Will bitcoin transaction fees be too high in the future?

[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.

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[sapnu]

I think it actually depends on the price of bitcoin in the future. If the value of bitcoin rises up there's a big possibility that the payment in any transaction may rises up too. But maybe because of the mass adoption, that may happen in the future, the value of gas may not rise, and that is a good thing. As of now, bitcoin is continouosly becoming popular all around the world, especially at a time like this when there's a pandemic and we need to be careful in every transaction. That makes bitcoin more famous today.

[Boov]

I think it actually depends on the price of bitcoin in the future. If the value of bitcoin rises up there's a big possibility that the payment in any transaction may rises up too. But maybe because of the mass adoption, that may happen in the future, the value of gas may not rise, and that is a good thing. As of now, bitcoin is continouosly becoming popular all around the world, especially at a time like this when there's a pandemic and we need to be careful in every transaction. That makes bitcoin more famous today.

As time passes by, many have also know bitcoin already and become part of the community of cryptocurrency. So it is not impossible that in future the transaction fee of bitcoin will set too high. Well its because that the value of bitcoin in the crypto market were remarkably high and attractive to investors that's why there was a lot of investors were attracted. And as a consequences of these, a lot of investors and users will definitely make it to high transaction fee.

[gentlemand]

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.

Which transactions? I've never done one where XRP was remotely possible, not that I'd do it as by the time I converted it back it would cost more than Bitcoin fees.

As for being 'higher than they need to be' it's us lot who decide the fees by bidding against each other. They are exactly what we all decide they are.

[DarkDays]

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.

There is no point in thinking so far distant into the future.

While it is true that mining gets more and more difficult over time the transactions fees won't be the only thing which will factor that. As such, it wouldn't make sense to have the types of fees your describing as as you have alluded at people won't be happy to pay that much, or will they? Only time will tell.

I think what's important sometimes is to focus on what's in front of you and right now I say let's enjoy the BTC bull run 

[kotajikikox]

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.

What can we expect when we start as without almost fee and now look this becomes an issue all the time prices grows like now mate.
Surely in time passes by the fee will go Up and high as the price of bitcoin same do.
and Miners need to get their dividend because for long time now ,they are not gaining instead last Halving they did not get what they are looking for to at least earn enough from their expenses and time.

[Vishnu.Reang]

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.

The next block reward halving is almost 4 years away, so that is not an immediate concern for the miners. BTW, you need to understand that the userbase is expected to increase sharply in the future. Along with it, the number of transactions may also witness a steep surge. So the fee reward per block may remain stable, or even show an increase. But the median transaction fee will remain at the same level. The only thing to remember here is that we need a substantial block size increase at some point in the future, to keep mempool at tolerable levels.

https://mempool.space/

[Debonaire217]

It has been part of the many speculations on what will happen to the miners and transaction fees whenever all bitcoin is mined or nearly mined, but I think it is clear to me that transaction fee will still remain the same because of the improvements on the bitcoin network by those programmers who continuously support bitcoin. Some updates include the Segwit implementations which reduces the transaction fees significantly, in addition, the price of bitcoin will be high in the future so it could also mean that same rate of transaction fees will be applicable as miners can also handle to pay their electricity bills.

[Questat]

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.

How would that help the massive adoption if we can't afford the transaction fee, bitcoin will be useful only for users who like to transact with huge amount as they'll only have to pay a small amount, but for users who only transact $10 or less, bitcoin is not going to help them especially when the network is congested.

The LN might be the best solution for this IMO, and hopefully people will support it.

[adzino]

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.

Not really. All wallets don't have the same "fee". They do set a reasonable transaction fee based on current bitcoin network load. You can always change (almost all wallets allow you to set your own fee.) the fee according to your own preference. You don't want to pay high fees? Lower the fee amount and wait for few hours. You want quick confirmation? Pay higher fee and get all your transaction confirmed in average of 10 minutes. You don't always pay 0.0005 BTC per transaction. Fees aren't calculated based on "per transaction".
Even if the price of bitcoin goes higher, it doesn't mean you will have to pay higher fee. The fee also depends on the mempool. Low network load means you will likely pay lower fees.

[Alexmagn84]

It relies upon Bitcoin utilization later on. On the off chance that I acknowledge Bitcoin in installment for a £10,000 space name, at that point $5 is unimportant, If I need to pay for some espresso, at that point it is excessively, particularly as I pay nothing with a Mastercard. That prompts the likelihood that the beneficiary pays the excavators expense. The digger just removes it from the £10.000. At that point there is the chance of lumping a lot of exchanges into one accommodation, which ought to lessen the charges. Another likelihood is that banks begin to run their own mining homesteads, and afterward they could give no-charge exchanges as long as the installments aren't dire.

[shoreno]

I think it actually depends on the price of bitcoin in the future. If the value of bitcoin rises up there's a big possibility that the payment in any transaction may rises up too. But maybe because of the mass adoption, that may happen in the future, the value of gas may not rise, and that is a good thing. As of now, bitcoin is continouosly becoming popular all around the world, especially at a time like this when there's a pandemic and we need to be careful in every transaction. That makes bitcoin more famous today.

As time passes by, many have also know bitcoin already and become part of the community of cryptocurrency. So it is not impossible that in future the transaction fee of bitcoin will set too high. Well its because that the value of bitcoin in the crypto market were remarkably high and attractive to investors that's why there was a lot of investors were attracted. And as a consequences of these, a lot of investors and users will definitely make it to high transaction fee.

people that are already in here before the transaction fee rise are lucky because they can choose to hodl and not transact for a while but for the people are planning to enter they will get turned off if they see how much is the fee cost  . that will prevent the adoption from growing but the fees will also get stabilize .

