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

On November 30, 2019, there is ascheduled network upgrade on the Monero network. RandomX, a new long-term proof of workalgorithm, will be introduced. Minerswill have to upgrade their mining software subsequently. In a way to improve user experience andprivacy, long payment IDs might likely be phased out. At least two outputs willbe required from transactions. The tenthblock will be enforced at a protocol level.

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All the benefits of decentralized cryptocurrency are available without any privacy concessions.Β  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.

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One of the tweets read, β€œU.S.customers of Abra (a crypto wallet and investment app provider) are now able todeposit, withdraw, or trade Monero!”

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The price of Monero XMR/USD isheading towards can upward channel formation. The RSI indicator was trending somewhere around 62.15. The daily price of Monero is floating nearthe 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 Oscillatorprovides for two green sessions followed by six straight red sessions. The RSI has been trending somewhere around62.15.

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

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

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The official post read: "CLI v0.15.0.0 'Carbon Chamaeleon'released. To be prepared sufficiently for the scheduled protocol upgrade onNovember 30, 2019, the exchange, operator, merchant, service, or the user shouldrun this version (v0.15)

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There will be no need for aresync of the blockchain, and the new version will pick from where you leftoff.

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One of the tweets read: "Yeah, Monero does not rely on pump ndumps; it just works as intended. Love the no-nonsense approach." Inresponse to Monero's reaction to PoW security.

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