Monero has transaction fees, and Miners Tend to Pick High Priced Blocks

By Maheen Hernandez November 15, 2019 Off
monero randomx

On November 30, 2019, there is a scheduled network upgrade on the Monero network.  RandomX, a new long-term proof of work algorithm, will be introduced.  Miners will have to upgrade their mining software subsequently.  In a way to improve user experience and privacy, long payment IDs might likely be phased out. At least two outputs will be required from transactions.  The tenth block will be enforced at a protocol level.

All the benefits of decentralized cryptocurrency are available without any privacy concessions.  The origins, amounts, and destinations involved in the transaction process are obfuscated by ring structures, confidential ring transactions, and stealth addresses. Therefore, the transactions cannot be linked to a specific user is a distinct real-world identity.

One of the tweets read, “U.S. customers of Abra (a crypto wallet and investment app provider) are now able to deposit, withdraw, or trade Monero!”

The price of Monero XMR/USD is heading towards can upward channel formation.  The RSI indicator was trending somewhere around 62.15.  The daily price of Monero is floating near the 20-day Simple Moving Average SMA 20 and SMA 50 curves.  The moving average Convergence /Divergence (MACD) shows a decreasing bullish momentum; however, the Elliot Oscillator provides for two green sessions followed by six straight red sessions.  The RSI has been trending somewhere around 62.15.

Monero has transaction fees. Miners tend to pick on the blocks that have high transaction fees. A secure transaction fee takes place between 20 and 25 minutes.  The block confirmation is based on the probability principle. Usually, ten confirmations are recommended on Monero, and this will take nearly 21 minutes in total.

Monero has achieved a market capitalization of $1.14 billion.  About $212.50 million worth in Monero was traded on the exchanges over the past 24 hours.  While the hard fork is scheduled for November 30, 2019, the Monero (XMR) Carbon Chamaeleon version has been introduced.

The official post read:  “CLI v0.15.0.0 ‘Carbon Chamaeleon’ released. To be prepared sufficiently for the scheduled protocol upgrade on November 30, 2019, the exchange, operator, merchant, service, or the user should run this version (v0.15)

There will be no need for a resync of the blockchain, and the new version will pick from where you left off.

One of the tweets read:  “Yeah, Monero does not rely on pump n dumps; it just works as intended. Love the no-nonsense approach.” In response to Monero’s reaction to PoW security.