Bitcoin continues to show its resilience year after year, letting non-believers know that it is not a fad and is here to stay. The prices of BTC are holding steady above the $3,000 point and are steadily climbing up while its fundamentals keep getting stronger every day.
Bitcoin’s median transaction fees reached an all-time high of $34 during the start of the last year when total transactions reached a whopping 308,000 tx per day. However, the transactions fees have dramatically reduced since then and have reached a mere $0.025 as of January 1, 2019, when the total transactions were 234,000 tx per day.
Transaction fee is the fee one has to pay for transferring Bitcoin from one person to another. It is automatically deducted from the amount that is being sent and the fee goes to the miners, who mine and validate the transaction on the Bitcoin network.
A Twitter user Kevin Rooke tweeted the same, comparing median transaction fees of Bitcoin on January 1, 2019, and October 13, 2015. He tweeted:
Jan 1, 2019:
Median Bitcoin tx fee = $0.02
Total transactions = 234,576
Oct 13, 2015:
Median Bitcoin tx fee = $0.02
Total transactions = 134,741
Bitcoin’s transaction fees have now hit their lowest point in three years. According to the data obtained from bitcoinfees.gitlab.io, the current fees for Bitcoin transactions is $0.01 to get a confirmation within one hour.
Transaction fees usually depend on how fast one wants the transactions to be validated. Based on the same, below is a chart by Bitcoinfees.gitlab.io that shows how the transaction fees are classified.
Willy Wonky, a Twitter user commented:
“this only proves btc is “cheap” if nobody uses it though. last time we saw 450k tx a day,fees went insane ..”
Bitcoin Consultants commented:
“It is more accurate to measure fees in sat/byte as opposed to USD. USD fee rate always changes with the price.”
“I think they give you two different measures. Converting to USD gives you a sense of the buying power of that fee. The USD price of bitcoin is relevant, because if sat/byte stays the same, and bitcoin price rises, the opportunity cost of that fee increases.”
76467|Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain
SBI Holdings, Inc. announced the establishment of its chip mining arm, the SBI Mining Chip Co., Ltd or SBIMC. With this development, the Tokyo-based firm will foray into the manufacturing of mining chips, a strategic move to enhance its existing digital asset business.
The official notice issued by the financial giant stated that the SBI Group practiced its digital asset mining business overseas, and now planned to diversify its potential business scope.
SBI group partnered with a US-based semiconductor firm to roll out the new manufacturing unit. The group, which is a strong advocate of a wide range of businesses based on blockchain elucidated,
“The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market.”
SBIMC will be led by Adam Traidman, who was an investor in the company and also served at NASA previously. Among his many accomplishments, Traiman formerly served as the CEO in Chip Estimate and WearSens.
SBIMC will be leading chip manufacturer, Nvidia’s latest competitor. The Taiwan-based firm sustained losses during the crypto-winter, but it recovered after the recent acquisition of Mellanox, a semiconductor player. The Bitcoin mining giant, Nvidia, had predicted a bullish crypto market was confident of clearing its stockpiled mining equipment. The chipmaker was also reported as the worst performer in the S&P 500 list, at the end of 2018.
Another big rival in the mining ecosystem is Bitmain. The Beijing-based mining giant has also been operating poorly after registering a loss amounting to $500 million, owing to the massive crashes in cryptocurrency prices.
76216|Anthony Pompliano’s Morgan Creek Digital Capital makes strategic investment propagating mass crypto adoption
The cryptocurrency market was helped along in its pursuit of mass adoption, with many proponents of the space lending a helping hand. The latest news about the bigger players in the cryptoverse included the tie-up between Morgan Creek Digital Capital and Ikigai Asset Management.
The official release stated,
“Morgan Creek Digital announced today that it will be the lead anchor investor in Ikigai Asset Management’s flagship fund focused on executing systematic and fundamental liquid hedge fund strategies as well as opportunistic venture-stage crypto asset investments. Ikigai is a crypto asset management firm launched in December 2018 by former Point72 Portfolio Manager Travis Kling and partners Timothy Lewis, and Anthony Emtman.”
Morgan Creek Digital partner, Anthony Pompliano, is a voracious supporter of Bitcoin, and has held a bullish viewpoint about the world’s largest cryptocurrency. Post the partnership with Ikigai, Pompliano talked about the company’s positive devleopments, and claimed that they were well-positioned to capture the outstanding returns brought by cryptocurrencies in the coming future.
Ikigai Chief Investment Officer Travis Kling said,
“DLT and crypto assets are fundamentally changing our world. We are honored to receive this investment from Morgan Creek Digital and look forward to working closely together with Mark, Jason, and Pomp in this exciting arena.”
Pompliano recently sat down with Galaxy Digital’s Mike Novogratz to discuss elements like liquidity, trust and custody that need to be given a boost. Novogratz stated that the cryptocurrency market was presently a booming place of business, especially with the entry of companies like JP Morgan, Telegram and Facebook. He further claimed that it was a big opportunity to invest, with Wall Street sentiments changing. The Galaxy Digital CEO added,
“Wall street earlier thought that you shouldn’t take risks on something small like cryptocurrencies. They are getting close though, not doing anything but are getting really ready. We are anyway working hard on the security token business and I promise you this, the upcoming tokens and ICOs will be a lot bigger but less sexy.”
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