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Bitcoin Transaction Fees Increase Up To 250% As BTC Blocks Grow

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Bitcoin transaction fees skyrocketed up to 250% over the past month as the BTC blocks increased as they were in December 2017. The latest cryptocurrency news gives you some more detail why could this be the case.

The latest research shows that the bitcoin blocks reached a size similar to the one in 2017 when Bitcoin peaked up to $20,000. The bitcoin transaction fees were also a lot lower at that time because SegWit usage also increased in the intervening months. As the diar research point out:

 “On-chain volume still heavily used for ramping on and off exchanges has been the main culprit as traders look for an opportunity with the price of Bitcoin rising 43% during April resulting in full blocks (see chart 3). But SegWit, the scalability solution that addresses the issue has also hit a high with the percentage of blocks using the mechanism averaging 35% alleviating fee pressures. 2018 average SegWit usage was only 26% and only 11% at Bitcoin’s peak highlighting the continued adoption by major players.”

However, the fees increased by 250% month over month. In total, the bitcoin miners managed to collect about $14 million in fees alone. SegWit wallets and services are now decreasing the fees as expected. The usage of SegWit is reportedly around 35% currently and it is expected to continue to rise if more services are keen on saving the money. If this figure goes any higher, the network will become more accessible.

With transactions taking a lot less space, the cost for each byte for operations can also be lower. Users will also be looking into alternative methods in order to try and save their satoshis including the usage of the Lightning Network. Users, who will want to confirm their transactions faster, will have to pay a higher bitcoin transaction fee and will have their payment processed sooner.

The Lightning Network usage is also growing at least this is what the coming altcoin news report. The LN nodes number also increased by 5%. For example, Toronto has more nodes than any other city with a total of 1,200 channels. The LN has the capacity to transfer about 1,000 BTC in a matter of seconds.

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Taproot Upgrade For BTC Just Took A Major Step Forward

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People who are reading the Bitcoin price news daily tend to focus on price and forget many other things happening in the BTC ecosystem. A great example for that is the Taproot upgrade - a privacy and scalability tweak which could turn out to be one of the largest upgrades for the cryptocurrency to date.On Tuesday, we saw Pieter Wuille who is a Bitcoin Core contributor and the mind behind the Taproot upgrade, submitting a work-in-progress code change to the GitHub project in what is known as a "pull request" in which he showed that the code is ready for more developer eyes.
"Merging this is obviously conditional on getting community support for the proposal. It's opened here to demonstrate the code changes that it would imply," he wrote.
What does this all mean?Well, submitting a pull request to the code for Bitcoin Core does not mean that the change is official - but is a key step in the making. Many in the Bitcoin community are now excited about the upgrade, but the process has been mostly happening behind closed curtains. Wuille's recent "pull request" pushes it into the spotlight and signifies that the code is closer to ready.Several Bitcoin developers have already left review comments on the Taproot upgrade and showed their enthusiasm about the new change. A key part of the proposal is Schorr, a cryptographic signature scheme for proving ownership of coins.By using Schorr, the Taproot upgrade adds smart contract capabilities to Bitcoin which would strengthen privacy. For instance, the transactions which are open and the close payment channels on the lighting network allow speedier transfers on small amounts and would not look much different from normal transactions.The cryptonews also show that there is still a lot of work to do and while many scrutinize the code and look for improvements or errors, some developers are debating the best way for the decentralized and global network to adopt the change with as few roadblocks as possible.Today, BTC is trading above $8,490 and showed that it can still rise to new heights, especially with the 1.50% increase on the day. In the altcoin news and updates, we can see that Bitcoin SV (BSV) is leading the way with 6% gains on the day and a new price of $268.58.
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Analyst Who Predicted $6k BTC Crash Says This Is Coming

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There have been many experts talking about many things in the Bitcoin and altcoin news and rumors over the past couple of months. This shows that the end of 2019 and start of 2020 have been awesome times for crypto. However, the analyst who predicted the $6,000 BTC crash is now in the news for his next verdict.We are talking about filbfilb, who predicted the crash and in 2018 called the cryptocurrency's bottoming price around $3,000 - as well as the subsequent surge. Pseudonymous and mysterious, this analyst has been right a lot of times and previously said that he expects Bitcoin to surge towards $10,000 and then crash to $6,400 - finding a macro bottom.All of this was again right. In the next report, the analyst who predicted the $6,000 crash shows optimism about the leading cryptocurrency as it is heading into 2020.The latest edition of Filb's Decentrader newsletter shows that with the latest price action in mind and as BTC bounces off the $6,000s and rallies to the $8,000s, he is bullish heading into the block reward reduction in May of this year.
“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving,” he said.
The analyst who predicted the pace of Bitcoin also said that if BTC wants to rally to $12,500 before the halving, it will need to rally by nearly 50% from the current price of $8,450.When asked about why he sees $12,500 as an important level, he noted that this is the "top target" for a bullish inverse head and shoulders chart which is forming on a medium-term basis for Bitcoin.Filbfilb also added that people calling for BTC to fall back in the $5,000s are scared - and said that he sees no case for such prices on the macro charts. If we see the opinions by other analysts, we can find that this is true - and many of them believe that the upcoming Bitcoin news will show a strong price action and possibly new gains.As a reminder, in the four months before the first halving in 2012, BTC rallied dozens of percent higher and went from $10 to $14 by the time of the event. In the 2016 halving, the price ran from $432 to $700.
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Elon Musk On Bitcoin: Tesla Founder Reveals His True Opinion On Crypto

