Crypto News | BTC Transaction Fees Hit 12-Month Low

Even if Bitcoin is not as hot right now as it was back in late December, that doesn’t mean that new developments are not pushing the space forward. One factor in particular may be the deciding factor in helping Bitcoin reclaim its former glory: the miniscule BTC transaction fees. At the moment, the fees are perhaps the lowest they can be, at only one satoshi per byte. The next block fee, hour fee, day fee, half-week and week fee; all of them just one satoshi per byte. The low transaction fees are a consequence of low transaction volumes. Even when the price of Bitcoin was recovering and approaching $12,000 in February and again in early March, experts were perplexed when they learned that the number of transactions was not growing alongside the price – instead, it was stagnating or falling. Most exchanges are now batching their transactions, which plays a large part in the trend, and SegWit may also have an effect on that. Either way, the lower BTC transaction fees could help to attract more merchants and facilitate BTC payments.

And while low fees have everyone talking about SegWit and the Lightning Network, proponents of on-chain scaling gathered this weekend at a conference centered around Bitcoin Cash in Tokyo, Japan. The event, called Satoshi’s Vision Conference, was the largest event of its kind to-date in the city. Among the panelists there were Aquila founder Taariq Lewis, Peter Rizun and Andrew Stone of Bitcoin Unlimited, Lorien Gamaroff of Centbee, Daniel Krawisz of the Satoshi Nakamoto Institute, and others. There were discussions on how BCH proponents can motivate others to support BCH. Later, the topic moved towards colored coins, tokens, and scaling. Roger Ver addressed the crowd to talk about increasing economic freedom all over the world. Overall, the event was very successful and showed that there is strong support for BCH in Japan.

When it comes to cryptocurrencies in Africa, trading data released by the crypto marketplace Paxful shows that the popularity of Bitcoin and other cryptocurrencies is growing exponentially in most African countries. Every month, users trade $40 million in cryptocurrencies on Paxful, with Nigeria and Ghana at the top. By doing business in Africa, Paxful is helping the unbanked populations take control over their finances.

In Canada, the TMX Group, a major conglomerate which owns the Toronto Stock Exchange, has announced that its subsidiary, Shorcan Digital Currency Network (Shorcan DCN), will team up with Paycase to launch a crypto brokerage service for Ethereum and Bitcoin. The move, especially its ties to the Toronto Stock Exchange, is seen by many as a major step which will bring cryptocurrencies closer to the mainstream.

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Author: Max Rothstein

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