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My Blockchain Fee Is Too High. Why? What Should I Do?

My Blockchain Fee Is Too High. Why? What Should I Do?

My blockchain fee is too high. Why? What should I do? For fastest bitcoin transfers and exchanges, each transaction requires a blockchain fee . The fee is usually low, however sometimes higher fees are needed to complete your transfer or exchange. This article will explain why this happens and how you can avoid high blockchain fees. A. Blockchain fees depend on several factors including network congestion, transaction confirmation times (affected by liquidity providers), and blockchain size (as measured in kilobytes; affected when converting bitcoin from multiple inputs such as faucet earnings or other micro-transactions). In other words, you may need to pay higher blockchain fees if: the Bitcoin network is busy or loaded at the moment. Usually, the fee increases during sudden bitcoin rate fluctuations and major world events; your bitcoin wallet has a history of microdeposits (like referral bonuses). If your wallet has large amounts of small deposits, the size of your transaction will be bigger as it will consist of many inputs. The bigger the transaction size, the higher the blockchain fee. A more detailed explanation about transaction size, inputs and outputs can be found in Bitcoin Wiki article. There might be other reasons that cause higher blockchain fees, but we listed the most common ones. Q. Is there anything Wirex can do about that? A. Yes. While we cannot influence the Bitcoin network's blockchain capacity and average transaction fees in the network, we still want to support small exchange amounts for the sake of our customers in countries where $10 transfers are popular. We are working to increase the number of liquidity providers so that we can process small exchange amounts 'off-chain' (outside of the blockchain network). This solution will not incur any b Continue reading >>

Skyrocketing Fees Are Fundamentally Changing Bitcoin

Skyrocketing Fees Are Fundamentally Changing Bitcoin

Skyrocketing fees are fundamentally changing bitcoin Fees as high as $28 are destroying bitcoin's value for small payments. by Timothy B. Lee - Dec 19, 2017 5:28 pm UTC Originally, one of bitcoin's big selling points was that payments would be fast, convenient, and cheap. "The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions," wrote bitcoin founder Satoshi Nakamoto in the white paper announcing the technology. "With bitcoins, transfers can take place across continents and timezones with no problems, no timelags, and only minuscule transaction fees," wrote economics reporter Felix Salmon in 2013. Until the beginning of this year, bitcoin fees tended to be well below $1, and often less than $0.10. Bitcoin supporters liked to point out that fees on the bitcoin network were often a lot less than the fees merchants paid to accept credit card payments. But in recent months, bitcoin's popularity has outstripped the network's ability to cope with growing demand. As a result, the bitcoin network today is a radically different animal. Fees are highthe average transaction yesterday cost around $28. And that is having huge implications for the ways bitcoin is being used and the kinds of businesses being built on top of it. Indeed, companies that are trying to realize Nakamoto's vision of bitcoin as a platform for "small casual transactions" are starting to shift to alternative networks, because it's impossible to support small transactions when each transaction costs $20 in fees. Rising transaction fees have been a huge headache for Bitpay Consider Bitpay, one of the first successful bitcoin startups. Bitpay makes it easy for ordinary businesses to accept bitcoin payments. B Continue reading >>

Ups Is Betting Big On Blockchain To Lower Costs And Up Security

Ups Is Betting Big On Blockchain To Lower Costs And Up Security

UPS Is Betting Big on Blockchain to Lower Costs and Up Security UPS announced on December 19, 2017 that they will join the Blockchain in Transport Alliance (BiTA) , a group dedicated to utilizing blockchain tech in the trucking industry to secure data transfers and speed up transactions.In the U.S., our reliance on the shipping industry has grown tremendously with the increasing popularity of ordering items online instead of shopping in-store. In 2015, freight and logistics was nearly a $1.5 trillion industry, and that number is only expected to go up. But while we may be relying more and more on the shipping industry, its foundation is crumbling. The industry was not built with this level of growth in mind, and is prone to both inefficiency and fraud which may be why UPS is betting big on blockchain. The FBI estimates a loss of about $30 billion in cargo theft annually in the U.S. But while this has been an existing problem for years, it will likely only increase as the industry grows. Blockchain could be the answer by lowering costs and upping efficiency and security. Basing shipping and transactions on a blockchain system will also increase transparency, potentially giving consumers much more information about the process and location of their package. If this turns out to be a successful integration, this is fantastic news for consumers. Not only could shipping costs be lower, but shoppers might be granted more information, transparency, and ensured security throughout the process. Linda Weakland, UPSs Director of Enterprise Architecture and Innovation, explained in a company statement : The technology has the potential to increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply chain stakeholders. This would spell Continue reading >>

