Bitcoin (BTC) and Ethereum (ETH) With the transaction fees on their networks reaching the lowest level in recent months, users are able to transact on these networks more and more cheaply.
Bitcoin and Ethereum have dropped nearly 90% in transaction fees over the past few months, according to information provided by CryptoRank.
Artificial intelligence cryptocurrency In its data released on March 15, market analysis platform CryptoRank reported that transaction fees on Ethereum were $ 8.20 at the time of writing, while BTC transaction fees were $ 1.56.
With the decrease in transaction fees on these two Blockchains, there may be an increase in the trading of these two cryptocurrencies, according to experts, and in addition, users can use other cryptocurrencies. altcoins instead of using these two cryptocurrencies for coin transfers.
However, it is still possible to pay much lower transaction fees in other altcoin networks compared to BTC and ETH.
Good News for Bitcoin and Ethereum While the Cryptocurrency Market Continues
However, falling transaction fees wasn’t the only good news for BTC and ETH lately. In the vote held in the European Parliament yesterday, the decision to ban the Proof of Work mechanism used by cryptocurrencies such as BTC, ETH, LTC and Dogecoin was rejected. Pre-vote analysis indicated that parliament would most likely approve the ban.
Cryptocurrency users in Europe and around the world thus breathed a sigh of relief. If the ban were implemented, time would be allowed for cryptocurrencies, which are thought to be environmentally inefficient, such as Proof of Work, to switch to new systems. However, BTC would be automatically banned because there was no possibility to switch to another system.
*Not investment advice.