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Do Bitcoin Transfer Fees Prevent It From Being A Payment Method?

Satoshi Nakamoto, right after he wrote the whitepaper on Bitcoin, envisioned it as a payment system and a currency that would work entirely online. However, a lot has happened since its early days and Bitcoin’s core function has moved away from this ideal.. Even Bitcoin transfer fees have risen over the years.

Many now see and use Bitcoin as a store of value.. For this reason, Bitcoin, whose volatility is mostly upwards, has become an investor’s dream as it provides a very high return compared to other investment instruments out there.

However, as a payment system, Bitcoin is still heavily flawed and the main problems that stop its growth in this direction. has. Bitcoin’s scalability is hampered because it’s very slow and expensive compared to more traditional payment processing platforms.

Bitcoin transfer fees

Analysts at Bank of America have added to the debate about Bitcoin’s role in the global financial system.

The first point of discussion is that for Bitcoin transaction fees, miners have to confirm the validity of a Blockchain transaction.

In the first quarter of 2017, the fee paid $2.40 per transaction was only available in the fourth quarter of 2016. It was $0.024.

Bank of America Analysts Merrill Lynch:

“Fees are not strictly enforced like regular banking transaction fees, but if you don’t include the appropriate fees, they are charged by a miner. there is a serious risk that a transaction will not be processed.”

If you are making a bitcoin transfer, you have the right to determine the fee charged to the miners who will confirm the transaction during this transaction.. You can set this transaction fee to zero, but in this case the probability of that transfer not being made and hanging is very high.

The economics of mining is complex and necessary, but they play a role in slowing down Bitcoin as a payment system.

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Currently, the reward for each new block mined on the Blockchain is 12.5 Bitcoins, that is $75,000 worth of bitcoins.

According to analysts, about 2,000 Bitcoin transactions are processed in each block, based on this information per transaction A base price of $37.50 ($75,000 / 2000) was obtained.

Although not calculating specific figures, analysts said that mine reward factors are likely to the true economic cost of a Bitcoin transaction.

Speed ​​of transactions

When we looked deeply at the data, analysts also examined transaction speeds. They found an average waiting time of 10 minutes for 300,000 transactions per day.

In addition, they compared it to the Visa payment system, which processes 2,000 transactions per second with a maximum capacity of 56,000 per second.

Analysts said, “20,000 retail transactions per second. It will take approximately 100 minutes for one-second transactions to be processed on the Bitcoin Blockchain.”

When comparing the charges, analysts noted that the standard transaction fees of its processors such as Visa and Mastercard rose from 0.2 percent to 5 percent, depending on factors such as the size and location of the merchant. In addition to the $2.40 transaction fee, he said, taking into account the current industry fee of 0.20, a $1,200 transaction would be the minimum size for even Bitcoin to break.

As a result

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Me rrill Lynch analysts decided that Bitcoin  is a great concept, with Blockchain as its core technology.

However, so far, the obvious agenda of providing a “all-peer-to-peer version” for pure electronics doesn’t seem to have made much headway.” said.

cointelegraph

The conclusion of the analysis is that the processing speed in the bitcoin infrastructure is insufficient, once again telling us that the crypto money industry is just at the beginning and It clearly shows that it is open to improvement.. Bitcore, which we recently published a press release as crypto money news, comes into play at this point.. Working with a capacity that can do the total transaction that Bitcoin can do at all times in 3 days, BTX seems to be a candidate to be a solution to this problem of Bitcoin.

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Binance or Bitfinex? Comprehensive crypto exchange comparison

Binance or Bitfinex? In this crypto exchange comparison article, we will outline the two most popular crypto exchanges.. Each has both advantages and disadvantages over the other.

Binance or Bitfinex?

Binance is younger; Founded in July 2017. He came to the world by going through the ICO process and selling BNB tokens to his investors. Bitfinex, on the other hand, has been in this market for a much longer time; Founded in October 2012. Both exchanges are from Asia. Although Binance has moved its headquarters to Malta due to the restrictions of the Chinese government, Bitfinex continues to serve in Hong Kong.

By Types of Crypto Exchanges

There are basically two types of crypto exchanges. Crypto-crypto exchanges and fiat-crypto exchanges. On crypto-crypto-type exchanges, transactions are carried out only between cryptocurrencies. Fiat-crypto exchanges, on the other hand, allow you to buy cryptocurrencies in fiat currencies such as USD, JPY, EUR.

