Post
Topic
Board Bitcoin Discussion
Re: Will bitcoin transaction fees be too high in the future?
by
Abiky
on 18/10/2020, 20:06:00 UTC
Anonymity has its price. You can not have everything you want. Sacrifices are needed in every circumstance. Paypal can charge less than bitcoin but you will provide full of your identification and identity. And they can easily trace you whenever you make a transaction

Exactly. As I've said before, you get what you pay for. While Bitcoin is not truly anonymous, it's certainly better than ordinary banks which force you to verify your identity to use their services. Being the most secure and decentralized cryptocurrency in the world, has its benefits. By paying a high fee you can rest assured that your transaction will remain on the Blockchain virtually forever (due to immutability). That's not the case with most altcoins today. If high fees are a concern, you can simply select a lower fee or use The Lightning Network for instant and cheap payments. Thanks to the decentralized and open source nature of Bitcoin, there's always a choice. You can choose not to pay a high transaction fee at a cost of slower confirmation times. With a wide-variety of altcoins on the market, high fees and slow transaction confirmation times are no longer a concern in the crypto/Blockchain space.

Nonetheless, people will ultimately decide whenever they'd still want to pay high fees or not. If they choose to continue paying high fees, then average fees on the network will stay that way. The same could happen vice versa. That's the beauty of the "fee market". Miners will process transactions with high fees faster than others as it's more profitable for them. Transactions with a lower fee will get processed much slower but will eventually become confirmed by miners on the Blockchain. It's the way the system works and there's nothing we can do about it. If it wasn't because of the fees, Bitcoin wouldn't be as secure as it is right now. Just my thoughts Grin