Will bitcoin transaction fees be too high in the future?

[Nellayar]

You can't predict the transaction fee for Bitcoin, if you don't know what will be the future limit on Block size. If the user base expands, and in case the number of transactions go up by a lot, then there is a good chance that the community will unanimously decide to increase the block size. If that happens, then the transaction fee will be more or less stable. Else it will go up to the levels we had in 2017 December.

As i was concern too that maybe bitcoin transaction fees will soon be too high in future though i didn't have any idea when it will come. It still depend on how high the demand of cryptocurrency in the future specially bitcoin. For now all i have observed was the pumping of value of bitcoin well its due to the additional whales on th community i guess. I didn't wish for it to come at that point but if ever the fees going to high how i wish that each and everyone still can afford it.

When bitcoin supply mining difficulty increases, the mining ability of miners will become slow. Therefore, it might give an additional fee in the future. As we discussed here what happens when the remaining supply will be mined? It is really normal for bitcoin to have higher fees in the future. And I am hoping that bitcoin will resolve this problem because many investors and buyers are killing because of this high fees. If everyone is a millionaire, we easily afford it. But take look at the current scenario. People can`t stop complaining to the problem of high fees in ETH and BTC.

[Abiky]

Anonymity has its price. You can not have everything you want. Sacrifices are needed in every circumstance. Paypal can charge less than bitcoin but you will provide full of your identification and identity. And they can easily trace you whenever you make a transaction

Exactly. As I've said before, you get what you pay for. While Bitcoin is not truly anonymous, it's certainly better than ordinary banks which force you to verify your identity to use their services. Being the most secure and decentralized cryptocurrency in the world, has its benefits. By paying a high fee you can rest assured that your transaction will remain on the Blockchain virtually forever (due to immutability). That's not the case with most altcoins today. If high fees are a concern, you can simply select a lower fee or use The Lightning Network for instant and cheap payments. Thanks to the decentralized and open source nature of Bitcoin, there's always a choice. You can choose not to pay a high transaction fee at a cost of slower confirmation times. With a wide-variety of altcoins on the market, high fees and slow transaction confirmation times are no longer a concern in the crypto/Blockchain space.

Nonetheless, people will ultimately decide whenever they'd still want to pay high fees or not. If they choose to continue paying high fees, then average fees on the network will stay that way. The same could happen vice versa. That's the beauty of the "fee market". Miners will process transactions with high fees faster than others as it's more profitable for them. Transactions with a lower fee will get processed much slower but will eventually become confirmed by miners on the Blockchain. It's the way the system works and there's nothing we can do about it. If it wasn't because of the fees, Bitcoin wouldn't be as secure as it is right now. Just my thoughts

[Gibreil]

The increase in price is a factor that affect the number of bitcoin transaction. The higher the number of transaction, the denser the network will be so that the transaction costs will be higher. So in my opinion, it is not the price increase that causes high transaction cost but the network congestion.

I can't be sure how much it will cost in future Bitcoin transaction because it's very difficult. Miners will face hard time as some of them will have to stop activities that are no longer profitable. But I believe the transaction fee will not exceed the reasonable limit.

I think it is complementary when the network has congestion, the price will increase as well. The price will increase because there are people who will pay for high tx just to have confirmations to the transaction. And since the network is congested, people who are in rush will obliged to pay for the high tx. The mining difficulty will also be a factor to consider when the price goes up. As we can see, when the supply was halved the price of bitcoin moves up as well. In the future when the supply will be mined, miners will dictate the tx fee and for sure it will goes up.

[Sayma83]

Bitcoin's exchange expenses can increment or abatement relying upon the ubiquity of bitcoin in the DEV group's installment framework and innovation refreshes.

On the off chance that later on individuals use bitcoins more, the exchange cost of each bitcoin will positively build more.

The innovation of bitcoin later on is a touchy issue, the lightning network has worked admirably in diminishing the expense per bitcoin exchange, however in the event that there are more exchanges bitcoin still can't take care of the issue.

We can wrap bitcoins and can unreservedly execute bitcoin in all blockchain networks. That is the manner by which DEX trades do it to exchange bitcoin with different altcoins on any blockchain platform.Now excavators get 6.25BTC * 144 = 900BTC every day just from the bitcoin network as a prize. At that point I determined the normal exchange charge every day for the most recent year - 47BTC.

Along these lines, each day diggers get 900BTC from the organization and 47BTC from the organization clients. These are operational costs, 947BTC every day keeps bitcoin secure.