Binance is a typical example of crypto-crypto exchanges.. Fiat does not provide a crypto wallet service and is not included in transactions.. Bitfinex is a fiat-crypto type exchange.. You can buy and sell cryptocurrencies on the Bitfinex exchange in Dollar, Euro, Yen and Sterling. Of course, you can trade on both cryptocurrencies.. Bitfinex exchange supports direct deposit and withdrawal orders from your bank.

By Supported Cryptocurrencies

Binance currently hosts 385 cryptocurrencies. Most of these cryptos have Bitcoin and Ethereum pairs.. In addition to these two, the stock market has opened parity with USDT and BNB.. Recently, Tether has started to add another stable coin, PAX, to the parities due to the loss of prestige.

 PAX move from Binance to end Tether’s dominance!)

Bitfinex has listed 114 cryptocurrencies. Its list includes major cryptocurrencies such as Bitcoin, Ethereum, Monero, as well as cryptocurrencies with small trading volumes such as Metaverse ETP, Nucleus Vision, and Kyber Network.

 Binance has started classifying cryptos! Here are Binance’s ‘gold branded’ altcoins!)

By Number of Supported Countries

You can become a member of Binance from any country in the world, open an account and trade. It is not subject to any country’s restrictive laws as it does not accept fiat money.. It is not subject to the legal restrictions set by the countries.

Bitfinex, on the other hand, is in direct contact with the law-making authorities of the states as it allows fiat currencies.. For example, Bitfinex is not open to US citizens. The identification of some cryptocurrencies listed by the exchange as bonds by the country’s competent authority, the SEC, led to a crisis in 2017.. That’s why it had to withdraw from one of the world’s largest cryptocurrency markets since 2017.. It is not known whether this problem can be resolved in the future, but this is the current situation for now.

It should be noted that Bitfinex does not have problems with other states if the problems with the USA are ignored.. Since one of the fiat currencies it supports is not Turkish Lira, it does not directly appeal to Turkish users.. However, transfers can be made from foreign currency deposit wallets of Turkish banks.

By Ease of Use

If you ask Binance or Bitfinex according to ease of use>, we can easily say that Binance is ahead by far.. Extremely simple interface is ideal even for novice traders. In addition, its mobile application puts it one step ahead of its competitors.

Birfinex, on the other hand, is in a slightly different lane.. You must have professional or at least intermediate knowledge to trade on this platform.. Bitfinex is an exchange that doesn’t want to deal with newbies. That’s why they say you need at least $10,000 to open a membership.. On the other hand, let’s remind that Bitfinex also has a mobile application.

By Membership Systems

The only thing you need to open a Binance account is an e-mail account.. In this way, you can open an account at Level 1. This level gives you the ability to trade 2 BTC in 24 hours, which is already a big enough room to move.. For Level 2 verification, you need to share your identity and address information. This level allows you to trade 100 BTC in 24 hours.

The number one Bitcoin exchange Binance is changing its registration process!)

Bitfinex membership transactions are much more painful.. Membership approval takes 6 or 8 weeks. Bitfinex asks you for your identity information, phone number, full address and e-mail address in the first step of membership.. In addition, if you do not have 10,000 dollars in your account, it does not approve your membership transactions.

User Interface

Binance provides service with two separate interfaces, both basic and advanced.. The basic interface is roughly as follows:

Bitfinex, on the other hand, serves investors with a certain level of knowledge.. The Bitfinex interface is as follows:

We came to one of the most important parts of our Binance or Bitfinex comparison article: interruptions

By Deduction Amounts:

Binance transaction interruption fee at 0.1%. This rate is really low when compared to equivalent exchanges.. Moreover, if you agree to use BNB in ​​your transactions, this deduction is reduced by 25%.. This rate was 50% in Binance’s first year. The second year is defined as 25% and will be reduced to 12.5% ​​after one year and 6.25% after two years.

Free to deposit on Binance exchange. However, withdrawals are subject to different deduction rates for each cryptocurrency.

Bitfinex is between 0% and 0.1% for maker transactions, and 0.055% for taker transactions.

(Commission Fees of Top 10 Crypto Exchanges Including Binance and Bittrex)

Deposits on Bitfinex are not completely free. If your deposit is less than $1,000, you pay some deduction. Bank transfers charge a 0.1% commission fee, not less than 60 Dollars or Euros.

Bitfinex withdrawals are applied at different rates for each cryptocurrency.. Withdrawals made in fiat currencies are subject to a commission rate of 0.1%.. Bitfinex also punishes take-buy logic. So you bought cryptocurrency and didn’t trade for a long time.. If the money just sits in the wallet, Bitfinex charges you a commission in this case too.. If you have crypto money on this exchange, it wants you to activate it with continuous trading.

