The renowned open source cryptocurrency, Monero [XMR] is seeing an exponential decline in its withdrawal fees after its Bulletproof upgrade. Popular crypto exchanges such as Binance, Bittrex, and Bitfinex are reducing the fees for Monero by 99.75 percent. The price is coming down from 4 cents to just $.0001. Furthermore, the Bulletproof upgrade helped the open source cryptocurrency to scale its privacy concerned feature of “Ring Confidential Transactions”.
With the coming of the Bulletproof, the three of the crypto exchanges present in the crypto verse are reducing the withdrawal fees on their platform. Moreover, Monero [XMR] is the world’s 10th largest cryptocurrency and is open source in its development.
More about the Reduction in the Withdrawal Fees
The renowned United States-based cryptocurrency exchange and trading platform, Bittrex was first to break the news. Furthermore, on its official Twitter handle, Bittrex Exchange tweeted this. “Update: With the Monero upgrade to Bulletproof transactions, @BittrexExchange has reduced the $XMR withdrawal fee to 0.0001 XMR.”
With this news, more and more cryptocurrency enthusiasts, trading and investors were cheerful. And thus, more cryptocurrency exchanges reverberated the news. Furthermore, on the same day, October 26th, 2018, Binance tweeted on this. “With the recent activation of Bulletproofs on #Monero, #Binance has lowered #XMR withdrawal fees to 0.0001 $XMR. Thank you to the community for your feedback.”
It didn’t Bitfinex much longer to come out with the announcement. Within 24 hours of the announcement, Bitfinex tweeted this. “We have reduced Monero $XMR withdrawal fees from 0.04 to 0.0001 XMR thanks to the amazing work done on Bulletproof. Huge congratulations to the Monero community from the Bitfinex team.”
The Bulletproof upgrade made the Ring Transaction feature for privacy more scalable. It makes use of ring transactions and secure transactions to instill security in the system. The upgrade made the average size of the block decrease from 18.5 KB to a whopping 3 KB. This made the average transaction fees drop from 60 cents to just 2 cents.
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