What will be the fee in the Bitcoin network after a few years? Expert’s answer

Blocks of Bitcoin will continue to fill almost one hundred percent, with transaction fees of cryptocurrencies will grow in the future. To such conclusion came the Ministry of Somsen, conference organizer, Seoul Bitcoin Meetup. Note that the theme of unforgivable high commissions have often been raised in cryptocommunist. Users of Bitcoin pay too much money , not only for transfers but also for using the services of exchanges.

The blockchain needs to be economical

Yesterday, Somsen tweeted a series of messages, which discussed the current status of the main cryptocurrency blockchain with your subscribers. Thus, the influence of the growth Commission is not obliged to remain negative.

Sooner or later the blocks will undoubtedly be filled to capacity. We are not working on the rational use of space in blocks, so soon we are waiting for the plummeting of transaction fees.

It’s all in the peculiarities of the functioning of Bitcoin.

Miners costs nothing to add a new transaction to the block. In the block given to the bidder with the highest bid. If no one involved in the process, then it is free. Since everyone can see the blockchain value, the logic blocks will still be filled to 100 percent.

Somsen noted that solutions such schemes Snorre, Taproot, MAST, MuSig and SigAgg will keep the amount of the fees under control. However, before integrating these tools in Bitcoin is still very far away. Even Lightning Network is not yet able to provide an ecosystem good bandwidth.

Now there simply is no other way to ensure the credibility of Bitcoin. If personally you do not care the decentralization you can always use quick transfers through intermediaries. But if we sacrifice these basic quality of cryptocurrency, it will disappear forever.

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