According to Security Policies:

Binance is known as a secure crypto exchange. No known hacks or serious security vulnerabilities so far. Individual attacks on Binance members do happen, of course, but the attacks on Binance itself have not been successful so far.

Binance runs a program called SAFU to protect customers’ funds in extraordinary situations.. For example, when the password of your account is changed (in case it is not within your knowledge), it freezes the withdrawals within 24 hours.. With the warning e-mail sent to you, you can freeze your account with one click and then get it back.. Binance also has a 2-factor authentication verification system.

Bitfinex last suffered an attack in 2016 that resulted in the theft of 120,000 BTC. The exchange managed to pay its customers losses in USD within 8 months.. The exchange, which updated its security systems after that day, is now defined as 99.5% safe.. Bitfinex, like Binance, has a validation system 2-factor authentication. If you say Binance or Bitfinex on this subject, both seem safe enough for now.

According to Customer Service:

The customer service provided by both Binance and Bitfinex is at a good level.. When you have a problem, you can get an application number from the HELP page and directly tell the customer service representative about your problem.

In conclusion:

Binance is a more preferred platform for Turkish users.. Since Binance does not allow fiat-crypto transactions, you first need to buy crypto money from one of the Turkish crypto exchanges and transfer it to your Binance account.. If the limited number of crypto money purchasing opportunities on Turkish exchanges are not enough for you, Binance’s 385 crypto money will meet your needs to a large extent.. Be sure to pay attention to the commissions for outsourcing cryptocurrencies in the Turkish crypto exchanges you use.. Look at which cryptocurrencies are subject to deductions at what rate and act accordingly.

Bitfinex is a better choice for professional users. Bitfinex also allows leveraged trading, unlike Binance. If you are confident with the leverage rate applied as 3.3 in BTCUSD parity, it is possible to earn more money per unit time.. Of course, this also involves more risk of loss.

Binance or Bitfinex, the decision is yours.

For more on Binance, Click /strong>

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Telegram Runs To Record $2 Billion ICO Target

Telegram Open Network (TON) is a multi-blockchain P2P (peer tp peer) platform that plans to increase its coin offering to $2 billion. TON blockchain will allow its users to make faster transactions.

Telegram was launched on August 14, 2013, providing its users with a fast and secure cloud-based messaging application.. It was the brainchild of two Russian brothers, Pavel and Nikolai Durov, and has around 180 million active users.. Telegram was very popular with blockchain users and this is because almost every ICO has a Telegram channel with Github account.. The decision to create a blockchain platform was announced in December last year, a situation that has come in handy for the cryptocurrency community.

Earlier this month, Telegram plans to raise the private sale to $500 million.. However, according to trusted anonymous users, the company plans to raise the private sale to $850 million in January and auction for $1.15 billion in March. This private sale is more than 50% in people’s ‘Gram’ token.

The Wallet and other TON services are scheduled to launch in 2019.. Private sale investors will receive a refund if the tokens are not listed on an exchange by 2019.. But once on the list, private sale investors will be in a “lock” position.. What this means is that they won’t be allowed to trade their coins for 18 months ahead. While people were voicing their support for Telegram, BitBull Capital’s CEO Joe DiPasquale decided to skip this ICO and said:

“It is very expensive and risky for me to be involved at this point.. They still need to have many more successful raises and their eventual raises above hundreds of millions. 1.2 billion is a huge goal and it is impossible to say whether they will achieve it.”

This special sale is expected to close in February, followed by an auction in March.

Binance Goes Crazy 70% Discount!

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The Founder of Bitcoin Is Known!

Bitcoin’s creator has been the subject of frequent discussion to date. Even though there have been some ignorant people claiming to be the founder of Bitcoin for a while, still no complete results have been achieved to date. It is not yet known exactly who the founder of cryptocurrencies is. While the founder of Bitcoin is unknown, it has been claimed that the original owner of the cryptocurrencies is known to the US administration. Similarly, it is claimed that not only the US administration, but also the UK administration has information about the founder of Bitcoin.

Does Washington Know Since Day One?

Some claims that Washington administration has been aware of Bitcoin since the first day. While confirming that he is the owner, it is claimed that the British administration works with the US intelligence to know the founder and who is behind it. While the allegations are not limited to this, the reasons behind the US administration’s knowledge of cryptocurrencies and the reasons are precautions against possible situations, in fact, it has full knowledge in this field.

