October 31 is important for two reasons. The first reason is the Halloween and traditions associated with this day. The second has nothing to do with Halloween, but it an important for the crypto owners as well as enthusiasts. This day is also associated with cryptocurrencies.
Exactly 11 years ago, on October 31, 2008, Satoshi Nakamoto published a white paper called “Bitcoin: A Peer-to-Peer Electronic Cash System”. The world’s first cryptocurrency not only survived but managed to become one of the popular digital currencies in the world.
At the moment, Bitcoin is the number one cryptocurrency when it comes to market capitalization. This fact underlines the importance of this digital currency for the market. Even after more than ten years, Bitcoin remains one of the recognizable symbols of the crypto era.
Another interesting fact which coincided with Bitcoin’s birthday is that Bitcoin blockchain’s cumulative transaction fees reached $1 billion.
It is desirable to understand the importance of transaction fees. It plays key roles in the bitcoin blockchain. All of them are important for the integrity of the network.
The first function is that attaching fees to bitcoin transactions helps to minimize the risks connected with so-called “spam attacks.
Let’s move to function number two, which is that fees serve to prioritize which transactions get confirmed and written onto blocks faster than others.
Last but not least is the third one is that transaction fees ensure the transaction finality. It means that coupled with the Bitcoin block subsidy; transaction fees provide an incentive for the Bitcoin miners from editing or stalling the blockchain.
It is essential to mention that without transaction fees, it will hard to buy and to sell cryptocurrencies.
Cryptocurrencies on October 31
On Thursday, Bitcoin’s price remains above the key $9,000 support level against the U.S. dollar. Right now, Bitcoin’s price is $9,104. It needs to break the resistance levels above $9,200 and $9,320.
Another major cryptocurrency, which is the Ethereum is struggling to regain its position. Ethereum failed to overcome the resistance levels above $194 and $195. This trend continued as the price started to fall first to $190, and then the price decreased to $179. At the moment, Ethereum’s price is $180.