Monero Latest Update Drastically Reduces Fees, According To Users - Monero (XMR) News. Saturday, October 20th
Monero’s latest update drastically reduces fees, according to users
Reports on the benefits of the Beryllium Bullet began to appear
Yesterday, Monero’s mainnet saw yet another hard fork going live to improve the protocol performance and include new features. Named “Berillyium Bullet”, this new update brings a major implementation to the network that seems to be keeping true to its promise.
This change is known as “Bulletproofs”, and to put it simple, it was expected to reduce fees and speed up transactions, while improving Monero’s privacy features. According to users, the changes are very noticeable.
What Is Monero's "Bulletproof" Technology That Just Went Live? - Monero (XMR) News. Friday, October 19th
Following the upgrade, users of this blockchain protocol began to report how fees were drastically reduced. Members of the Monero community at social platform Reddit began to upload photos showing how tiny the commissions for processing a transaction are now. One of these users took a picture of their hardware wallet (which appears to be a Ledger Nano S) displaying that the fee for a transaction they made was of barely 0.00004646 XMR, or $0.0048.
Another user, but this time on Twitter, posted a screenshot of a transaction she made, in which $ 10 were sent for no more than 0.7 cents.
$XMR Monero v8 upgrade is a huge success. Bulletproofs are enabled reducing transaction fees significantly. Here is me sending $10 for 0.7 CENTS. You have to be bullish on this. pic.twitter.com/DXrRKPU7tV— skynetcapital (@skynetcap) October 18, 2018
Even fees on Peer-to-Peer (P2P) crypto trading platform LocalMonero were drastically reduced, it is basically free to withdraw any XRM held in the wallets of this platform. According to LocalMonero staff Alex, a withdrawal transaction with a standard priority could have a fee of about 0.00029 XMR, or $0.03; while a low priority is around 0.000072 XMR, or $0.0074.
It is worth remembering that before the hard fork, transaction fees on the Monero Network were wavering between $0.20 and $0.25. This represents about an 80–97 percent reduction; hence the excitement of the community.
Monero’s most recent update is v8, which introduces Bulletproofs as an optional upgrade. However, when v9 comes out, all nodes will have to upgrade, as it will be a mandatory update.
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