- Coincraddle has added new exchange directions.
BONE, GAL, LQTY are now available for exchange on our platform.
- Coincraddle marked the beginning of cooperation with Swapspace by launching a contest. The prize pool is $200.
- High fees in the BTC network
Over the past week, fees in the Bitcoin (BTC) network have significantly increased. In the last six months, network users have paid an average of around $1 per transaction. However, currently, the cost of fees has risen to $9, and the number of transactions in the mempool has reached nearly 400,000. This is due to the limited capacity of the Bitcoin blockchain, which can process only a certain number of transactions within a specific period. When the number of transactions exceeds this limit, fees increase so that users can compete for inclusion of their transactions in the next block.
Additionally, fees also depend on the transaction size. Larger transactions require more computational power for processing and occupy more space in a block, which can result in higher fees. Some users may prefer to use lower fees to save costs, but this can lead to delays in transaction processing.
- Growing popularity of tokens on the Bitcoin network
Currently, the BTC network is experiencing high fees and a large number of transactions in the mempool, and one of the reasons for this is the BRC-20 tokens. BRC-20 is a token standard for the Bitcoin network issued through Bitcoin Ordinal. Recently, the number of transactions involving these tokens has reached a daily level of 366,000 transactions. However, most of these tokens are not serious projects but rather meme coins, which has caused dissatisfaction among a significant portion of the cryptocurrency community.
Typically, Bitcoin is not used for creating tokens since it is not its primary function. Blockchains specifically designed for token creation, such as Binance Smart Chain, Ethereum, Tron, and others, are used for this purpose.