Why is cost per transaction so high?

[cafucafucafu]

I am talking about mining not the fees. Surly this isn't a good thing.

How will it go down so that when the block rewards are very low the fees will be sufficient for the mining cost?

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[inBitweTrust]

I am talking about mining not the fees. Surly this isn't a good thing.

How will it go down so that when the block rewards are very low the fees will be sufficient for the mining cost?

Make sure your calculations include off the chain transactions too.

Have you read satoshis paper and looked at the scalability roadmap ? TX Volume will need to increase as it has been steadily.

https://blockchain.info/charts/n-transactions?timespan=2year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

20MB blocks will allow up ~84k tx per block @ 3 cents = 2,520 usd per block in tx fees which is a step in the right direction to start supporting security with Tx fees instead of only electricity.

[AgentofCoin]

Have you read satoshis paper...?

This should be the first thing everyone posts in response, before seriously answering forum users questions for now on.
So many new threads are very basic bitcoin questions that 5 minutes of a google search could answer.

[Icardi09]

Hi, i want to ask. Did bitcoin transaction fee ever change before? If yes, who is have authority to change it?
Few years ago when 1 BTC = $1, if tx fee still same compare to tx fee now, that fee was too little i think (in dollar terms)

[inBitweTrust]

Hi, i want to ask. Did bitcoin transaction fee ever change before?

Yes the minimum tx fee was adjusted before :

0.8.2 Release notes

Fee Policy changes

The default fee for low-priority transactions is lowered from 0.0005 BTC
(for each 1,000 bytes in the transaction; an average transaction is
about 500 bytes) to 0.0001 BTC.

https://bitcointalk.org/index.php?topic=219504.0


and again :

https://bitcoin.org/en/release/v0.10.0

If yes, who is have authority to change it?

It really depends upon what exactly is being changed and whether it is a soft or hard fork but essentially the development team proposes new code after reaching consensus and all full nodes and miners decide or vote upon whether to accept the changes or not.

I.E.. if you don't like the changes in ver 0.10 don't download and use that version. No one has the authority to force
you to use any version of bitcoin you disagree with, additionally you can choose to use another implementation of bitcoin instead of bitcoin core that has a separate development team.

[odolvlobo]

I am talking about mining not the fees. Surly this isn't a good thing.

How will it go down so that when the block rewards are very low the fees will be sufficient for the mining cost?

The costs of mining are limited by the expected share of the block rewards. When the subsidy halves, unprofitable miners will drop out and the difficulty will fall, raising the revenue of the more efficient miners that remain.

Hi, i want to ask. Did bitcoin transaction fee ever change before? If yes, who is have authority to change it?
Few years ago when 1 BTC = $1, if tx fee still same compare to tx fee now, that fee was too little i think (in dollar terms)

There is no authority that sets the fee policy. Anyone can pay whatever fee they want and miners are free to include or exclude transactions as they see fit. However, most miners and clients have followed the fee policy set by the Bitcoin Core client.

The fee used to be much higher in BTC and has dropped as the value of a Bitcoin has risen.

[amaclin]

I am talking about mining not the fees. Surly this isn't a good thing.

Sure.

How will it go down so that when the block rewards are very low the fees will be sufficient for the mining cost?

It will. When everyone understand that bitcoin is ponzi
Nobody will mine so mining costs will be zero

[a fool and his money ...]

I am talking about mining not the fees. Surly this isn't a good thing.

How will it go down so that when the block rewards are very low the fees will be sufficient for the mining cost?

It won't. I tell you something: bitcoin is for idiots who like paying for the hashpower. Smart kids go for coins that merge mine with low inflation or pos to avoid having to pay those expenses.
Why would people want to hold btc with the high expenses and soon bloatchain when holding and using Iocoin, Ixcoin, NMC, etc. is much less expensive? Answer: only nutcases think bitcoin has advantages over other,more efficient and smarter coins.

People in here will try everything to convince you otherwise of course ...

right now they think about bloating the chain and lower fees even. I have no idea how it should even be sustainable in the future. Possibly needs to raise the 21 million cap in the end of the day...

Always this:
hashpower = expenses

[Beliathon]

I am talking about mining not the fees. Surly this isn't a good thing.

High cost = excellent network security. A bargain at any price when money is what's being protected.

[klesh]

we pay more tx fees when block size increase
i just send normally with my wallet and whenever required it ask for fees else not, but i always pay fees when it is requested

the more it cost, it give better security, and miners get rewards for their work
this is tx fees then will keep peoples mining bitcoin after block reward go lower