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Bitcoin turnovers grow, commission drops, Monero improves algorithm

10/19/2018
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At the CME Group sites, a record increase in the turnover of trades, the commission for the transaction of the coin is more profitable than offshore companies. Monero will reduce block size through Bulletproofs.

Bitcoin futures trading volumes are rising

The world's largest trading platform CME Group Inc reports a record increase in the volume of trade in Bitcoin futures. In the third quarter, an average of 5,031 contracts for this financial asset were implemented per day. Site management reports that this is 170% more than in the first quarter. Then the average trading volume was 1,854 contracts.

From December 2017, they began to offer clients financial instruments to trade Bitcoins, and many critics of cryptocurrency were skeptical about this undertaking. Now we can say that the product has received recognition among traders and investors.

Why investors are increasingly investing in blockchain? Read answer here

Monero introduces the mechanism of bulletproofs

Transaction scalability issues have become an obstacle to more active use of the blockchain. They lead to delays in carrying out exchange operations and increase their value. It is especially hard for coins that reach a capitalization of $ 1 billion.

In Monero said they would deal with the problem of bloating blockchain through the use of the mechanism of Bulletproofs. During the next hardfork, the algorithm will be replaced. However, the procedure will pass automatically, users do not need to take any action for this.

Cryptocurrencies threaten offshore business

For a transfer of $ 194,000,000, the Bitcoin owner paid a commission of $ 0.1. A mid-October transaction led to renewed debate about the role of cryptocurrency in the financial community. If the owner of the capital carried out the transaction in the usual way, he would give a minimum of $ 7,500.

This topic was raised as a result of a discussion by economists. The ardent critic of the blockchain Rubini said that the cost of one transaction in the blockchain is $ 60. To answer his question, transaction statistics were revised. On average, the cost of one transfer is in the range of $ 0.1 to $ 1. It depends on the network load and the urgency of the operation.

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