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Bitcoin (BTC) Transaction Fees Continue Declining Despite Trading Volumes Being on the Rise

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Tue, 02/19/2019 - 12:00
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  • Why are Bitcoin transaction volumes going through the roof while transaction fees continue plunging?

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Contents

A new DataLight report shows that the average commission paid for executing Bitcoin transactions has fallen to $0.244 as of Feb. 16. In stark contrast to that, the transaction volume has actually substantially increased.

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No correlation?

Bitcoin fees reached their peak on Dec. 23, 2017, with more than 250,000 transactions being stuck in the mempool. The average transaction fee reached $54.901.  

After that, Bitcoin trading fees fell as abruptly as the price of the coin itself. On Feb. 7, it reached a brand-new low of $0.161 (a world of difference compared to $4.588 a year ago).     

Transaction volumes are skyrocketing   

Meanwhile, the transaction volume has reached its highest peak in two years, almost matching December’s bull run. This is not surprising since major cryptocurrency exchanges saw their volumes spiking in 2018. However, as U.Today reported earlier, their volumes dipped substantially in 2019.     

That can be attributed to the rise in the Blockchain efficiency — as blocks are getting fuller, there is no incentive to pay miners higher fees. The low demand for new blocks results in underwhelming mining rewards.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Gamblers Are Driving Force Behind dApps Growth: 2019 H1 DappReview Report         

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Sun, 07/14/2019 - 15:00
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  • It appears that many cryptocurrency enthusiasts are willing to roll the dice

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Contents

The recently published report by DappReview encompasses everything related to the growth of decentralized applications (dApps) in the first half of 2019. When it comes to the most popular category of dApps, gambling ones appear to be in the lead by a big margin.

Upping the ante

The “Casino” category has the biggest chunk of the pie with 606 newly created dApps. For comparison, there are only 398 gaming dApps, which occupy second spot. “High-risk” dApps are trailing behind the gaming ones with 358 newly created apps.  

DappReview explains that the main reason behind their popularity is that they are relatively cheap and easy to create, but, nonetheless, they generate great returns for their developers. 

On top of that, there doesn’t seem to be a shortage of risk-loving crypto enthusiasts. 

dApps are doing just fine

Overall, the report points out that rapid growth has become a new trend in the dApps department. More than 1,114 dApps have been already created this year. Tron boasts the biggest amount of newly created dApps while Ethereum and EOS come in second and third places respectively.

Notably, only one percent of users tried more than ten dApps, but they are responsible for the lion’s share of the total transactions on each of the aforementioned networks.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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