Nov 5, 2020

Commissions in the bitcoin network have increased

Pi Capital Union analysts have stated that the price for making transactions within the bitcoin network continues to grow. On Saturday, October 31st the average commission was $13.14.

The last time we observed this was during the second half of January 2018, a month after bitcoin set a historical record of $20 000.

The share of commissions in miners’ income has also been showing growth. On Friday, October 30th this value reached 27.44%, falling to 27.21% the next day.

Before that, during the period from 25 to 28 of October, the average commission for transactions increased by almost 200% – from $ 3.52 to $ 10.24.

Seemed to be forgotten in the last days mempool of the first cryptocurrency, which turned out to be clogged in recent days, decreased slightly by Sunday morning although the number of unconfirmed transactions still exceeds 50 thousand.

As a reminder, on Saturday, October 31st, the Bitcoin price updated its 2020 maximum at levels above $ 14,000.

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Risk Awareness

Cryptocurrency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies. Trading or holding funds in cryptocurrencies comes with significant risks, including volatile market price swings or flash crashes, market manipulation. Use EUPi stable coin to secure your funds from market volatility.

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