Will bitcoin transaction fees be too high in the future?

[noorammak]

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The bitcoin wrap solution is explained in this comment.

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/

In addition to bitcoin wrap, there are other reasons to reduce transaction fees.
The first is the advancement of Bitcoin mining equipment, increasing the hash rate but reducing energy consumption.
Next, is OTC transactions performed via CEX instead of directly done as before.

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[GGUL]

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?

I put the question directly.   Do you think that with 1MB + LN, we can reach a billion users?

[Renampun]

It seems to me that even now the fees are quite high. In any case, I think they will be much lower in the future. Because new technologies will be invented and the number of transactions will increase significantly.

I don't think the fee will be low in the future...
I noticed that Bitcoin fees are basically stable, it's just that the value sometimes changes according to the Bitcoin price, if in the future the Bitcoin price reaches $ 50k it will automatically follow that, and most likely the Bitcoin transaction fee will be more than $ 5.

[Gaaara]

It seems to me that even now the fees are quite high. In any case, I think they will be much lower in the future. Because new technologies will be invented and the number of transactions will increase significantly.

I don't think the fee will be low in the future...
I noticed that Bitcoin fees are basically stable, it's just that the value sometimes changes according to the Bitcoin price, if in the future the Bitcoin price reaches $ 50k it will automatically follow that, and most likely the Bitcoin transaction fee will be more than $ 5.

That's true, the transaction fee is based on the current price and for me no matter how much it will go it will stay balanced to the current users but the issue is that new investors will hesitate if the transaction fee would be too high, yes for the current holders the fee doesn't affect them that much and it would set an unbalance volume between holders and new investors. It is inevitable to change any of the system but I think the current state is reliable unless bitcoin would go too high for transaction fee to be unrealistic, imagine transferring your coins into another wallet would costs you $5.

[Leviathan.007]

One advantage of bitcoin comparing to paypal and the other payment systems is the transaction fee. Because you can easily transfer one million dollars with less than ten dollars of fee. So, the transaction fee will not be higher than other payment systems. But, as you saw on the chart linked by BlackHatCoiner fees are growing over time. But bitcoin transactions are still profitable. However, if you don't need the transaction to be confirmed quickly, you can easily put a very low amount of fee which is customize-able.

[barbara44]

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.

Increase in fees happens when there is a long line of transactions to be confirmed, and there are always people who are ready to pay higher fees to get miners to confirm their transactions first, and as more people are ready to pay even higher fees, the more that this will keep on increasing. But I believe that there is going to be a solution to this in future. It’s best that we just keep cool and keep following with whatever events that are taking place for now.

This is the reason why SegWit was introduced, to help make things faster and easier, as the Bitcoin Blockchain will be able to contain more transactions in a block. This wouldn’t work though, if it’s not adopted. But I believe that the devs are steady looking into this. For now you can make use of wallets that allows to choose the level of fees you want to pay for a transaction.

[Abiky]

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.

Well said. People are the ones who decide which cryptocurrency to use from another. There are many coins out there on the market with better tech and features than Bitcoin. Yet, none of them have been able to surpass it in terms of mainstream adoption and market cap. Bitcoin Cash is simply another Bitcoin clone with an increased block size (on-chain scalability). This approach will harm the decentralization of the entire Blockchain network because node storage and bandwidth requirements will increase at a fast pace leaving the average person out of the system. Bitcoin Core developers know the risks involved with a huge block size, justifying the "off-chain" approach for scalability. The Lightning Network is the safest route for Bitcoin to scale to thousands or millions of people around the world, as it's a separate layer from the main Bitcoin network. If the LN were to fail, Bitcoin's main chain will continue to operate as usual. This, alongside sidechains, will preserve Bitcoin's decentralization while providing unparalleled performance compared to the likes of VISA and Mastercard.

In the case of Bitcoin's high fees, there's nothing to be worried about. You can easily select a lower fee for your transaction to get processed on the Blockchain at a later time. There are other techniques to reduce fees per transaction too (like batch transactions, using native SegWit, etc). If high fees are still a concern, you can always choose among thousands of cryptocurrencies available on the market with reduced network congestion. Bitcoin Cash and Bitcoin SV have ample network capacity for many transactions per second at a cost of reduced security and reliability. As long as the original Bitcoin (BTC) remains decentralized and censorship-resistant there should be nothing to worry about. Just my thoughts

[Yatsan]

We barely do not know for we are still into the present time. What can happen in the future is still unknown for what answers we can give for now are just mere assumptions that maybe or maybe not the transaction fees can go higher on the future. All will be dependent on the Bitcoin usage and transaction on what could possible to happen on the transaction fees. As for now the transaction fee is just good so nothing to worry about. Anyway you can choose a lower fee and get your transaction be confirmed but it will take time but still it will be processed to make the transaction successful. If you barely want fast transaction, then you barely will spend higher fees for that but if you do not, then just choose lower fee transaction because it is the same thing to happen the difference is just how fast it will be processed to get confirmed.

[int03h]

Bitcoin transaction costs are not fixed and it increases if too many people use bitcoin to transfer money in a while.
I think if bitcoin uses regular payments, it has no advantages over other forms such as bank cards, payment applications. If you use remittances as large as $ 50,000 or more then the cost of $ 2-10 is not a big drawback because bitcoin has global liquidity and is fast compared to any form of interbank money transfer.
Of course in the future, we will have many solutions to help reduce the cost of bitcoin transactions.

