NYDFS proposes regulation to assess costs of ‘supervision and examination’ for licensed crypto firms
The New York State Department of Financial Services, or NYDFS, has proposed a regulation which would allow the government department to assess supervisory costs from licensed crypto firms operating in the state. In a Dec. 1 announcement, NYDFS Superintendent Adrienne Harris opened the proposed budget measure for public comment. The regulation, if approved, would grant […]
How to transfer $1 billion for basically free: Bitcoin whale watching
Billionaires, take note. It’s one million times cheaper to send huge sums of money on the Bitcoin (BTC) blockchain. A Bitcoin user sent over 50,562 BTC ($1 billion) to an address on the blockchain, paying a fee of just 2,513 Satoshis (the smallest denomination of a Bitcoin), equivalent to half a dollar for the pleasure. […]
Why the battle for low or no transaction fees really matters
During the frenzied bull run, transaction fees were running rampant. Over on the Ethereum blockchain, they hit eye-watering highs of $196.638 back in May — rendering the network unusable for most everyday consumers. The Bitcoin blockchain suffered from a similar issue the year before, accelerating to a record-breaking $300.331. When demand is high, it’s easy […]
How not to Bitcoin: User pays 1,000x fee to send 4 BTC
Fat fingers? A Bitcoin (BTC) user spent over $200 to make a transaction, paying astronomically above the average fee. In a transaction that entered Bitcoin block 760,077, a user paid 1,136,000 satoshis, (0.0136 BTC or $220.52) to move 3.8 BTC ($63,000). This extraordinarily high fee is a whopping 1,000 times the usual Bitcoin transaction fee, […]
USDC adoption is lagging outside of the United States: Coinbase
United States-based cryptocurrency exchange Coinbase says the adoption of USD Coin (USDC) has been “more conservative” outside of the U.S., which it believes is a result of international currency conversion fees. In an Oct. 20 statement, the exchange said there is currently three times more USDC bought with U.S. dollars as compared to other currencies. […]
3 major mistakes to avoid when trading cryptocurrency futures markets
Many traders frequently express some relatively large misconceptions about trading cryptocurrency futures, especially on derivatives exchanges outside the realm of traditional finance. The most common mistakes involve futures markets’ price decoupling, fees and the impact of liquidations on the derivatives instrument. Let’s explore three simple mistakes and misconceptions that traders should avoid when trading crypto […]
Average Bitcoin transaction fee drops under $1 as network difficulty recovers
The average transaction fees on the Bitcoin (BTC) blockchain fell below $1.00 for the first time in over two years, further strengthening its use case as a viable mainstream financial system. High transaction fees over blockchain networks work against the users, especially when making low-value transactions. For example, transaction fees over the Ethereum blockchain skyrocketed several […]