Hit BTC now charges commission for bitcoin deposits

Hit BTC introduces deposit charges to combat high bitcoin network fees
26 December 2017   1252

Hit BTC exchange announced that now users have to pay a fixed fee for bitcoin deposits to platform. This new fee will be deducted from the total incoming amount and will be 0.0003 BTC. So, if your deposit is equal or lower, than there is no point to try, because company warns, that all the amount will be accounted as a commission and there will be no refunds in such cases.

Such unfortunate circumstances arose from the all-time high network fees, so concerns about other exchanges implementing something along those lines are more than justified. For example, Bitpay already tried closing transactions of $100 or less, judging them to be uneconomical and impractical. Of course, the community pressured them to restore functionality, but who knows, for how long it would hold?

All this drama takes root in one problem – increased popularity of Bitcoin caused increased demand for processing. And the mempool continues to be boggled down with over hundred thousand unconfirmed transactions at any given time. So, no wonder that transaction fees had hit a new high recently with $37 payment to have transaction mined in three blocks on 12/21/17, and today, on 12/26/17 it just slightly dropped down to $28 to rush the queue.

Bitcoin May Pass Gold Market Cap, - Novogratz

Mike Novogratz continues to be Bitcoin and cryptocurrency optimist 
25 March 2019   106

The founder of Galaxy Digital, Mike Novogratz, expressed the opinion that over the next 20 years, Bitcoin’s capitalization would “easily” surpass the gold market, currently estimated at $ 7.5 trillion. It is reported by The Daily HODL.

In a conversation with the founder of Morgan Creek Digital, Anthony Pompiano, Novogratz stressed that the inflow of institutional money to the cryptocurrency market is only a matter of time, and major players like Goldman Sachs and the Intercontinental Exchange (ICE) are already mastering a new industry.

I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.
 

Mike Novogratz

Founder, Galaxy Digital

According to him, the growth potential of Bitcoin is strong and therefore it is advisable for investors to include the first cryptocurrency in their portfolios:

I think the macro case for [Bitcoin] is pretty strong. And so, if you can put a couple percent of your portfolio in, there’s a decent chance it catches wind. Fidelity is just getting set up. Bakkt continues to get delayed a little bit, but it’s not going to be delayed forever. They’re going to be in the game. And there’s lots of other players coming.
 

Mike Novogratz

Founder, Galaxy Digital

According to him, the volume of the gold market is $ 7.5-8 trillion and in order to outperform this market, the first cryptocurrency needs to grow in price at least 100 times.

Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily. And that’s giving zero optionality to all the other stuff. And so I think it seems like a pretty smart portfolio bet.
 

Mike Novogratz

Founder, Galaxy Digital

The founder of Galaxy Digital also touched on the topic of bitcoin futures.

The reality is, the CME kicked their butts. And these guys have limited resources on what they’re going to spend their focus, and they decided to spend it elsewhere. Finding leverage in Bitcoin is going to get easier as the architecture in the space gets better. You’re already seeing the lending market around Bitcoin went from 10% to like 3%. So once you can borrow you can short. And so now it’s not so hard to short Bitcoin. It used to be almost impossible to short Bitcoin in 2016… It wasn’t great, but it’s not critical. 
 

Mike Novogratz

Founder, Galaxy Digital

In February Mike expressed the opinion that, thanks to institutional money, Bitcoin will reach $ 8,000.