The Correlation Between Blockchain Activity and Transaction Fees

Miners and validators are essential cogs in any crypto project. They're the ones who process transactions on a blockchain (BC) activity. For their efforts, crypto projects compensate them for their efforts from transaction fees. A transaction is only valid when it has undergone validation. The process ends in the validators adding it to the BC. Mining consumes a lot of computing power. As such, it's an energy-intensive exercise. The motivation for the miners is the block reward that consists of…

Understanding Mining Rewards, Transaction Fees, and Staking Rewards

Since the inception of blockchain technology, the world has been introduced to several terms that not many people may know. Similarly, blockchain transactions include a variety of fees that may confuse the typical crypto user.  Mining rewards, transaction fees, and staking rewards are three of the most critical charges to successful transactions on a blockchain. It is not unusual for users to confuse these three terms and mistake one for the other. So, what are mining rewards, transaction fees, and…

JPMorgan Chase Agrees To Pay Customers Affected By Overcharging on Crypto Fees

Two years ago, three individuals filed a lawsuit against Chase Bank NA, the sixth-largest bank globally and a subsidiary of banking giant JPMorgan Chase & Co. The lawsuit was filed because Brady Tucker, Ryan Hilton, and Stanton Smith were charged huge fees for purchasing cryptocurrency, with the allegations that the bank didn't warn them in advance regarding a change in its policy. The allegations put forward in the lawsuit noted that the bank's customers who used their credit cards to…

The Number of Unconfirmed Transactions on Bitcoin Network Surges

The Bitcoin mempool are broadcasted Bitcoin network transactions that have not been added to a block. Awaiting transactions in mempool are usually chosen for addition into the freshly mined block according to their transaction fee. However, when the transaction fee is low, it may take longer time for the confirmation of such transaction. In recent weeks, there was a considerable spike in the backlog of unconfirmed transactions on Bitcoin network thereby making the Bitcoin mempool reach its biggest size in…

Bitcoin Fees Record 170 Percent Increase

For most days last month, the performance of Ethereum was not impressive while Bitcoin was able to gain enough momentum that pushed its price to the upside to become the cryptocurrency asset with the best performance. In recent times, Coinmetrics released the State of the Network report which noted that the market capitalization of Bitcoin increased by 17% within the previous week. Likewise, it said that the active addresses rose to 928,000 (12.2% increment). Nevertheless, the outstanding statistic was the rise in Bitcoin transaction…

I Paid Thousands of Dollars in Bitcoin Transaction Fees, Says Roger Ver

Roger Ver is a renowned supporter of Bitcoin Cash. He has claimed payment of thousands of dollars in Bitcoin fees many times on the Bitcoin network. The information was provided in a video on Twitter by Bitcoin Meme Hub. In the video, Ver said he paid the sum in Bitcoin uncountable times. https://twitter.com/BitcoinMemeHub/status/1250840996985933824 The Bitcoin fork, which happened in 2017 brought about differences in fees and speed. The fork split due to disagreements regarding the asset which eventually divided the community. Big blocks supporters desire faster transactions…