually become a threat to Bitcoin.

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September 17, 2020, 06:46:28 AM
 #36

the bitcoin fees will spike from time to time and there will be times when they go up and stay up (like 2017) for a longer period, but i don't think they will ever remain "too high" for extended periods of time. because people will simply give up using bitcoin if transaction fees were for example at $100+ forever. bitcoin will simply lose its main purpose (a payment system), and if that happens users leave and both price and usage come down decreasing the fees.
after all the 4+ years of scaling debate was all about this issue.

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September 17, 2020, 06:52:24 AM
 #37

That's an interesting topic. I did some calculations. Now miners receive 6.25BTC * 144 = 900BTC a day only from the bitcoin network as a reward. Then I calculated the average transaction fee per day for the last year - 47BTC.
So, every day miners get 900BTC from the network and 47BTC from the network users. These are operational expenses, 947BTC per day keeps bitcoin secure.
47BTC that the users pay is less than 5% of the total miners income.
The network reward is going to halve every 4 years, the fee is not going to replace the declining reward. Miners will get less money, the network will be less and less secure halving after halving.
The only way to keep bitcoin network secure is to increase its throughput, 400'000 transactions a day will be not enough in the future.
While the reward is slowly going down for the miners every halving the price of bitcoin in terms of fiat is still going up. As long as bitcoin's price continues to rise it should be in an okay spot we've seen the hashrate go down a few times before and just like the price of bitcoin it's only a matter of time until it goes back up again. Also even if there's more than 400k transactions the miners can't handle it all in one day though.

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September 17, 2020, 07:59:01 AM
 #38

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.
Don't worry about the fee in future if it will go huge because for sure the value of Bitcoin that time is more than enough to cover the fees.

And i believe that people nowadays are use to it because the Fee goes Up whenever there is a Big Uptrend in Price so in time when future comes,
the idea is already adopted of users.

And for sure that altcoin will follow as well because just recently the ethereum Platform increase it gasses in withdrawals as we
 can read in many threads created recently.

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September 17, 2020, 08:09:14 AM
 #39

If at some point a cryptocurrency became popular, people would often choose coins with low transaction fees to transfer money. That coin is usually new with better technology, bitcoin will remain the king of cryptocurrencies but won't be used for much.

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September 17, 2020, 10:27:23 AM
 #40

I think totally depend upon the which exchange you use for your bitcoin transaction. excoincial exchange is very easy to use and also have less transaction fee
I don't think so that exchanges got some connection with transaction fees, unless you are using some exchanges as your Bitcoin wallet and using it to transfer/received Bitcoins. But some exchanges are basing on the current transaction fee or depends on how traffict the network is, some exchanges also using fixed transaction fees or they are using batch transaction for withdrawals so they will save a lot of Bitcoins.





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