Altcoins Fluctuate, Bitcoin Price Rise Stable

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Roger Ver, co-founder of the Bitcoin Foundation, wants to create his own free nation

Olivier Janssens, the founder of Freedom Investments, and Roger Ver, the famous Bitcoin Foundation, are trying to establish their own independent nation governed by libertarian values ​​with a team he has formed with other professionals and invites everyone who are ‘free thinkers’ to join them.

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Reminiscent of Ayn Rand’s Galtian haven, the country is envisioned as a place where those who reject government controls and want to preserve freedoms can create and foster a truly free society.

An earlier example of buying sovereignty over any land from another country no not. For example, the United States leased Guantanamo Bay from Cuba.. However, the team has not yet announced the location and has not announced what the entry standards will be.

Priority is a safe and conflict-free area

Safe and conflict-free areas are taken into consideration in the selection of the location, as well as the USA, Europe and the USA. It was learned that proximity to economic centers and water resources in Asia is also among the criteria.

In his statement, Roger Ver pointed out that the country is not an ICO, but that the participants can participate.. The country has a draft constitution, but once final negotiations are complete, the team hopes to set a precedent for future sovereign nations:

“As our project will set an important example for governments and the world, it is important to establish a proper rule of law.. We want to make sure the constitution is sound and avoid the inefficiencies of existing state structures.”

A Bitcoin User Pays $204,000 in Transaction Fees

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Frightening Claims About Bitcoin

Bitcoin price upset its investors towards evening hours today. While the declines in crypto currency exchanges continued, investments were withdrawn one by one after the Bitcoin price fell below the $ 7,000 level and lost an average of $ 600 in a day.. In a statement on the subject, some social media users stated that they regard a decrease in cryptocurrencies as normal, but such high decreases should not be expected to be normal.. Bitcoin, which lost around 15% in value on average in a day, showed that it is expected to drop to the level of 1700 dollars with this decrease and it can turn into reality.

It will drop another $3000

The allegations are true Bitcoin price is expected to drop by $3000 more. Although this is likely to be true, it brings with it the statements that the $3000 drop may take it back to the lowest levels in history and that it may upset investors for many years.

Bitcoin Has Dropped Below the Critical Threshold

Bitcoin price While it falls below the critical threshold with this decline, how investors will evaluate their investments from today and the fact that they will lose more than their Bitcoin investment if they sell is a factor that allows the investments to be held for a while.. How will Bitcoin look as of tomorrow, depending on this, the investor will win or lose.

Why is Bitcoin Falling?

Allegedly, the reason for the decline in Bitcoin is the sudden sales in the crypto money market and along with it. Serious losses from sudden sales. As the money in the market decreases and the confidence of the investors decreases, investors’ withdrawal of their money brings more losses, while the confidence index is shaken accordingly as the money situation in the market starts to get worse.

What is Bitcoin Gold, How and Where to Buy?

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They didn’t like Bitcoin: India plans to create its own digital currency

According to the Economic Times, the Central Bank of India (RBI) is considering the possibility of issuing its own digital currency as an alternative to Bitcoin.

The bank expressed its dissatisfaction with digital currencies such as Bitcoin, calling them “hidden money”.

The Bank’s Executive Director, Sudarshan Sen, said:

“I think we are not comfortable with non-Fiat digital currencies. Bitcoin for example. This is a secret digital currency. That’s why we continue to work to create an alternative to the Indian Rupee.”

India’s central bank is constantly issuing warnings to the public about the use of digital currencies like Bitcoin. According to the bank, these currencies carry potential risks.

‘The potential is overstated’

On the other hand, R Gandhi, one of the bank’s senior officials, stated that the potential of digital currencies has been exaggerated and that their current value is just speculation. said.

Nicholas Merten: Bitcoin Will Be $50,000

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Gedik Investment rolled up its sleeves for the new bank

Continuing to serve for more than 25 years, Gedik Investment Holding rolled up its sleeves to establish a new investment bank. The decision was taken after the Board of Directors Meeting held in the past days

will be within the body of Gedik

Attaining attention with her transactions in Borsa Istanbul in recent years Gedik Investment, which attracts attention, has started to take steps for a new investment bank. Gedik, which has become one of the few investment institutions by providing various services to more than 70 thousand customers, decided to establish a new investment bank after the Board of Directors Meeting held on Wednesday, August 26. Gedik Investment started to work to establish an investment bank within its own structure in order to activate the market, which is in the development stage in Turkey, and to provide customers with alternative financial resources.

