Bitcoin Fees Fall to Record Low

The reduction of the commission size is caused by a decrease of spam transactions, mempool decrease, and popularity growth of SegWit transactions
30 January 2018   384

Over last few days, Bitcoin users faced with a significant reduction in transaction fees along with decreasing of unconfirmed transactions mempool size.

Thus, if at the end of last week to confirm the transaction in the next block it was enough to pay 10-12 satoshi / bytes, by Tuesday morning this figure decreased almost 10 times.

Thus, the average cost of a transaction in a dollar equivalent to date is only $ 0.25 - a really big decline compared to $ 30 - $ 40, which users had to pay back in late December / early January.

In part, these figures are explained by the overall decrease of bitcoin's price, but it is obvious that the commission itself fell noticeably: three or four weeks ago, more than 100 satosh / bytes were required to confirm the transaction quick.

It can also be assumed that the amount of spam transactions on the network has been noticeably reduced.

Also worth paying attention to the mempool: today its size is less than 40Mb, although in mid-January this figure reached 140MB.

Bitcoin Mempoool
Bitcoin Mempoool

The percentage of SegWit-transactions in the bitcoin network, which also help to reduce the commission, on Sunday reached a record of 18.3%. As of Tuesday morning, January 30, its share in the total volume of transactions is estimated at 16%.

UK launches an inquiry into cryptocurrencies

The inquiry by UK Treasury Select Committee will examine the risks and possible benefits of crypto for investors
22 February 2018   13

European governments are quite cautious about cryptocurrencies and investments into them. And the regulatory base is as of now a lot more sparse, than one in America and Asia. But UK has announced that the Treasury Select Committee is launching an inquiry into cryptocurrencies and the distributed ledger technology that is the base of all crypto networks.

The inquiry will study the risks and opportunities presented by digital currencies for businesses and individual investors. Also, the government wants to see the possible benefits for itself from integrating cryptocurrencies and blockchain into daily operations.

Nicky Morgan, the Chair of the Treasury Select Committee, told the press that public interest in cryptocurrencies is rising, but the investments are unregulated and unprotected by the laws. High risks involved in this market are worrying. She added, that finding the right balance between regulating digital currencies for protection of individual investors and allowing the freedom of innovation is necessary in this case, so the Committee's goal isn't stomping down on overall usage of digital currencies.

This notion is just a next step in widespread action taken by EU governments to regulate cryptocurrencies. Lawmakers all around the Europe are discussing the possible governmental stance on crypto. For example, France and Germany have announced the joint effort which will present a set of regulation in the field during the next G20 summit.