Connect with us

News

Bitcoin Network’s daily transactions reached $2.8 Billion per day

Published

on

Bitcoin

Bitcoin network’s daily transaction increased more than 1000% this year

Craze for Bitcoin is no longer hidden from anyone, 2017 has been the Biggest contributor in that buzz and that’s evident in numbers as well, at that start of 2017 daily transaction on the Bitcoin network was valued at $200 million and just after 11 months, that number increased by 1000% (10x) and according to the latest news, daily transactions at the Bitcoin Network just crossed the $2.8 billion mark on 16th November

Bitcoin price is near all-time high and with that there is a possibility that Bitcoin Network’s daily transaction volume can cross major landmarks in coming months, with annual growth rate of almost 1000% it’s growth is really on high note.

With a stagnant number of transactions per day and an exploding amount of value being transferred, it would appear that the Bitcoin network has become more of a settlement network than a simple payment system over the course of 2017.

Although the number of transactions taking place on the Bitcoin network per day has remained roughly the same all year, off-chain Bitcoin payments have been on the rise.

But one important thing to notice is that going forward it is very necessary for the Bitcoin community to keep the transactional cost low, because what’s happening in the Bitcoin network is that transactional cost for smaller transactions is getting higher so with that it is very much possible that for smaller transactions in the crypto market people can shift to alternatives like Ethereum to keep their transactional cost under control

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Crypto Roundup

Published

on

By

Continue Reading

News

Is Toronto Next to Accept Bitcoin for Property Taxes?

Published

on

By

Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.

Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.

Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.

Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned


“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”



“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.” 


He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”

Continue Reading

News

Morning Crypto Roundup

Published

on

By

  1. Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
  2. Bitcoin stays above $10,000
  3. Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
  4. After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
  5. According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share

 

Continue Reading

Trending