Using Blockchain To Decrease Cost And Optimise Results In Healthcare

Using Blockchain To Decrease Cost And Optimise Results In Healthcare

Using blockchain to decrease cost and optimise results in healthcare Utilising the potential of blockchain to decentralise data and yet keep it free of inconsistencies will add incredible value to healthcare. Blockchain technology has been doing the rounds in the tech world for quite a while now. Quite simply put, blockchain is a distributed system that holds the capacity to record transactional data and store records. In other words, it enables recording and storage of peer-to-peer transactions in a digital form. The best part about blockchain is the absence of any intermediary party between one peer and the other. The data is merely stored in a network of interconnected personal computers accessible only with explicit permission to prevent illicit access to the sensitive information being stored. So how does blockchain really benefit healthcare? The need of the hour in healthcare is to slash unnecessary costs associated with running a healthcare business. Healthcare business owners are constantly on the lookout to reduce costs without compromising on the quality of services offered to their patients. Blockchain enables a number of nifty little opportunities to improve the state of healthcare. For starters, the core benefit of blockchain is decentralising patient data. It is open for access, yet secured its public and simultaneously private. Fragmented data is no longer the worry here since blockchain collates all data without actual physical compilation of the data. It merely improves accessibility in a secure manner. Blockchains second core functionality by the way of a peer-to-peer network is improving data accessibility and eliminating data inconsistency. Being a smart-service, patient data can be accessed and analyzed from anywhere in the network. Any qualms of d Continue reading >>

Executive's Guide To Implementing Blockchain Technology

Executive's Guide To Implementing Blockchain Technology

Executive's guide to implementing blockchain technology The technology behind the cryptocurrency bitcoin is one of the internet's most promising new developments. Here's how businesses can use it to streamline operations and create new opportunities. Blockchains are one of the most important technologies to emerge in recent years, with many experts believing they will change our world in the next two decades as much as the internet has over the last two. Although it is early in its development, firms pursuing blockchain technology include IBM , Microsoft , Walmart , JPMorgan Chase, Nasdaq , Foxconn, Visa, and shipping giant Maersk . Venture capitalists have so far poured $1.5 billion into the space, with storied firms such as Andreessen Horowitz, Kleiner Perkins Caufield and Byers, and Khosla Ventures making bets on startups. See also: The risky business of bitcoin: High-profile cryptocurrency catastrophes of 2017 The applications for blockchain technology seem endless. While the first obvious ones are financial -- international payments, remittances, complex financial products -- it can also solve problems and create new opportunities in healthcare, defense, supply chain management, luxury goods, government, and other industries. CNET: Bitcoin: Big in investing, but still lousy for buying a sandwich In more advanced stages, the technology could give rise to what Gartner calls "the programmable economy," powered by entirely new business models that eliminate all kinds of middlemen, machine networks in which devices engage in economic activity, and "smart assets" in which some form of property such as shares in a company can be traded according to programmable or artificial intelligence-based rules rather than the control of a centralized entity. What is blockchain: A b Continue reading >>

The Cost-cutting Potential Of Blockchain

The Cost-cutting Potential Of Blockchain

Michael Casey and Caitlin Long on the host of industries that can be made much more efficient MICHAEL CASEY | The absence of a common record is a very costly problem. Photo: Nikki Ritcher for The Wall Street Journal Blockchain, the technology behind bitcoin, is coming of age. Its being applied in a lot of new realms. To explore its potential to cut costs, Deepa Seetharaman, a reporter with The Wall Street Journal, spoke with Michael Casey, senior adviser at the MIT Media Labs Digital Currency Initiative, and Caitlin Long, the former president and chairman of Symbiont, a platform for institutional uses of blockchain technology. Edited excerpts follow. MS. SEETHARAMAN: What could be some new uses for blockchain? MR. CASEY: When companies think about it, they need to think about their industry or their partners, and how do they come together. Certainly logistics. And the financial sector, just because of all of this reconciliation, all of this multiple back-checking and everything else. The back office processes we have are incredibly cumbersome. MS. LONG: Think about all of the places in business where you share information with counterparties and then you go and reconcile. The financial industry, the health-care industry, the supply-chain industry and government are the obvious places where theres tremendous duplication of information. We could pull efficiencies out by allowing everyone to share infrastructure. Basketball Lessons on Building a Winning Team MS. SEETHARAMAN: How much money could be saved doing that? MS. LONG: Well, its interesting, because when I was at Morgan Stanley, as a side interest, I got into bitcoin very early. And I remember when Accenture first came out with an estimate of potential cost savings in the financial industry from using blockchain. E Continue reading >>

