Noob question.
Will #monero ever have as high fees as current #bitcoin?
For example, a current transaction fee in Bitcoin right now is something like $10. So if I am to send $1 with Bitcoin currently I have to pay something like $10 in fees. With Monero it's cents.
Will Monero, if used x10 more, i.e if XMR becomes $35k instead of $150, will it have the same exact fees as Bitcoin?
Monero txs are approximately 10x larger in size than Bitcoin txs. So what do you think?
I see, so the answer is probably yes it will become much more expensive.
Which means that I really must learn the Lightning Network wallet game. It's just a bit annoying that there's no easy way to convert between BTC and Lighting Network.
What's the easiest way to convert between BTC and Lighting Network? Which wallets do you use?
Tx size has nothing to do with it. Blocksize is the main issue.
Bitcoin blocksize is fixed. So increased demand means rising fees.
Monero blockspace changes based on demand. More demand means blockspace grows to accomadate it AKA very cheap tx fees even if it had the same traffic as Bitcoin.
No, the main issue is the validation. Monero txs are larger and take more space. That means they're more expensive and harder to validate. That means less users are validating, and that means less security.
You are wrong. The issue is block size. In btc people have to outbid others for limited space in a block, which drives up the price. In xmr the block size will adjust to accommodate the demand.
You're wrong. When talking about scaling, the issue is validation. In Monero, people cannot run the nodes so they'd need to trust centralized entities for validation, that's much bigger problem than higher tx fees.
No. Monero has variable block size so it won't have such issues.
Interesting. That would make it easier to use in the end. At least for a noob user. I like Monero's main client for macOS. It's good stuff, simple, good user interface, safe, private. I think currently it's a bit easier to use than Electrum.
Is there a Monero wallet for the browser for micropayments? aka. Monero Zaps?
wallet.mymonero.com is a web wallet, but be careful obviously not a secure place for large amounts of Monero and you don't have the same privacy as a normal wallet. You don't need to sync everytime you open it, but it's at the expense of their servers being able to see everything.
Maybe that doesn't matter to you for "zaps" and you can immediately send to your personal wallet to regain that privacy.
If you want to send $1 you will use lighting
The issue is, I'm having some "trouble", with converting Bitcoin from a Electrum Wallet to a Lightning Network wallet. That's what I'm interested in doing currently but haven't quite found the best way :)
Let's say you haven't opened any channels and you don't want to use custodial wallets. WYD?
No, Monero has dynamic blocksize so it can have short term spikes in fees while it adapts, but long term tx fees will always continue falling even if that demand is sustained. Monero will always be very cheap to transact overall.
https://monero-bitcoin-fees.vercel.app/
The same thing cannot be said of Bitcoin. Fixed blocksize and growing demand means fees will continue rising as demand rises and stay that way if the demand is sustained.
To the best of my knowledge, No. Transaction fees are not part of the security design of Monero. As demand increases, so does block size. (This solution was rejected by bitcoin several years ago and is the "blocksize wars").
This means more of the transaction confirmations can be processed for each block, in BTC this is a hard limited, leading to increases in fees.
It's like there only being one Bank for a city and everyone must only use one bank branch, the cost for getting to and into the branch to deposit or withdraw money would be very high, people would pay higher fees to people closer in line, to cut in.
In XMR fees might temporarily increase in response to a spike, but will trend back down. Like building a bank branch that can increase or decrease in size at will to house with so many tellers, no one has to wait in line.
That there is a small fee at all is to provide some small positive incentive to miners/nodes for running and to reduce abuse, spam.
When Btc fees increase, the economic principals at play by design, are the assumption that more miners will come online to meet demand and return to equilibrium(lowest fees possible). As new miners come online, we will see the fees go down again, in BTC. This has happened many times, with a backlog in low fee ordinal tx's being cleared recently.
Monero has taken a unique activist, grass roots based security/hashing architecture. Mining and fees are both non economic, this places Monero as private cash.
You might also be interested to look into how tail emmisions in Monero make it different then BTC.
