Binance, Bittrex Slash Monero Withdrawal Fees Thanks To Bulletproofs

  • Last week, Monero upgraded their network to include “Bulletproofs.”
  • This update slashes transaction fees by 90%, which allows the exchanges to also cut withdrawal fees.

Leading cryptocurrency exchanges are lowering withdrawal fees for the privacy coin Monero (XMR) as transaction fees are much lower now that XMR has added Bulletproofs to their network.

Bulletproofs, implemented last week, lowers transaction fees on the Monero network.

Withdrawal fees have always been a headache for anyone in the cryptocurrency community.

This was felt particularly acutely with Monero. As its privacy features make transactions bulky, users sometimes have to pay hefty fees to take their cryptocurrencies off the exchanges.

Not anymore. Yesterday, Binance and Bittrex announced that they would be lowering XMR withdrawal fees to 0.0001 XMR. Considering that XMR is currently trading at $107, that 0.0001 XMR translates to a withdrawal fee of only $0.01.

This represents a major discount for traders, who previously paid 0.04 XMR ($4.28) to withdraw from Binance (as shown in Reddit posts here and here). The exchanges’ announcements can be seen in the tweets below:

 

About Bulletproofs

Bulletproofs is an upgrade to the Monero network that reduces the amount of data stored in a transaction.

Cryptocurrency transactions charge the user for the amount of data that the transaction requires, so larger transactions will require more data (and more fees). Monero, whose protocol mixes and hides user data, uses significantly more data than competing cryptocurrencies.

That is, until now.

Bulletproofs reduces the amount of data in the transaction by around 80%, which cuts transaction fees up to 90%.

One week after the fork, fees are still low, signifying that the network’s fees will stay low for a while. As seen below, Monero fees were previously around $0.50, about equal to Bitcoin fees. Now that Bulletproofs has been implemented, XMR transactions are cheaper than Bitcoin, Ethereum, and Litecoin. Via Bitinfocharts:

XMR fees vs. BTC, LTC, ETH

Despite this amazing upgrade to the Monero protocol, it seems the market has not reacted positively, as the price has remained dormant for days.

Crypto Rating Council Evaluates Three New Cryptocurrencies as Securities

  • The Crypto Rating Council has released securities ratings for IOTA, Basic Attention Token and USDCoin.
  • The CRC, backed by Coinbase, Kraken and other US crypto firms, supports regulation clarity for the industry.

The Crypto Rating Council (CRC) has evaluated IOTA, Brave's Basic Attention Token (BAT) and the USDC stablecoin over whether they should be classified as securities. 

The CRC, backed by Coinbase, Kraken and other exchanges, is a collection of major United States-based crypto firms established in September 2019. The group advocates for and promotes regulation clarity in the industry of cryptocurrency, including analyzing whether or not certain assets should be classified as securities. 

According to an April 2 post, the CRC released rating scores for IOTA, USDC and BAT, in addition to updating its rating for Maker and Polymath. The scale ranks from 1 to 5 with a lower score correlated to few or no characteristics consistent with treatment as a traditional security. 

BAT was given a rating of 2.00, with the council highlighting the coin’s utility as fully open-sourced and supporting the development and use of the Brave Browser. IOTA also scored 2.00, indicating that the currency is unlikely to be viewed as a security.

USDCoin, a stablecoin backed by Coinbase and Circle, was rated 1.00 by the council, consistent with other stable price-pegged coins such as DAI.  

While the CRC’s determinations have no official impact on the opinions of regulators such as the Securities & Exchange Commission (SEC), they do provide some insight to investors on the state of crypto-assets. 

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