Monero (XMR) withdrawal fees fell to $0.01 on two cryptocurrency exchanges

Thanks to the recent ‘Beryllium Bullet’ hard fork

Crypto exchanges Bittrex and Binance have recently announced a significant reduction in the fees they charge when withdrawing Monero (XRM) balances.  And it’s all due to the recent update of this blockchain protocol. 

“Update: With the Monero upgrade to Bulletproof transactions, @BittrexExchange has reduced the $XMR withdrawal fee to 0.0001 XMR,” Bittrex reported yesterday in its Twitter account. 

Likewise, Binance made a similar announcement. “ With the recent activation of Bulletproofs on #Monero, #Binance has lowered #XMR withdrawal fees to 0.0001 $XMR. 

Thank you to the community for your feedback.” 

As stated by both crypto exchanges, the commission for withdrawal has fell to 0.0001 XMR, or $ 0.01 at press time.  While this was celebrated by users of both platforms, others began to criticize Kraken and Poloniex for not having updated their fees to match those achieved by the activation of Bulletproofs in Monero – although the latter has recently responded a user that XMR fees have been updated. 

Previously, TokenTops reported that the new hard fork of the privacy-focused blockchain protocol saw an important reduction of transaction fees, as well as an increase in the speed of their confirmation.  And this is all thanks to the implementation of Bulletproofs, a new technology that made possible a reduction in the storage space required for transactions, as well as bringing an improved RingCT for scalability on privacy features. 

Launched in October 19, the new update was praised by the community for its noticeable changes in regards of transaction fees.  Users began to upload images of their operations, stressing how cheap they are now in comparison to pre-hard fork, in which fees could be around $0.20 and $0.25. 

As of right now, the XRM is quoting at $105.37 per unit, and has a market cap of $1.74 billion, with a transaction volume around $ 11.6 million over the course of the last 24 hours. 

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