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    [Daily Discussion] Sunday, May 24, 2020 Bitcoin Markets

    May 24, 2020

    [Daily Discussion] Sunday, May 24, 2020 Bitcoin Markets

    [Daily Discussion] Sunday, May 24, 2020

    Posted: 23 May 2020 09:05 PM PDT

    Thread topics include, but are not limited to:

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    • Technical analysis, trading ideas & strategies
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    [Altcoin Discussion] Sunday, May 24, 2020

    Posted: 23 May 2020 09:05 PM PDT

    Thread topics include, but are not limited to:

    • Discussion related to recent events
    • Technical analysis, trading ideas & strategies
    • General questions about altcoins

    Thread guidelines:

    • Be excellent to each other.
    • All regular rules for this subreddit apply, except for number 2. This, and only this, thread is exempt from the requirement that all discussion must relate to bitcoin trading.
    • This is for high quality discussion of altcoins. All shilling or obvious pumping/dumping behavior will result in an immediate one day ban. This is your only warning.
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    submitted by /u/AutoModerator
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    Both BTC and ETH Median Transaction Fees Have Exploded Since the Halving

    Posted: 24 May 2020 06:37 AM PDT

    The halving has caused the transaction fees on both the Bitcoin and the Ethereum network to increase significantly, with Bitcoin recording a growth of 800% in the past 3 months. However, median transaction fees on other major networks, such as Bitcoin Cash, Bitcoin SV, XRP, and Litecoin have remained relatively flat during the same period.

    BTC and ETH Transaction Fees Continue to Climb

    The block reward halving is one of the most monumental events in the Bitcoin ecosystem, with its consequences being debated for months before and after it happens. And while its effects on Bitcoin have been heavily discussed this month, focusing too closely on Bitcoin fails to provide a bigger picture—that the halving has affected Ethereum, too.

    According to the latest report from CoinMetrics, the transaction fees on both the Bitcoin and the Ethereum network have skyrocketed after the halving. This came as a surprise as most other metrics on the network, illustrated in the chart below, have remained relatively flat.

    Table showing the 7-day average metrics for the top 5 cryptocurrencies. (Source: CoinMetrics)

    Bitcoin and Ethereum See Median Fee Increases of 800% and 250%

    On May 14th, two days after the halving, the median transaction fee on the Bitcoin network reached $2.88, the highest it has been since June 2019, CoinMetrics found. Data from Bitinfocharts showed that the average transaction fee on the same day reached as high as $5.1.

    Ethereum also recorded the highest median translation fee since August 2018 on May 14, reaching $0.25. According to Bitinfocharts, the average transaction fee that day increased 30% in 24 hours and hit $0.55 at one point.

    This was most likely a result of both networks having relatively full blocks, the report found, adding that other high-market cap cryptocurrencies such as Bitcoin Cash (BCH), Bitcoin SV (BSV), XRP, and Litecoin (LTC) did not record any meaningful increases in transaction fees.

    With block rewards cut to half, the transaction fee was expected to soar as miners suddenly start earning half the revenue from block rewards. Currently, their revenue from fees is a very small percentage of that of block rewards. Ethereum's fees increase can also be attributed to the increase in the activity of stablecoins, many of which are ERC20 tokens.

    

    submitted by /u/kealenz
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    If long term most transactions happen on Lightning Network, isn't that a HUGE RISK to miner fees?

    Posted: 23 May 2020 12:49 PM PDT

    The important thing to understand about Lightning is that when all transactions happen off-chain, miners don't generate fee revenue. This undermines the security and sustainability of the network, which is all based in mining profits. With each halving event, miners become more and more dependent on transaction fees, until the subsidy is removed entirely and transaction fees is the ONLY income miners will generate. It's a ticking timebomb under Bitcoin - scale or die.

    Miners don't just secure the network out of the goodness of their hearts, it costs a lot of money in electricity. This is the paradox of a system like lightning - it is supposed to enhance Bitcoin by making traffic happen off chain, but instead it undermines all the economic incentives that make Bitcoin work to begin with.

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    Could you tell me - why am I wrong?

    submitted by /u/BasedInquiry
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