The transaction fees at Privacy Coin Monero are currently at their lowest level. After the last update on October 18, the Hard Fork Beryllium Bullet was able to improve the network’s performance. Transactions are now cheaper overall and require less storage space.
Monero received another cryptosoft
The most important innovation of the Hard Fork Beryllium Bullet was the optimization of the cryptosoft used in Monero for Ring Confidential cryptosoft transactions. In short: Bulletproofs.
Roughly speaking, the aim is to ensure that the units sent are actually issued in the crypto currency. True to the motto “Privacy first”, however, at the same time it must be ensured that the true amount of the transaction is concealed. Without this mechanism, attackers with special transactions could create new coins and thus trigger uncontrolled inflation. (You can read more about this here).
The hard fork (which takes place twice a year in the Monero network, by the way) should also bring one thing above all: Transactions that require less storage space and are cheaper. This has now proven to be the case.
The average transaction costs of the Privacy Coin are currently 0.02 US dollars – as low as they were last in 2016 – and that is currently 3,586,000 transactions. This means that transaction fees have fallen by over 90 percent since the bulletproof update.
Monero price (XMR)
Monero is currently turning into a low-cost alternative when it comes to sending money. In comparison: The average transaction fees at Bitcoin are currently around 0.38 US dollars.
In the XMR price, however, the update has not made itself felt at Monero so far. Although the XMR price rose from 107 US dollars to 109 US dollars for a short time after the update, the weekly XMR price has remained stable. In the course of the week, however, it fell by almost five percent. Over the course of a month, the XMR has to absorb 13.36 percent of losses. At present, this is just under 105 US dollars.