Major cryptocurrency exchanges reduce the Monero Privacy Coin (XMR) withdrawal rates, as transaction fees are now much lower now as XMR has added Bulletproofs to its network.
The bullet-proofs, set up last week, reduce transaction costs on the Monero network. Withdrawal transaction charges have always been a problem for all members of the cryptocurrency community.
This was particularly felt with Monero because its privacy features add to transaction, users sometimes have to pay high fees to take their cryptocurrency out of the exchanges platform.
No more than yesterday, Binance and Bittrex announced that they would reduce the XMR withdrawal fee to 0.0001 XMR. Considering that the XMR is currently trading at $ 107, the 0.0001 XMR means a withdrawal fee of only $ 0.01.
This represents a huge discount for merchants who had already paid XMR 0.04 to withdraw from Binance.
What is Bulletproofs?
Bulletproofs is a Monero network upgrade that reduces the amount of data stored in a transaction.
Cryptocurrency transactions charge the user the amount of data needed for the transaction. Larger transactions therefore require more data (and more fees). Monero, whose protocol mixes and masks user data, uses much more data than competing crypto-currencies.
Now, Bulletproofs reduces the amount of data in the transaction by around 80%, reducing transaction costs by up to 90%.
A week after the detour, the rates are still low, suggesting that network fees will remain low for some time. Monero’s prices are around $ 0.50, which is roughly equivalent to Bitcoin taxes. Now that Bulletproofs has been implemented, XMR transactions are cheaper than Bitcoin, Ethereum and Litecoin.
Despite this surprising update of the Monero protocol, the market does not seem to have reacted favorably because the price has been inactive for several days.
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