The digital currency market is developing as there more than 2,000 cryptocurrencies on the market. Nowadays, it is hard to imagine modern life without the cryptocurrencies. However, a decade ago, the first digital currency was created, and this creation revolutionized many aspects of contemporary life. The last day of October is the birthday of the first cryptocurrency which is Bitcoin.
On this day, eleven years ago, Satoshi Nakamoto published a white paper called “Bitcoin: A Peer-to-Peer Electronic Cash System.” Bitcoin not only survived, but it became one of the most popular digital currencies in the world.
Bitcoin became one of the significant recognizable symbols of the crypto era.
On October 30, Bitcoin blockchain’s cumulative transaction fees reached $1 billion.
Let’s have a look at the transaction fees and its importance to cryptocurrencies. Transaction fees serve three functions. The first one is that attaching fees to bitcoin transactions helps to minimize the risks of spam attacks.
The second function is that fees serve to prioritize which transactions get confirmed and written onto blocks faster than others.
The last one is that transaction fees ensure the transaction finality. It is important to mention that coupled with the Bitcoin block subsidy; the transaction fees provide an incentive for the Bitcoin miners from editing or stalling the blockchain.
Digital currencies on Thursday
On October 31, Bitcoin’s price remained above $9,000. On Thursday, Bitcoin’s price was $9,104. It had to break the resistance levels above $9,200 and $9,320 to strengthen its position on the market.
At the moment, Ethereum is the second-largest cryptocurrency in terms of market capitalization. Ethereum failed to break the resistance levels above $194 and $195. At some point, the price even fell to $179. On Thursday, Ethereum’s price was $180.
Bitcoin played a crucial role as it was the first digital currency and it helped to popularize the idea of cryptocurrencies.