Re: Will bitcoin transaction fees be too high in the future?
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 median fee is misleading for newbies. They will simply think that average fee for each bitcoin transaction is $2. They don't know fee depends on transaction size. The median the site gives us is fee for all transactions at all sizes. They should give a median per byte. 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.
Ethereum and DeFi are the great example of high transaction fees. I'm 100% sure, that after DeFi rans out of hype power and becomes something regular (like ICO and IEO now), people will come up with something new, that will grow an interest to bitcoin. And where is interest, there are people who will want to earn on it. You dont need to go far for an example. Every time bitcoin's price grows speedily, network fees goes up also.
Scammers will create another new scam trend and if Ethereum keeps its current network structures and its role for running new projects, pools on their smart contracts, and if the Ethereum 2.0 won't solve network issues, fee on Ethereum network will have other crazy rises.