See, as of yet, the industry sits at roughly 200 billion dollars. If you look at the scenario, a NASDAQ company is worth the same. Therefore, it is quite rational to assume that with the passage of time and money pouring into the network, the prices are quite likely to breach the expected benchmarks and as Clem Chambers (from Forbes) states, crypto it could go beyond 50,000 US dollars. Laymen often get confused while releasing their Bitcoin predictions.
Some exchanges like FTX charge a dynamic fee for withdrawing cryptocurrencies. As such, the fee that you’ll pay depends on the network congestion at the time that you are intending to withdraw your funds.
This week seems that Bitcoin is still under buyers’ pressure based on the weekly Heikin Ashi Candlestick. The weekly MACD is still negative but forms a positive histogram. The price is still under the 50 SMMA line. The weekly RSI fluctuates below 50 but today forms a crossover. Bitcoin price analysis for 12 September 2022, Bitcoin, the first largest cryptocurrency based on market cap, is in a downtrend since November 2021.
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In a short-term scale, it seems that buyers take control of the price as the indications are positive, but a bearish pressure is very likely. The price of Bitcoin forms a bearish momentum in medium-term scale as the technical analysis and the indicators coincide.
For example, Nexo and Kraken only support ERC20 deposits of USDT, and not via other networks. You can check out my guide on how to withdraw from Binance
to KuCoin using the TRC20 network to view the process.
Due to the congestion on the ERC20 network , the fees to send USDT are high to incentivise the miners to process your transaction first over other transactions. USDT is a native ERC20 token, hence the main method of sending USDT will be via the ERC20 network.
It implies that the network can only produce 21 million coins in its entire lifespan. If you look at it from a rationale or rather an economic perspective, the answer is quite simple - Bitcoin has a limited supply. Which means that due to a limited supply, if the demand grows (which is quite obvious right now), the value will certainly increase and this was the reason why the very cryptocurrency hit its all-time highest, last year.
A simple transaction between you (1 input) and another person (2 outputs, 1 change address, and 1 recipient) will have less fees than for example, a transaction with 20 outputs. A quick reminder: Fees are not dependent on how much Bitcoin you send, but rather how much space the transaction takes in bytes.
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There's 1 future event that was considered while producing this Bitcoin forecast . The tool has scanned 6887 global occurrences that happened in the cryptocurrency world in the past to estimate the relevance in value change connected with every event grouping.
The far left column of the chart will display the amount of satoshis/byte per transaction in the mempool and the far right column will display an estimate of processing time. (Higher Satoshi/byte = more appealing to miners) This calculator and this chart are fairy useful for estimating fees. When creating a transaction with X amount of Bitcoin being spent and Y Bitcoin
received, the difference (X-Y) will be the fees sent to miners.
For now I just found this https://bitinfocharts.com/comparison/bitcoin
-transactionfees.html There I can see that transaction fee is 0.4$. Is there a website where I can type amount of BTC I want to send and type of transaction - Urgent, Normal, Economic and they give me the price in USD how much the transaction fee will be ? But I don't think it could be so low.
If you are intending to buy USDT with the intention to send it to another platform such as Celsius or Nexo, it would be best to double-check the withdrawal fees that you’ll incur when sending it over the ERC20 network .
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