To Blockchain Or Not To Blockchain: It's A Valid Question

To Blockchain Or Not To Blockchain: It's A Valid Question

To Blockchain Or Not To Blockchain: It's A Valid Question Opinions expressed by Forbes Contributors are their own. Chris Haley and Dr. Michael Whit Whitaker Chris Haley is a Corporate Strategy Director at ICF .Dr. Michael Whit Whitaker is the VP of Emerging Solutions at ICF . LONDON, ENGLAND - OCTOBER 24: A visual representation of the digital Cryptocurrency, Bitcoin on October 24, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it sees wider mainstreem adoption. (Photo by Dan Kitwood/Getty Images) Another day, another article extolling blockchains untapped potential. It will give rise to the new internet era and transform the financial system . It is the disruptor of every industry and could change the world . Its touted benefits may include lower cost, risk, and capital requirements , faster transactions , more transparency and reliability , improved privacy, and unparalleled security, to name a few. In fact, my colleagues recently laid out their thoughts on unlocking the blockchains potential value for the public sector . Not bad for an idea thats only eight years old. (By way of definition, blockchains are distributed, immutable ledgers of economic transactions. Each blockchain platform (e.g., Bitcoin, Ethereum, Hyperledger) has a so-called scheme for verifying and recording transactions (e.g., Proof of Work, Proof of Stake, Proof of Time and Space, etc.). These schemes help to ensure the security and immutability of every entry. Blockchains can be public, permissioned Continue reading >>

Big Transaction Fees Are A Problem For Bitcoin But There Could Be A Solution

Big Transaction Fees Are A Problem For Bitcoin But There Could Be A Solution

Bitcoin transaction fees are proving to be profitable for so-called bitcoin "miners". Miners work out complex cryptographic puzzles to add transactions to the blockchain, a decentralized record of all bitcoin transactions. They are paid in bitcoin in return for their services. On Monday, the total value of all transaction fees paid to miners hit an astronomical sum above $11 million on that one day, according to Blockchain.com data. A debate has been brewing among the bitcoin community surrounding transaction times and fees. Right now it takes an average time of 78 minutes to confirm a bitcoin transaction, according to Blockchain.com. But on Sunday the average time was as high as 1,188 minutes. Slow transaction speeds and fees has led to a number of splits in the original blockchain. In August, the blockchain was forced to split in two a phenomenon known as "hard fork." This led to the creation of a bitcoin spinoff called bitcoin cash. Another fork occurred in October , spawning yet another digital asset called bitcoin gold. These bitcoin offshoots have spawned because some within the bitcoin community believe that the size of blocks records of transactions on the network should be increased. A proposed update known as SegWit2x would have increased the block size from one to two megabytes, but this was dropped last month. Separating bitcoin from its altcoin rivals The boss of blockchain firm Ripple, whose digital currency XRP is the fourth-largest by market value, is skeptical about the use of bitcoin for payments and transfers. "I don't think bitcoin is well-positioned to solve the payments problem," Ripple's CEO Brad Garlinghouse told CNBC earlier this year. Garlinghouse said that his firm's cryptocurrency was "enabling transactions in seconds," adding that the cost Continue reading >>

