This gives sellers an incentive to charge transaction fees, since they get paid faster by doing so, and so it’s fairly common for cryptocurrency transactions to come with fees.
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"In fact, open pump and dump schemes are rampant in the crypto world, with investors often jumping in with eyes wide open, perhaps hoping that they can ride the wave and dump their holdings for a quick profit before prices collapse," he said.
The majority of NFTs exist within the Ethereum blockchain. Ethereum is a cryptocurrency that has the ability to support NFTs.
Once this initial interval expires, Binance.US will introduce a uniform fee schedule, with flat-fee amounting to 0.10% per trade for personal accounts. In other words, the purchase of 100 USD worth of BTC, for example, will take USD 0.10 out of your pocket. The fee schedule for corporate accounts will be adjusted based on the associated trading volume.
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“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” Binance.US said in an emailed statement. “We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”
Meanwhile, even the most enthusiastic bitcoin evangelists are realizing that a retooling is in order. Michael J. Casey, a senior adviser for blockchain research at MIT’s Digital Currency Initiative, recently wrote about how the crypto-winter has arrived, but it may lead to better things down the line:
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"With more participants in Bitcoin, there is perhaps less volatility, which is in turn attracting more institutional investors and further promoting the stability of the popular cryptocurrency.”
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Everything you need to know about bitcoin, blockchain, NFTs and more. Plus, the latest cryptocurrency news, interviews and investing guides.
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The hyper deflation payment network token has caused ripples in the crypto world and continues doing well on top of all this.
FTM has outdone the market in terms of price actions ever since Fantom Foundation announced a 370 million FTM incentive program for developers in August. FTM is currently trading close to $2.6 - up more than 17x from a low of $0.15 in August.
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This gives sellers an incentive to charge transaction fees, since they get paid faster by doing so, and so it’s fairly common for cryptocurrency transactions to come with fees.