@sapnu why gas are involved ? gas is for the eth but topic was only about btc , i already explained earlier that mass adoption wont make the fee less . since we mention eth , eth gas fee are also expensive too and take note the adoption are not that high but how much more if we are in the future ?

[posi]

I think it actually depends on the price of bitcoin in the future. If the value of bitcoin rises up there's a big possibility that the payment in any transaction may rises up too.

It the status of the Bitcoin network mempool that determine transactions fee not the price of Bitcoin in the market though it some impact the price Bitcoin in the market after theres high traffic.

But maybe because of the mass adoption, that may happen in the future, the value of gas may not rise, and that is a good thing.

If theres mass adoption, the price of tx fee is expected to rise but wont rise if protocol like lightning and loop are use and also work perfectly.

[Crptomagma]

The transaction fee for bitcoin will definitely appreciate in the nearest future. Considering the rate in which people are investing and trading using bitcoin and securing their wallet for future transactions. Despite all odds, whether the price of bitcoin rise or fall in the future the transactions rate for bitcoin will still be fair enough to still encourage more investors/traders.

If bitcoin transactions fee becomes high in the future, these action will scare many investors/traders away so with these I think it’s transactions fee would be at equilibrium.

[mangsitin]

rapidly growing mainstream adoption, and media attention;  many people at large increasingly believe in the phenomenal development of Bitcoin, and want to take part in the crypto world.  and today it was recorded that 1 BTC transaction costs $ 20.  previously 1 BTC transaction was only $ 0.1- $ 0.3.  and of course, in the future it will be more expensive.  why? because the blocksize scalability of the Bitcoin Blockchain is very full by transactions that occur every second.  Finally, there is an increase in each side of the network, so that higher transaction fees are charged to reduce transaction traffic.

[Kelvinid]

rapidly growing mainstream adoption, and media attention;  many people at large increasingly believe in the phenomenal development of Bitcoin, and want to take part in the crypto world.  and today it was recorded that 1 BTC transaction costs $ 20.  previously 1 BTC transaction was only $ 0.1- $ 0.3.  and of course, in the future it will be more expensive.  why? because the blocksize scalability of the Bitcoin Blockchain is very full by transactions that occur every second.  Finally, there is an increase in each side of the network, so that higher transaction fees are charged to reduce transaction traffic.

It simply you can't ignore the fact that sending it now (at this current heavy network traffic), the fees slightly increase because everyone would like to move our transactions faster to confirmed. It was us who would like to pay such amount because if we can still make it to wait for a few hours why we have to pay for it.

If we are talking about fees in the future, you'll certainly be seeing the same fees and the same scenarios. There is a time that we experience the same where we need to pay a higher fee rate than to normal transactions we do.

[Abiky]

It simply you can't ignore the fact that sending it now (at this current heavy network traffic), the fees slightly increase because everyone would like to move our transactions faster to confirmed. It was us who would like to pay such amount because if we can still make it to wait for a few hours why we have to pay for it.

If we are talking about fees in the future, you'll certainly be seeing the same fees and the same scenarios. There is a time that we experience the same where we need to pay a higher fee rate than to normal transactions we do.

Bitcoin's fees will be high as long as the network is congested. A lot of people using Bitcoin will keep prices high for quite some time. In days where Bitcoin's transaction activity is low, fees become relatively cheap. The "fee market" determines what fee you'll pay in BTC when performing a transaction on the Blockchain. If you're uncomfortable with paying high fees, you have three options: pay a lower fee (at a cost of slower processing times), use the Lightning Network, or switch to an alternative cryptocurrency (like Bitcoin Cash).

Regardless of how high fees remain on the Blockchain, Bitcoin will be here to stay. I'd say that Bitcoin's current state allows it to be used more thoroughly as a store of value than digital cash. You'll pay a high fee knowing that your transaction will go through the Blockchain as intended without disruptions or censorship whatsoever. Essentially, you're paying a high fee for a high degree of security. In altcoins, you pay a low fee at a cost of lower security. For different types of purposes in life, will be the cryptocurrency to use for mainstream payments. I wouldn't worry about fees on the Bitcoin blockchain as long as it remains decentralized and censorship-resistant. After all, that's what crypto/Blockchain tech is about. Just my opinion

[Xembin]

Yes, bitcoin transaction fees will not remain like this forever. It will definitely change some day like Ethereum which transaction fees is too high. Bitcoin fees will go high some day but it will not be too high like other cryptocurrencies.
Many investors are enjoying with the transaction fees that is low right now which many new users are still have interest on bitcoin no matter how the future will go to look like but it will not look like Ethereum which it transaction fees is too high.

[ichi]

It depends upon Bitcoin usage later on. In case I recognize Bitcoin in portion for a £10,000 space name, by then $5 is irrelevant, If I have to pay for some coffee, by then it is unnecessarily, especially as I pay nothing with a Mastercard. That prompts the probability that the recipient pays the backhoe's cost. The digger just eliminates it from £10.000. By then, there is the opportunity of lumping a ton of trades into one convenience, which should reduce the charges.

Another probability is that banks start to run their own personal mining residences, and a short time later, they could give no-charge trades as long as the portions aren't critical.

[Dorodha]

Whether the fees for bitcoin transactions will be too high in the future will depend on the demand for bitcoin. As the price of Bitcoin increases the exchange sites can increase the amount of fees but it is very difficult to donate in the future. Bitcoin can also naturally be a major force in bringing a large number of people in the world under a modern economic system. Bitcoin can be used as a global payment system by anyone from anywhere at any time which can be a catalyst for virtually a powerful fee for everyone living in the world to benefit from the modern economic system.