Roundup – 07/01/2019 – Bitcoin Transaction Fees at 2 Year Low & more

Bitcoin Transaction Fees at 2 Year Low

Transaction fees on the Bitoin network are as low as they have been in late 2016. Around that time Bitcoin was worth less than $1000. A rally that continued until around 1 year later during which transaction fees rose to the infamous price of more than $50 per transaction was just about to start. The transaction rate span from 200k to 250k and is now only slightly higher. After the implementation of Segwit and the Lightning network the performance of Bitcoin should have been better. As the other competing Bitcoin versions, BCH & BSV, have an average transaction fee of a fraction of a cent. Even if the transaction rate exceeds BTC’s the transaction fee stays underneath Bitcoin’s average fee. However, their transaction rate is much lower on average. 

Coinbase Bans Company & Private Accounts

A goal of Bitcoin was to create a censorship-resistant and permissionless cash system. Satoshi Nakamoto outlined this in his famous whitepaper “Bitcoin – a Peer-to-Peer Electronic Cash System”. 10 years later, while Bitcoin works per se, access to the cryptocurrency relies still heavily on exchanges. The leading ones are centralized, and they do require permission and they can censor. And everything that can go wrong will go wrong. So many of its users are complaining that Coinbase suspends their accounts, particularly if they are from the US. However, it does not do that on its own but because the US regulation requires them to do so law enforcement requests are costly for exchanges. To save these expenses Coinbase seems to prefer accounts that could end up receiving in such requests. One of the latest victims of this practice was the free speech version of Twitter, Gab. 

Japanese Regulator Might Approve ETFs

The Financial Services Agency of Japan (FSAJ) already neglected approval for futures that trade cryptocurrencies. However, it could still approve exchange traded funds could still this year. Currently, the FSAJ is investigating interest in the financial instrument in the industry, its impact on the market and legislative conditions.

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