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GalaChain introduces a new transaction fee system to enhance sustainability and autonomy for channel creators, according to Gala News. (Read More)
The approving authority behind this taxation remains unclear, whether its the Nigerian government or an agency like the Federal Inland Revenue Service (FIRS).
Ethereum, the world’s second-largest blockchain platform, has entered a new era marked by record-low transaction fees. This dramatic shift, the most significant since 2016, has sent ripples of excitement through the cryptocurrency community, raising hopes for increased adoption and a more accessible DeFi (Decentralized Finance) landscape. Related Reading: Bitcoin Weekend Trading Takes A Siesta: Volumes Plunge To Record Lows From Pricey To Penny-Pinching Previously, Ethereum’s notorious gas fees, the cost of processing transactions on the network, had become a major barrier to entry. During peak periods in 2021, fees skyrocketed to a staggering 100 gwei, effectively pricing out many users and hindering the network’s growth. This recent fee freefall, however, paints a drastically different picture. With average fees hovering around 3 gwei (equivalent to a fraction of a US cent), interacting with the Ethereum network has become significantly more affordable. News of the record-low gas fees first surfaced via Wu Blockchain, a respected online source for cryptocurrency news. The information was then corroborated by Coinbase Director Conor, lending further weight to the reports. According to data shared by Coinbase Director Conor, Ethereum is experiencing the lowest average network fee since 2016. Among the 10 periods with the lowest average fee per hour on the Ethereum network, 9 were recorded this week, all below 3.3 gwei. At 4:00 UTC on June 30, the Wu Blockchain (@WuBlockchain) June 30, 2024 Analysts attribute this dramatic decline to a confluence of factors. Recent network upgrades, specifically those focused on improving efficiency, have played a crucial role in streamlining transaction processing. Additionally, the overall decrease in network activity, potentially due to a broader crypto market slump, has also contributed to the lower fees. A Boon For Builders And Blockchain Beginners? The implications of these low fees are far-reaching. For developers, the Ethereum network has become a more attractive platform for deploying decentralized applications (dApps). Lower transaction costs make it easier to experiment and iterate on new projects, potentially leading to a surge in innovative dApp development. YCharts offers a visualization tool for tracking the Ethereum Average Transaction Fee. This chart (above) allows users to monitor fee trends over time, providing valuable insights into network activity and user behavior. Related Reading: Bullish Signs For Polkadot (DOT): Analyst Eyes $12 On The Horizon For users, particularly those new to the crypto space, the reduced fees significantly lower the barrier to entry. This opens the door for a wider range of individuals to participate in DeFi activities, such as lending, borrowing, and trading digital assets. A more accessible Ethereum could lead to a broader user base and a more robust DeFi ecosystem. However, some experts caution that the long-term implications of these low fees remain to be seen. The Ethereum network relies on transaction fees to incentivize miners who validate transactions and secure the network. A sustained period of extremely low fees could potentially impact network security, raising concerns about the long-term health of the ecosystem. Featured image from Swyftx Learn, chart from TradingView
The potential flip could further cement Solanas status as an Ethereum killer, which has been questioned due to recent network outages.
Despite generating hundreds of thousands of dollars in daily fees, Runes has only surpassed $1 million in total fees twice in the last 12 days.
The transaction fees are the wild card for Bitcoin miners, with the current increase representing a crucial revenue boost for BTC miners, according to TeraWulfs CEO, Nazar Khan.
Celo, a low-fee, usability-focused blockchain network, has approved a proposal to allow transaction fees to be paid with stablecoins. Network users can now transact only by holding USDC in their wallets, abstracting the complexity of holding other tokens. This also benefits newcomers, making it easier for them to make transactions. Celo Aims for Usability in [...]
The post Celo Cements Its Stablecoin Allegiance: Transaction Fees Now Can Be Paid With Stablecoins appeared first on Crypto Breaking News.
On June 28, the crypto hardware wallet manufacturer and security firm Ledger unveiled its latest offering, a digital currency exchange and custodial solution service, specifically tailored for institutions. The new service, known as Tradelink, has been heralded by Ledger as “the first open network to enable custodial trading via exchange and custodial partners.” Ledger Targets [...]
The post Ledger Unveils Tradelink: A Custodial Crypto Trading Platform Tailored for Institutions appeared first on Crypto Breaking News.
In the past 21 months following Ethereum’s London hard fork, the network has witnessed the destruction of over 3.33 million ether, valued at $6.1 billion. At present, roughly 3.51 ether is burned every single minute. Standing out as a prominent participant in the burn process since August 5, 2021, just below conventional ETH transfers, is [...]
The post Burning Metrics: Ethereum Burns 3.33 Million Ether Valued at $6.1 Billion in 21 Months appeared first on Crypto Breaking News.
The number of Bitcoin Ordinal inscriptions on the blockchain is nearing 19 million, a trend that has continued for the past 218 days since December 16, 2022. Statistics indicate that miners have accrued roughly 1,847.66 BTC in fees, worth about $55.29 million, confirming the millions of Ordinal inscriptions. Bitcoin’s Ordinal Inscriptions Near 19 Million As [...]
