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jmanatVT

Joined: 01/17/2008 Posts: 6583
Likes: 1850

What's this?

Here's a related question, what will bitcoin fees look like in the future?


There are fees now. A person wishing to have their transaction honored has to basically put a bid out to be included (usually handled automatically by whatever wallet you are using). Currently, the cost of working as a miner (transaction processor) is subsidized by the creation of new coins, but that goes down over time. Will transaction fees go up? Will the number of miners go down effectively reducing the cost?

If transaction fees go up ($10-25 to be processed in ~10 minutes), will people see it as a useful currency? Perhaps for large transfers but not small transfers (there is a component that I don't understand that relates to the size of the transaction in the ledger that might be tied to the number of coins involved)?

(In response to this post by HokieSignGuy)

Posted: 05/21/2021 at 1:37PM


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Current Thread:
 
  Crypto people... Let's discuss.... I keep hearing that crypto currency and -- HokieSignGuy 05/21/2021 1:08PM
  Ok, so let me explain a few things -- MrBayAreaHokie 05/21/2021 2:52PM
  "a tsumani of change is coming"=which way tho? pro or con crypto? TIA ** -- bourbonstreet 05/21/2021 5:05PM
  The big question is which crypto emerges as the victor? Bitcoin, ether, -- HortHokie 05/21/2021 4:35PM
  It's called risk ** -- 133743Hokie 05/21/2021 4:28PM
  I don't doubt the importance and future applications to the financial -- HokieSignGuy 05/21/2021 3:03PM
  One from your document.... I can see the blockchain helping with contracts -- HokieSignGuy 05/21/2021 3:07PM
  So at work -- MrBayAreaHokie 05/21/2021 4:23PM
  That sounds pretty awesome. Most consumers will have no idea how -- HokieSignGuy 05/21/2021 4:28PM
  It should, but they might just make more money too LOL -- MrBayAreaHokie 05/21/2021 7:20PM
  I Just heard this... -- HokieSignGuy 05/21/2021 2:31PM
  That is correct and much of the value lies in electronic or smart -- Technocrat 05/21/2021 2:51PM
  All subject to hacking and electronic manipulation. Digital security -- 133743Hokie 05/21/2021 4:36PM
  Not only that, but privacy as well. If all my transactions are stored ... -- Freddyburg Hokie 05/21/2021 6:56PM
  Your name is not attached to your records ** -- Technocrat 05/21/2021 8:45PM
  Don’t question the blockchain!!! -- HokieSignGuy 05/21/2021 8:28PM
  Whew! That will be a long read, but looks like a good one. Your excerpt -- HokieSignGuy 05/21/2021 3:00PM
  This could very well be the dot com moment for Web 3.0 -- Technocrat 05/21/2021 3:13PM
  Okay, that Stream-lines a process that right now, is inefficient. -- HokieSignGuy 05/21/2021 3:28PM
  Thats like at a new webpage and saying how is the internet going to change? -- Technocrat 05/21/2021 3:32PM
  Okay, per your examples.... -- HokieSignGuy 05/21/2021 3:45PM
  In all seriousness one of the biggest changes will about you, and what -- Technocrat 05/21/2021 4:02PM
  Yes, transformative. -- HokieSignGuy 05/21/2021 4:10PM
  More will be revealed 😊 ** -- Technocrat 05/21/2021 3:49PM
  I really think that is the basic explanation of blockchain -- HokieSignGuy 05/21/2021 3:57PM
  It's transforming me into a billionaire. That's what's amazing. ** -- ElbertoHokie 05/21/2021 4:18PM
  Charges will be much easier to be pay by use - think cable tv -- Technocrat 05/21/2021 4:04PM
  Yeah, I welcome those changes. -- HokieSignGuy 05/21/2021 4:13PM
  Please see above ** -- Technocrat 05/21/2021 4:02PM
  ^^ That is like looking at a webpage.... ** -- Technocrat 05/21/2021 3:37PM
  Yet another hyped revolution...in the ether this time. For now, i see -- ColoVT82 05/21/2021 1:55PM
  Here's a related question, what will bitcoin fees look like in the future? -- jmanatVT 05/21/2021 1:37PM
  Something can be a different way of doing what we already do and still -- Tafkam Hokie 05/21/2021 1:19PM
  Here's the Cliff Notes version -- darnellm 05/21/2021 1:19PM
  Here the CLICKABLE LINK for dummes. -- HokieSignGuy 05/21/2021 1:21PM
  If you can't see how revolutionary it is, I don't know what to tell you. -- MP4VT2004 05/21/2021 1:14PM

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