Blockchain: A New Tool To Cut Costs

Blockchain: A New Tool To Cut Costs

Blockchain is a unique opportunity for financial institutions, changing our lives in profound ways and unleashing a set of new capabilities to transform the way we interact and collaborate in our activities with better security and better authenticity of files, says Max Di Gregorio of PwC Middle East. The pace of innovation has been hectic in the past few years with the surge of new disruptive technologies. Amongst all these new solutions, the most promising one available today is blockchain. It is a distributed ledger providing an immutable, reliable and shared view of transactions such as monetary transactions, property records or other valued assets between engaging parties in a fully untrusted environment. Its unique characteristics enable institutions to operate a lot quicker and in a cheaper way, with a far lower error rate, with less resulting risks, lower capital requirement and is less vulnerability to cyber attacks. Financial services is the sector most likely to be disrupted by this technology, with a shared consensus that blockchain represents a tangible innovation over many of the systems and processes used today. Blockchain may have a long-term influence on the global economic system, reshaping market structure, customer experience and product features. According to the PwC 2016 FinTechreport, blockchain-related interest and investment have reached critical mass, and the technology has shown itself to be capable of driving major change. Technology Consulting FS Lead Middle East & North Africa The blockchain potential in financial services is huge, and has several applications which span across payments, capital markets, trade services, investment and wealth management, securities and commodities exchanges. Blockchain technology can be considered as one of Continue reading >>

Don't Let Blockchain Cost Savings Hype Fool You

Don't Let Blockchain Cost Savings Hype Fool You

Don't Let Blockchain Cost Savings Hype Fool You Last month, management consulting giant Accenture and McLagan, an operations benchmarking research firm, published the report Banking on Blockchain: A Value Analysis for Investment Banks . The core conclusion of this report: blockchain promises cost savings for banks so dramatic, it will disrupt many lines of business and core banking functions, including assets liability management, regulatory compliance, cross-product processing, and trade execution. In fact, the report touts cost savings of 70% or more in these areas, with savings of over 50% for the entire finance function, as well as liquidity risk, complex finance, and other areas. Always the skeptic, I decided to follow the maxim if it sounds too good to be true, it probably is. Does the argument in the Accenture/McLagan report hold water? Or is it just another example of the fragile hyperbole so common in the blockchain world today? Building block chains hasnt always been so complicated. The general consensus on the promise of blockchain centers on disrupting or even reinventing how multiple parties execute transactions in various scenarios, from simple money transfers to complex real estate deals. Simplifying transactions, however, isnt where the big cost savings are, according to the Accenture report. Today, investment banks spend an estimated two-thirds of their IT budgets on legacy back-office infrastructure, explains David Treat, Managing Director of Accenture Financial Services and Blockchain Lead. Blockchain could lead banks to decommission much of that infrastructure and externalize key operational processes. It could completely change the cost dynamics in these organizations. Accentures competitor PWC has reached a similar conclusion. According to a Santa Continue reading >>

Blockchain - Ibm Cloud

Blockchain - Ibm Cloud

The cost of a blockchain network is shared across its members. Flexible membership plans enable each ecosystems unique needs for compute, performance and isolation. Participants in the network, join the network via one of several Membership Plans. Initiate a new blockchain network including setting democratic network policies and inviting new members to join. Join a network, as a new member, based on an invite from the network initiator. A Certificate Authority (CA) for issuing certificates to other network participants to enroll in the network A Network Peer enabling the invocation and validation of transactions Network Dashboard for managing and monitoring network resources Click an image to enlarge and view screen captures, slides, or videos. Screen caps show the user interface for the service after it has been provisioned. Continue reading >>

Blockchain Wallet Review 2018 | Features & Fees | Finder.com

Blockchain Wallet Review 2018 | Features & Fees | Finder.com

Advanced security features, such as 2-step verification. You can choose to see your balance reflected in your local currency. User-interface design is intuitive and can be easily navigated. As a privacy measure, Blockchain automatically generates a new wallet address after each digital transaction. The company is based in Luxembourg, a country noted for having a legal structure that protects individual privacy. You can easily pair your web wallet with a mobile device by scanning a QR code. You can buy and sell cryptocurrencies directly through your Blockchain wallet. Online wallets, as a whole, are generally considered to be more vulnerable to security breaches than offline wallets. Some users may find it a cumbersome process to go through identity verification to access their individual Blockchain wallets. Blockchain Wallet is only compatible with bitcoin and Ethereum. You cannot purchase cryptocurrencies with fiat directly through Blockchain Wallet. Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed. Blockchain Wallet is a digital wallet platform developed by th Continue reading >>