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In 2019, we have seen a long and very cryptic series of tweets coming from the founder of Tesla and co-founder of PayPal, Elon Musk. In a recent podcast, reporters finally got the full opinion of Elon Musk on Bitcoin, where the entrepreneur said that he is "neither here nor there on Bitcoin."The eccentric billionaire has been in the spotlight for a lot of things over the years. In the crypto news, Musk was featured along with his short and cryptic tweets such as "Bitcoin is not my safe word" which was a follow-up to a previous tweet reading "cryptocurrency is my safe word."https://twitter.com/elonmusk/status/1117100699798478849However, the opinion of Elon Musk on Bitcoin was never fully revealed - until now. In the recent podcast, Musk talked about many things. He started with a statement about PayPal and mentioned the company in this podcast, saying:
“If PayPal had executed the plan that I wanted to execute on, I think it would probably be the most valuable company in the world.”
The podcast interviewer then asked Musk to comment about the latest Bitcoin news and cryptocurrencies, given their spiritual similarity to his projects. Musk them referred to Satoshi's whitepaper as "pretty clever" and said that cryptocurrencies "get people angry," continuing:
“There are transactions that are not within the bounds of the law — there are obviously many laws in different countries — and normally cash is used for these transactions. But in order for illegal transactions to occur, the cash must also be used for legal transactions. You need an illegal-to-legal bridge. That's where crypto comes in.”
Then, we could see the full Elon Musk on Bitcoin experience - when the entrepreneur said that he sees a clear purpose for crypto.
“You must have a legal to illegal bridge. So where I see crypto is effectively as a replacement for cash. I do not see crypto being the primary database [for transactions].”
In the end, Musk said that despite the negative connotation that crypto has mostly because of its use in illegal purposes, he is not being "judgmental about it."
“I think there's a lot of things that are illegal that shouldn't be illegal. I think that sometimes governments just have too many laws about the missions that they should have, and shouldn't have so many things that are illegal," he concluded.
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Bitcoin Thieves Get Arrested For Stealing BTC From CoinExchange

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The Japanese police arrested two Bitcoin thieves who stole BTC coins from the small market operator CoinExhcange as we are reading further in the latest bitcoin news.Yuto Onitsuka reportedly stole about 78 million yen in Bitcoins which is equivalent to $710,000 as per the reports and the theft was possible for the former employee Onitsuka who knew the access the credentials to the two wallets of CoinExchange and the small market operator closed in 2019 after ending up in losses due to the bear market. The theft happened in October 2018 which was one year before the exchange shut down when Bitcoin had stabilized about $6,400 and the stolen coins were tracked to foreign and domestic exchanges.The Bitcoin thieves get arrested but Onitsuka and Sasaki reportedly never met each other and communicated only through crypto-related bulletin boards while Sasaki used the login credentials to order BTC coin withdrawals from one of the exchange’s hot wallets. The statements made by Onitsuka suggest that the actions mainly precipitated the bankruptcy of the CoinExchange and the bitcoin withdrawals harmed the failing exchange operator while Onitsuka wanted to only add further protest against the company’s management. The sources say that Onitsuka wanted to bankrupt the company for disagreements and internal struggle.The theft of 100 BTC in 2018 was quite small in comparison to other exchange heists and the involvement of the employee suggests that thefts are sometimes much easier to conduct explained with the human factor and have access to hot or cold wallets. The exchange was one of the smaller market altcoins and didn’t have a process of internal control to stop further abuses. Only one set of the credentials was enough to order a withdrawal and no internal controls were there where Bitcoins went. The theft left a lot of traces and ended up in Sasaki’s bank account. The funds were used for travel and personal expenses.Japan has been in the center of large coin heists that mostly affected the Coincheck exchange and some other markets affected include Remixpoint and Zaif. The trend increased in 2019 when more exchange thefts were noted across the world. The exchanges in Japan decreased their activity and slowed down during the peak of the bull market where the investors made up to 60 percent of the Bitcoin trading volume.
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