47BTC that the clients pay is under 5% of the absolute diggers pay.

The organization reward will split like clockwork, the expense won't supplant the declining reward. Excavators will get less cash, the organization will be less and less secure many splitting.

[bryant.coleman]

When bitcoin supply mining difficulty increases, the mining ability of miners will become slow. Therefore, it might give an additional fee in the future. As we discussed here what happens when the remaining supply will be mined? It is really normal for bitcoin to have higher fees in the future. And I am hoping that bitcoin will resolve this problem because many investors and buyers are killing because of this high fees. If everyone is a millionaire, we easily afford it. But take look at the current scenario. People can`t stop complaining to the problem of high fees in ETH and BTC.

The argument from miners don't have a solid logic. If mining is so unprofitable, why they are still doing it? Most of the mining farms continue to make new investments in new mining rigs and cooling systems. Do you think they will be doing this, in case mining is a loss making exercise? The fees is not extremely high right now. But there is a lot of volatility. And this does a lot of harm to the global adoption of Bitcoin.

[proTECH77]

Yes, the way things are going now in the market show that bitcoin will change in no distance time base what people are experiencing now. Other cryptocurrencies fees is more higher than bitcoin which is making bitcoin to accommodate the largest population. I think soon bitcoin fees will go higher but it will not be higher like Ethereum.

[Vishnu.Reang]

Yes, the way things are going now in the market show that bitcoin will change in no distance time base what people are experiencing now. Other cryptocurrencies fees is more higher than bitcoin which is making bitcoin to accommodate the largest population. I think soon bitcoin fees will go higher but it will not be higher like Ethereum.

Well.. I don't think so. Bitcoin always had the highest transaction fee among all the cryptocurrencies. Due to DeFi hype, the Ethereum transaction fee has also jumped quite a bit in the recent months. But even then, Bitcoin remains the cryptocurrency with the highest transaction fees. It seems to me that you have no idea about the transaction fee for the other coins. Else you would have never posted this.

[Tamim121]

Now a days Bitcoin transaction fee is not so high. In my opinion in the future Bitcoin transaction fee not to high. If Bitcoin can control by any government then that government can add extra transaction fee in Bitcoin transaction. Otherwise Bitcoin transaction fee not to high in future.

[tanjiran]

Well, with the current development of blockchain and crypto, I don't think high fees are a problem. There are many alternatives that can be used if you want to avoid high transaction fees, for example with LN, right?
Besides, the high fee is not a problem, if it is comparable to the services provided, right? If you want anonymous and confidential transactions, you don't have to validate your account like a conventional bank. So what we pay is what we get.

[Abiky]

Well.. I don't think so. Bitcoin always had the highest transaction fee among all the cryptocurrencies. Due to DeFi hype, the Ethereum transaction fee has also jumped quite a bit in the recent months. But even then, Bitcoin remains the cryptocurrency with the highest transaction fees. It seems to me that you have no idea about the transaction fee for the other coins. Else you would have never posted this.

That's certainly true, mate. Bitcoin is the one cryptocurrency with the highest transaction fees on the market right now. And it'll continue to be that way for a very good reason. Being the most decentralized cryptocurrency in the world, requires one to pay a high price for your transaction to remain on the Blockchain permanently forever (immutability). You don't get this with altcoins such as Ethereum Classic or Zcash. That's largely because the aforementioned cryptocurrencies have a small hashrate backing them, resulting in a higher risk of a 51% attack (making it possible to break immutability). Of course, their fees are ridiculously low. But their level of security is not as comparable as Bitcoin.

As they always say, "you get what you pay for". I'd prefer to pay a high fee on Bitcoin knowing that my transaction will remain impervious (sort of) against external manipulation. It's extremely costly to attack the Bitcoin Blockchain right now, making external interference practically impossible. As long as this is the case, transactions will remain immutable on Bitcoin. For large amounts of money, it's best to use Bitcoin even if you have to pay a high fee. But for quick and small payments, you're better off using altcoins like Ethereum or Litecoin. If you still want to enjoy low fees on Bitcoin, you can either select a low fee on your wallet (at a cost of slower confirmation times) or switch to the Lightning Network. You can even perform "batch transactions" for even lower fees by sending Bitcoin to several addresses on a single transaction. Or you can use native-segwit addresses for a discount in network fees. With so many ways to save off Bitcoin fees, there's no reason to worry about the average fee costs rising at a fast pace. This tells us that Bitcoin is being heavily used in the mainstream world. High fees or not, Bitcoin will continue to work as usual. Just my thoughts

[coiner-88]

Electrical charges would diminish additional time with practical energy, It will turn out to be more effective, exchange limit would increment taking into consideration more trouble could drop, and so on bitcoin increment too high then I think the exchange expense will likewise increment. Yet, if at any point the excavators will mined all the bitcoins I think there will be an adjustments in exchange expense, possibly it will getting lower even the estimation of bitcoin increment.