The post Ordinal Inscriptions Approach 19 Million Amid Stagnant Fees, Bitcoin NFT Sales Drop appeared first on Crypto Breaking News.
Bitcoin inscriptions have been out for a few more weeks, so we follow up on the fee market and block usage to observe what’s changed after 100,000 inscriptions.
The community has been divided as to whether the nonfungible token-like “digital artifacts” are the right fit for the Bitcoin space.
Bitcoin FUD comes in all shapes and sizes, ranging from unbridled energy consumption to rampant crime.
The post Research: Debunking the FUD surrounding Bitcoin transaction fees appeared first on CryptoSlate.
After the recent upgrades on Bitcoin Network, Bitcoin’s mining difficulty has recovered and the Bitcoin transaction fees have dropped below $1 for the first time in the last two years.
Besides the lower mining difficulty, the other factors that can be attributed to the drop in the transaction fees include recent Bitcoin upgrades and the falling market prices that have seen Bitcoin BTC/USD prices stay below $24,000 for the better part of 2022.
Transaction feesThe drop in Bitcoin’s transaction fees strengthens Bitcoin’s use case as a viable mainstream financial system especially since high transaction fees discourage users since they eat into users’ funds while transacting. The impact is most felt by users making low-value transactions.
In a nutshell, the transaction fees determine the minimum amount of coins that one can transfer over a specific blockchain network.
Value of transaction fees paid to all miners in form of BTC blockchain.comAs of today, the average Bitcoin transaction fees was about $0.825.
The recent Lightning Network and Taproot upgrades on Bitcoin Network have played a great role in contributing to eh drop in the transaction fees since they are both aimed at fostering cheaper and faster transactions.
Lower mining difficultyBitcoin mining has steadily recovered over time mainly due to the availability of cheaper mining hardware. Generally, the market is recovering from a prolonged chip shortage since the Covid-19 hit.
Bitcoin mining difficulty according to blockchain.comAccording to blockchain.com as seen from the chart above, BTC’s mining difficulty had dropped to a low of 27.69 trillion at the start of August. The mining difficulty has however recovered to about 28.35 trillion.
The post Bitcoin network difficulty recovers, transaction fees drop below $1 appeared first on Invezz.
Using a credit card to pay for purchases has negative implications for businesses and consumers. Bitcoin provides a better, alternative payment method.
Bitcoin mining is an important part of the bitcoin ecosystem. Miners who participate in mempools help to confirm transactions for which they receive a reward once a transaction is cleared. Usually, the mempool is ‘free’ and transactions go through easily with low fees but there are times when the mempool fills up causing transactions fees to surge. This was what took place at the start of March. Bitcoin Transaction Fees Surge At the beginning of the month, bitcoin had experienced higher transaction fees. These higher fees were as a result of transaction clustering in the mempool. Once the mempool has filled to a point where there were too many transactions to confirm, fees had invariably gone up given that transactions are confirmed based on the fee they carry. So transactions with higher fees had been confirmed first. Related Reading | Why Is Bitcoin So Volatile, Anyway? Fidelity Digital Assets Explains In order to compete in this pool that had filled up, incoming transactions had to carry a higher transaction fee per vByte (virtual byte) which is the size of the transaction. This caused fees to climb starting on March 1st and continuing for the next two days. These increased transaction fees had seen the average transaction fees per day rise for the past week to $691,000. BTC recovers above $40K | Source: BTCUSD on TradingView.com This volume had packed on the second day, March 2nd, where transactions fees climbed as high as $1.3 million. However, by the third day, miners had been able to clear all of the transactions in the mempool, although at high transaction fees, and the mempool was empty by the third day, March 3rd. Transaction fees had subsequently fallen flowing this clearance. Miner Revenues Up Bitcoin transaction fees were not the only that to record a surge as miner revenues had also recorded an uptick. Daily miner revenues for the same time period had also gone up by 6%. However, this was actually due to the price recovery that BTC had seen over the past week as hashrate had fallen once again in the same save-day period. BTC hashrate falls | Source: Arcane Research As for the transaction fees, even though there had been a significant uptick over this one-week period, fees were still comparatively low. They have been at one of their lowest for the last seven months and the recent surge did not come close to the high points recorded in the history of the digital asset. Related Reading | Crypto Market Crumbles To Extreme Fear, Is It Time To Buy? Transactions per day were also up 3.04% from the previous week. Fees per day jumped 99.81% and the average number of transactions was up by 2.54%. Only the number of blocks per hour was down for the time period, falling slightly by 1.67%. Featured image from Investopedia, chart from TradingView.com
A zero-knowledge rollup was launched on the Ethereum testnet. This essentially means that the system can avoid reliance on human operators as a means of validating its transactions.
Bitcoin’s friendliness in terms of the low transaction fees paid to use its network continues because it hit a monthly low. (Read More)
Ethereum network revenue rose 1,777% from $231.41 million to $4.34 billion, according to market insight provider Bankless. (Read More)
Fees on Ethereum have not been resolved despite the EIP-1559.
Continue reading Someone has just Paid $22M in Ethereum Fees at DailyCoin.com.
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