At the meeting where the said investment was discussed, it was also decided to authorize the general directorate in order for the establishment of the bank and the approval of customers to proceed smoothly.

Ukraine Prepares to Decide on the Legal Status of Cryptocurrency Industry

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ZRX agenda: Why are ZRX token prices increasing?

DeFi wind blows ZRX token sail. 0x (ZRX) token holders can lend their digital assets on different platforms to earn interest in return.

0x (ZRX) token prices are on the rise

As the DeFi frenzy continues, there are also extraordinary price increases in token prices traded on these platforms. The price of ZRX token, one of the DeFi platforms cryptocurrencies, has increased by 8% at the time of writing.. Apart from the volatility in prices, the increase in the number of 0x active addresses also draws attention.

0x token entered the radar of investors in the first days of May 2020. During this period, 0x prices more than doubled in a very short time.. ZRX token, which was traded at 20 cents on May 6, rose to over 43 cents on May 9. In the same period, a significant increase was observed in the number of 0x active addresses and broke the record of all time.. The report by Santiment draws attention to this issue.. Below we see the report of Santimet.

There is an increase in the number of 0x active addresses on July 3, although not as much as in May.. Prices are increasing in parallel with the number of addresses.

After May, ZRX token prices did not increase as aggressively as other DeFi tokens Compound and Kyber Network.. 0x was flat in June, perhaps as investors’ perception was on Compound and Kyber Network. While the perception is reversed in Compound and Kyber Network, aggressive value increases such as the increase in value in the first days of May at 0x can be observed again.. Naturally, the increase in DeFi demand is directly reflected in XRZ token prices.

According to Staking Rewards data, ZRX token holders have achieved 0.51% returns in the last 14 days.. This rate is much higher than the FED and European Central Bank policy rates.

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Which are the best blockchain games?

Blockchain technology and crypto formations are now starting to show themselves in the game world.. We explored the 5 best blockchain games for you and how they are played.. Look what’s in front of us!

The best blockchain game

Game developers of modern times don’t just make money from the game they release anymore. They are trying to create a different economy in the game by adding valuable figures and heroes into the games they have developed.. While doing this, as you can imagine, it uses blockchain technology.

There are many blockchain-based games on the market right now.. Let’s dive into the details of the top 5 blockchain games we selected:

Gods Unchained

Gods Unchained is a competitive blockchain-based digital card game. Think of it like a digital version of the football player cards we used to collect! However, in this game, you trade the players you own or develop over the Ethereum network.

Gods Unchained is very similar to card fighting games such as Hearthstone and Magic.. After the players collect the cards, battles are held according to the strength of the characters.. The main objective of the game is to reduce the opponent’s life points to zero.. Players with valuable features stand out more and eventually become unrivaled.

In classic games, everything proceeds according to the scenario of the company that produced the game.. However, in the recently developed on-line games, the player himself decides how to progress the game.. Thanks to Blockchain technology, it is clear which player has which cards and this situation cannot be changed by outside intervention.

Beyond the Void

Beyond the Void size, suddenly It offers the opportunity to play a real-time strategy game in which multiple players are in the battle arena at the same time. Unlike popular strategy games such as League of Legends and Dota 2, you do not have the chance to form team play in Beyond the  Void.

You enrich your spaceship with the equipment you deem necessary with the help of resources on the way to defeat your enemy during your long journey.. Developing strategic maneuvers to conquer planets is entirely up to your creativity.. In this blockchain-based game, the ownership of the characters and items you own is solely yours.

CryptoKitties

CryptoKitties was one of the first blockchain-based games and still exists today.. You can buy cats with different characters and features in the game with Ether.. By breeding these cats you own, you can both obtain new species and pass your cats on to future generations.

In this blockchain-based game, you are the absolute master of the cats you own.. Therefore, you can breed your cats as you wish and sell them to anyone you want.. Just like in real life, walking around with your cats and raising new cats can give you great excitement.. However, doing all this will be closely related to the amount of Ether you have.

My Crypto Heroes

My Crypto Heroes is also a war involving various historical figures and legendary characters. game. You can improve the skills of your heroes using the GUM currencies you receive with Ether and send them to battles, various missions. (16 Ethereum-based games where you can earn money while playing!)

Spells of Genesis

SoG is a very simple game mostly played on mobile. You try to destroy your enemies by avoiding the attacks on you.. In Spells of Genesis, a blockchain-supported game, you own the cards and you can buy and sell these cards as you wish.

Please see!:Blockchain will completely change the online gaming industry

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How did the value of Ethereum increase 5 times in a month?