[bryant.coleman]

It is the volatility in the transaction fee that is the problem. The average fees can fluctuate very wildly. Last week I made a transaction, and used the default fee as shown in Blockchain.com. The fee was 4.7 Sat/Byte. Then the Mempool size went up and the transaction was stuck for 48 hours. It got confirmed after two days, but left me frustrated and angry. The problem is that it is getting difficult to predict the transaction fees. The fee that I input (4.7 Sat/Byte) would have been enough to get a quick confirmation in the previous week, but after I made the transaction the fee shot up and the transaction got stuck. If I knew that previously, then I could have increased the fee.

[BlackFor3st]

I am also very curious about it especially if all the bitcoin will be mined already in the future. Is the transaction fees will increase or it will remain
as it is.

If bitcoin will likely to become very popular in the future and there will be many people who are using and transacting it, there is a big chance that the
transaction fee of bitcoin will likely to increase if no one will prevent it. Though this is only my observation and I hope that it will not happen in the future.

[Serious475]

This will only depend on the bitcoin in the future, as what we are all expecting bitcoin value will rise in the future so basically, if this thing will happen, the transaction fee will go up as well. Most of the transactions we have in the world of crypto have transaction fees, even though in the new innovation of the crypto world which is the ATM, it also has the transaction fee as what I have read in an article.

Most likely, yes. The market is growing and demand is increasing and this means that the transaction fees can also be higher.

That's true, that is how the transaction fees work, the higher the demands, the higher the transaction fees as well and this could happen in the near future because cryptocurrency becomes very popular every day, there are already many countries that accept the user of cryptocurrency.

[PonZZ]

I can't name any reason why Bitcoin fees will lower in the future. Maybe Bitcoin won't be the perfect medium of exchange, but it will be used as a store of wealth.

[btc78]

yes it will be get high because it became a daily need part and when people will depend on it transaction fee will get high

everything that will be in demand will surely grow the fees and this is a common thing when talking about cryptocurrencies.
and why need to be problematic when we are gaining high already when that time comes.

I can't name any reason why Bitcoin fees will lower in the future. Maybe Bitcoin won't be the perfect medium of exchange, but it will be used as a store of wealth.

and it has been happening now since majority of people who has Bitcoin is Holding and not using it commonly.

[pornflixandchill]

That's the problem... right now the average fees to withdraw from exchanges is 0.0005 which is around $5, that's already expensive!
Have not taken into account converting from fiat to crypto, that's already $10 gone.

I'm not sure what is cheap here...
Yes, you can transfer millions of cryptos with a cheap fee, but have to take into consideration the conversion rate and withdrawal fee too!

[jaypiepie]

its very difficult for us if bitcoin transaction fees will be too high in the next future ,it will too small profit if the transaction fees continuing too high until bitcoin prize recieved is not enough to aernings

[goldade]

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 do not think that the price of bitcoin will become higher than what it is now. Just like you said, bitcoin will become more widespread in the next decade and will result in more transactions made every second, then it means that there is more money to be made for the miners.
It is just simple mathematics. If there are 10,000 transactions made now at $2 fee per transaction, then there is $20000 transaction fee made. If bitcoin becomes widespread over the decade and there are 100,000 transactions at the same $2, then there's $200,000 made.
There won't be a need to increase the transaction fee.

[Nhor1011]

It depends on the bitcoin price, if the price goes up then fee s price also increase, also it depends on transaction volume.

I think this also because as we look at bitcoin from the beginning ,we can see that bitcoin transaction fee keep on increasing during the time that bitcoins value are also increasing. So, it means the transaction fee is depends on bitcoins value but I hope that it will not be more expensive or go higher in the future because it will be difficult for us to earn using bitcoin.

[worldofcoins]

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.

If the demand for bitcoin increases it will exceptionally impact on its expense/fee as well.
It's not a new thing just business rules. If your demand is increasing just increase the product price/lower the quantity.
So I believe the exchange charge of bitcoin going to increase. I won't generally stress over the current exchange cost since we're still paying the lower fee.
It's better to hold your coins more for the future because its demand gonna increase soon.

[Abiky]

It is the volatility in the transaction fee that is the problem. The average fees can fluctuate very wildly. Last week I made a transaction, and used the default fee as shown in Blockchain.com. The fee was 4.7 Sat/Byte. Then the Mempool size went up and the transaction was stuck for 48 hours. It got confirmed after two days, but left me frustrated and angry. The problem is that it is getting difficult to predict the transaction fees. The fee that I input (4.7 Sat/Byte) would have been enough to get a quick confirmation in the previous week, but after I made the transaction the fee shot up and the transaction got stuck. If I knew that previously, then I could have increased the fee.

Bitcoin's fees aren't static. They dynamically change depending on current network conditions. Since Fiat is the unit of account that determines Bitcoin's price on the market, fees in BTC relative to Fiat (USD, EUR, etc.) are high. But if everyone started to value things based on BTC itself, then it wouldn't look that way. Like it or not, it's the way the Bitcoin blockchain works. If it wasn't because of the high fees, Bitcoin wouldn't be as secure as it is today. As it's said in the real world, "you get what you pay for". When paying high fees on a Bitcoin transaction, you can remain confident that your payment will go through as intended. Since Bitcoin is the world's most secure and decentralized cryptocurrency, you're paying high fees to send a transaction that will be recorded virtually forever without being reversed or manipulated (immutability). That's not the case with smaller blockchain networks like Bitcoin Cash or Bitcoin SV. Their fees may be ridiculously low, but their security/resilience is terrible.

Nonetheless, people have a choice thanks to the way Bitcoin was designed. They could either select a low fee for their transaction to go through the Blockchain (albeit at extremely slow confirmation times), or simply choose the Lightning Network for instant, cheap payments. People can also choose another cryptocurrency with lower fees than Bitcoin like Bitcoin Cash or Bitcoin SV. High fees or not, it doesn't matter as long as Bitcoin remains a decentralized cryptocurrency for cross-border payments without the need for a middleman (banks). Just my opinion