The Monero community has never been more excited. The latest update was a complete success for Monero, and now leading crypto exchanges in the world are lowering withdrawal fees for the privacy coin.
Transaction fees are much lower now that XMR has added Bulletproofs to their network.
Bulletproofs was implemented a few days ago and triggered lower transaction fees on the Monero network.
Withdrawal fees are an important issue
These have always been an essential problem in the crypto community, and the issue was more acute with Monero.
The coin’s privacy features make transactions bulky, and users sometimes have to pay hefty fees in order to take their crypto off an exchange. But this is all history.
Binance and Bittrex revealed that they would lower XMR withdrawal fees to 0.0001 XMR.
This is a massive discount for traders who previously had to pay 0.04 XMR ($4.28) in order to withdraw crypto from Binance.
The exchanges’ announcements can be seen below.
— Binance (@binance) October 26, 2018
— Bittrex (@BittrexExchange) October 25, 2018
Bulletproofs updates the Monero network
After the update, the amount of data stored in a transaction has been reduced.
Crypto transactions charge users for the amount of data that is required by a transaction.
This means that larger transactions will require more data and enhanced fees.
Monero’s protocol mixes and hides user data and it uses more data this way compared to other competing cryptos.but after the update bulletproofs has reduced the about of data in the transactions by about 80% and this also slashed transaction fees.
No reaction regarding XMR’s price
Everyone was expecting a surge in XMR’s price after the update and the massive benefits that this triggered, but this hasn’t happened yet.
The market is still dormant, and on CoinMarketCap, XMR is trading in the red, and the coin is priced at $104.12.
Just recently, Dr. Sarang Noether, a full-time researcher in the Monero Research Lab and the organizer of the bulletproofs implementation audits addressed the upgrade more in-depth.