The total fees paid for on-chain Bitcoin (BTC) transactions over the last 24 hours increased over 50% since yesterday. On-chain data analytics service, Glassnode, pointed out several major developments shown by Bitcoin’s blockchain data. According to the firm, total Bitcoin fees paid over the last 24 hours increased by 50.7% to over $9,500. Furthermore, the Bitcoin mean fee paid by users increased by 58.8%, reaching $0.78. Meni Rosenfeld, the Chairman of the Israeli Bitcoin Association, told Cointelegraph that he believes 24-hour fees show too short a timeframe to be particularly significant. He pointed out that historic data shows that the …
Cryptocurrencies could not exist without cryptography. Advances in this field can have far-reaching impacts on blockchain technology and its potential. We will examine the opinions of industry experts on the latest cryptographic advances and their potential for cryptocurrencies. Zero knowledge proofs: more than just privacy Director of research at blockchain firm Blockstream and mathematician Andrew Poelstra told Cointelegraph that zero-knowledge proof (ZK-Proof) systems are “one of the most exciting areas of development” in the cryptography space. This kind of cryptography is known and appreciated for being the basis of privacy-preserving solutions. ZK-Proofs are the basis of the privacy-preserving technology included …
Cryptocurrency exchange BitMEX added support for native segregated witness (SegWit) addresses for Bitcoin (BTC) withdrawals, which lets users pay lower transaction fees. According to an announcement on Dec. 12, BitMEX now allows its users to withdraw Bitcoin to Bech32 addresses, the one that natively supports the segregated witness standard. Bitcoin address formats As the announcement explains, the Bitcoin network currently supports three address formats. The first one — Bitcoin’s original address format — is pay to public key hash (P2PKH), which starts with a 1. The second format is the pay to script hash (P2SH), which allows users to send …
Gemini, the crypto exchange founded by the Winklevoss twins, has updated its wallet infrastructure to include support for Segregated Witness (SegWit) bitcoin (BTC) addresses. The news was revealed in a Gemini blog post on April 15. SegWit is a scalability solution for the bitcoin network, first activated in late 2017. As well as increasing block size, Segwit moves the “witness” signature data to a separate location. It thus solves what is known as transaction malleability, which is conducive to second-layer solutions like Lightning Network (LN). Claiming that Gemini is the first major crypto exchange to launch full — rather than …
Got some Satoshi to send or Bitcoin (BTC) wallets to reorganize? It’s increasingly cheap to do so. According to an Arcane Research report, Bitcoin “transaction fees have stayed low since July 2021, showing no signs of rising.” There was, however, a small bump in transaction fees last week. Shown as a small jump at the tail end of the graph, clustering of the mempool pushed “up the average transaction fees per day over the past seven days to $691,000, a doubling since last Tuesday.” Nonetheless, the doubling in transaction fees is insignificant: transaction fees remained in a low range. Miners …