Lower Exchange Fees For Monero?
The privacy-focused cryptocurrency, Monero has recently implemented Bulletproofs, a new cryptography feature which works to reduce the size of the blockchains, lower fees and speed to transactions speeds.
According to BravenewCoin, Monero is down almost 80% from itâs all-time high which it achieved in December last year.
âXMR is classified as a privacy coin with untraceable, unlinkable, private, and analysis resistant transactions. XMR achieves these privacy features through the use of Multilayered Linkable Spontaneous Anonymous Group (MLSAG) signatures, ring confidential transactions (RCT), and stealth addresses.â
Monero also has a stealth address feature which are single-use addresses where only the sender and receiver can choose where payment was sent. After a hard fork in April this year, Monero also implemented the possibility of multi-sig wallet for joint ownership.
Monero has been the leader of the pack of privacy related coins. Bulletproofs was recently implemented which slashed the transaction size by 80%
As said on SludgeFeed, despite the significant drop in transactions costs, not all digital currency exchanges have updated their fee structure, encouraging other members of the Monero community to begin a reach out campaign to push the matter.
In a post on Reddit, one user said:
âPlease do your part in demanding exchanges to lower their XMR withdraw fee. I am submitting a complaint to Coinex who currently charge 0.04 XMR.â
Many of the Redditors on the postâs feed were saying that the fee was too high and agreed with the original post above.
With the current exchange rates, XMR roughly equates to around $4 whereas the currency transaction cost (on average) for Monero is roughly $0.02 after the launch of the Bulletproof protocol, a noteworthy distinction.
Some exchanges have also acted in response to the matter with both Binance and Bittrex reducing their withdrawal fees to 0.0001 Monero on Thursday 25th October.
Monero is currently in green with an increase of 0.65% and is priced at $106.22, giving the altcoin a market cap of 1,754,740 and the tenth biggest coin according to CoinMarketCap.
What are your thoughts? What is your opinion on Monero having lower exchange fees? Let us know what you think down below in the comments!