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Will Bitcoin fees be too high in the future?

  • Thread starter Thread starter Shivay
  • Start date Start date
No one really knows how the charges of bitcoin will look like in the feature, but presently the fees of bitcoin is quite high and is really discouraging a lot of people, I have long heard of bitcoin update and how they plan to solve this issue of high transfer or transaction fees.
 
Generally now a period this coin esteem increment step by step and a few needs to contributing them and some procuring this site of coin so I think bitcoin esteem increment later on and it's charge likewise costly now a period it increment some speculation it the bitcoin cash exchanging market
 
Shivay said:
This is the chart of Bitcoin's Avg. Transaction fee: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

Right now the median fee is about $10. Afterlots 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 $20 or more for a transaction. Even paypal and payeer doesn't charge that much.
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Even now the price as become unbearable because it will always be pumped to suit there needs! But because of it high in prove the median fee increases which is not good enough because it could lead to a point whereby only few will trade with it.
 
As long as the Bitcoin price remains high, so shall the transaction fee go high too. Miners tend to process too many Bitcoin withdrawal request, as such they'll need extra funds to process the hefty request. That's why the transaction fees is adjusted to suit the demand.
 
most wallets and exhanges will always have bitcoin as the most traded coin for sue. bitcoin will look to become a storable value more than a tradable currency. the fees will keep on going up and smaller coins will drop fees to attarct more transactions.
 
Bitcoin transaction fee is going higher by day, the fact is that I think bitcoin transaction will be too high in future.the is a result of the demands of the coin
 
Yes I believe in the nearest future Bitcoin price increase because for the past 5 years it has been increasing and has never depreciated.
 
I don't really understand this gas fee, who made it up and why does it hardly come down,well it will always rise but not too high as that of etherium.
 
Bitcoin transaction fees is basically minor's fee. I thin the fees will continue to be high in future due to the fact that bitcoin uses a lot of electricity for mining.
 
Nomad said:
Bitcoin transaction fees is basically minor's fee. I thin the fees will continue to be high in future due to the fact that bitcoin uses a lot of electricity for mining.
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s long as the price is going up, and the demand becomes higher it will cause congestion in the blockchain during processing of transaction. That's why miners initiates higher fee to process it smoothly after being forced to work under thin condition.
 
Congestion in the network is another reason for high transaction fees, but the cost of mining still is the primary reasons for the high transaction cost for bitcoin.
 
Emma Aneni said:
Definitely, the transaction fee of Bitcoin and other altcoin will be high in the future as long as the price of the coin is going up. Prices will skyrocket and Will definitely go higher as projected. It will continue to rise for now.
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I don't agree with you that's the transaction fees of Bitcoin will keep on going higher as the price of the cryptocurrency increases but bitcoin as a cryptocurrency I started working on strategies to reduce their transaction fees so I don't think that it will keep on increasing as the price of the cryptocurrency keeps increasing.
 
Actually, the fee of bitcoin transaction has decreased recently due to the fact that crypto market has crashed. This crash made Bitcoin lose its value and the transaction fee has also decreased a lot right now. The fee might increase if the Bitcoin price increases in the future.
 
I noticed that bitcoin fee reduced in the dip when prices were falling low on a steady or was it just me so I think it's possible that bitcoin reduced it's gas fee .
 
It would be high in future as,more development are been done on the bitcoin network and more people care trading bitcoin , sonwe might continue to see a big increase
 
There is a high possibility that it might go higher but they also remember that we are humans, and we always tend to find out way over things we consider as too cost or too stressful.once it gets to high there might be a decrease in bitcoin transactions because people would exchange their bitcoin to other coins and make the transactions
 
I think bitcoins fees might be higher in the future if the price of bitcoins soar higher to like $100k more people will want to buy it which will in turn makes the fees to be higher than normal.
 
For now i do not think Bitcoin will rise any time soon but in the future there's a high probability that it will rise.
 
In my opinion, I think the transaction fee of Bitcoin will be high in the future because by then, the network will experience a higher demand of transaction request per time.
 
I believe as long as the price of bitcoins is going up and the price of other cryptocurrency is also going up all cryptocurrency will continue to increase its transaction fee, including bitcoins, we all must get ready for this as it is likely to happen.
 
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