[DadZzB]

Yes ,transaction of bitcoin will increased ,but depend if you considere it with a ratio.It ' s hard to find that transaction will cost more than 1% .

[bryant.coleman]

Electrical charges would diminish additional time with practical energy, It will turn out to be more effective, exchange limit would increment taking into consideration more trouble could drop, and so on bitcoin increment too high then I think the exchange expense will likewise increment. Yet, if at any point the excavators will mined all the bitcoins I think there will be an adjustments in exchange expense, possibly it will getting lower even the estimation of bitcoin increment.

The increase in hash rate and thereby increased requirement for electrical power will neutralize any advantage that will be gained from the reduction in electrical charges. Also, I don't know for how long this PoW system will remain viable. Already more than 1% of all the available electricity generation in the world is being used to mine Bitcoins. In the future, this is going to increase even further.

[Serious475]

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 think bitcoin transaction fee will be lower and might be even free when the mass adoption occurs and bitcoin transaction fee will looks like be money exchange. I hope that mass adoption occurs earlier than what we have expected so that we can set aside the bitcoin transaction fee because we are losing a lot of money due to transaction fee and it will be a big help if there will be no more transaction fee especially for those who are very active and always doing bitcoin exchange.

[Caltha Chen]

 I don't think so.

As the development of the Cryptocurrency and more and more people start to take part in field, so the exchanges will get more competitions,and exchanges will try their best to lower the fee of the transaction to attract more people into their caves. It is normal and certain development from a new industry to more mature market. More will be cheaper. Better tech will bring better life to the people based on the help of the government. For example, BitOffer exchange is featured with 0-fee and 0-margin. Recently. They even lauched the funds with capital and interest-guaranteed.

As to mining gas, because they can be more efficient with the better high tech. You can earn more totally from more people.

[Crptomagma]

It’s would all depends on the number of active bitcoin users in the future, how often would people use bitcoin for their daily transactions. Bitcoin isn’t the first currency so it’s charges won’t be outrageous compared to other transactions fee. There would still be balance or equilibrium in the charges of bitcoin transactions in future even if the users multiply. Some miners might not be able to continue because the market would be survival of the fittest and these would still result to equilibrium in bitcoin.

[Spack17]

As long as the Bitcoin price continues to increase and people use Bitcoin, fees will continue to increase too. Maybe someday we will pay 100 dollars as fee. For this reason, I don't make my transactions with Bitcoin. I use Ripple for it. I think Bitcoin and Ethereum fees are way higher than they need to be.

[Sithara007]

As long as the Bitcoin price continues to increase and people use Bitcoin, fees will continue to increase too. Maybe someday we will pay 100 dollars as fee. For this reason, I don't make my transactions with Bitcoin. I use Ripple for it. I think Bitcoin and Ethereum fees are way higher than they need to be.

You want to use a shitcoin just because the Bitcoin transaction fee is too high? I don't think that we'll ever get to see transaction fee of $100 or $200. If that happens, then no one will be able to move their coins and they will just dump BTC and move to BCH or ETH. I hope that such a scenario will never realize. In case the transaction fee gets out of control, then hopefully the community will sanction a hard-fork to increase the block size, or approve some other measure that will bring it back to tolerable levels.

[mich]

We cannot control the future transaction fee prices but I will guess if Bitcoin goes up in price so will the cost to make transactions.

If you are anything like me or others in the thread $2 is not a lot to pay if you are sending hundreds of dollars in currency.

[celot]

I think all wallets have a fee for bitcoin transactions with the same amount, depending on if the price of bitcoin in the future is getting more expensive, it is possible that the fee will be too expensive because for each transaction we have to pay a fee of 0.0005 btc, currently the price of btc is equivalent to $ 13,000 maybe a fee we have to pay about $ 1 more, in the future if the bitcoin price goes higher the nominal will also increase but the payment fee remains 0.0005 btc for each transaction. However, it also depends on the market whether they will reduce the fee for each transaction or on the contrary increase the fee to be more expensive.