Blockchain Technology | Microsoft Azure

Blockchain Technology | Microsoft Azure

The more replicas there are, the more authentic the ledger becomes. Microsoft is bringing blockchain to the enterprise, working with customers, partners, and the blockchain community to continually advance its enterprise readiness. Our mission is to help companies thrive in this new era of secure multiparty collaboration by delivering platforms and services that any companyincluding ledger startups, retailers, health providers, and global bankscan use to improved shared business processes. As an open, flexible, and scalable platform, Azure supports a rapidly growing number of distributed ledger technologies that address specific business and technical requirements for security, performance, and operational processes. Our Data and AI platform provides unique off-chain data-management and analysis capabilities that no other platform offers. And the vast Microsoft partner ecosystem extends the capabilities of our platforms and services in unique ways that fit specific workload and industry needs. Azure provides a rapid, low-cost, low-risk, and fail-fast platform for organizations to collaborate on by experimenting with new business processesand its all backed by a cloud platform with the largest compliance portfolio in the industry. Get started on the blockchain that best fits your scenario with our easy-to-deploy templates for the most popular ledgers. Whether you're modeling your shared process through a single-member proof of concept or building a multimember consortium, we offer tools that reduce the time you spend building and configuring your blockchains network infrastructure, so you can focus on building your workflows and smart contracts. Build and connect distributed applications, and integrate Blockchain with the cloud services and tools your organization alrea Continue reading >>

How Blockchain Is Changing Finance

How Blockchain Is Changing Finance

Our global financial system moves trillions of dollars a day and serves billions ofpeople. But the system is rife with problems, adding cost through fees and delays, creating friction through redundant and onerous paperwork, and opening up opportunities for fraud and crime. To wit, 45% of financial intermediaries , such as payment networks, stock exchanges, and money transfer services, suffer from economic crime every year; the number is 37% for the entire economy, and only 20% and 27% for the professional services and technology sectors, respectively. Its no small wonder that regulatory costs continue to climb and remain a top concern for bankers . This all adds cost, with consumers ultimately bearing the burden. It begs the question: Why is our financial system so inefficient? First, because its antiquated, a kludge of industrial technologies and paper-based processes dressed up in a digital wrapper. Second, because its centralized, which makes it resistant to change and vulnerable to systems failures and attacks. Third,its exclusionary, denying billions of people access to basic financial tools. Bankers have largely dodged thesort of creative destructionthat, while messy, is critical to economic vitality and progress. But the solution to this innovation logjam has emerged:blockchain. Here are five basic principles underlying the technology. Each party on a blockchain has access to the entire database and its complete history. No single party controls the data or the information. Every party can verify the records of its transaction partners directly, without an intermediary. Communication occurs directly between peers instead of through a central node. Each node stores and forwards information to all other nodes. Every transaction and its associated value are visibl Continue reading >>

Australia's Asx Selects Blockchain To Cut Costs

Australia's Asx Selects Blockchain To Cut Costs

December 6, 2017 / 10:37 PM / 4 months ago Australia's ASX selects blockchain to cut costs (This version of the story corrects paragraph 7 to show ASX plans releasing timetable for transition to new system in March 2018, not make it operational in March 2018) FILE PHOTO - An investor looks at a board displaying stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia, July 17, 2017. REUTERS/Steven Saphore (Reuters) - Australias ASX Ltd ( ASX.AX ) said on Thursday it would replace its registry, settlement and clearing system with blockchain technology to cut costs for customers. The decision to replace the Clearing House Electronic Subregister System (CHESS) on Australias main bourse follows two years of testing of distributed ledger technology, also known as blockchain. We believe that using DLT to replace CHESS will enable our customers to develop new services and reduce their costs, ASX Managing Director and CEO Dominic Stevens said. The move will make the Australian Securities Exchange one of the biggest mainstream financial markets to use the relatively new ledger system, best known as the technology underpinning the bitcoin crypto-currency. Blockchain is a shared, verifiable and permanent record of data that is maintained by a network of computers. Banks and other large financial institutions have ramped up their investments in the technology over the past few years, hoping it can simplify and cut the cost of back-office processes. ASX expects to propose a timetable in March 2018 for transition to the new system, with a final date to be determined in consultation with market participants. The system would be designed without access barriers to non-affiliated market operators and clearing and settlement facilities. It also would give ASX custom Continue reading >>

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