via QuoteInspector.com

Monero (XMR), a privacy-focused cryptocurrency, recently implemented Bulletproofs, a new cryptography feature that works to reduce blockchain size, transaction times, and ultimately lower fees.

However, despite the notable drop in transaction costs, not all cryptocurrency exchanges have updated their fee structure, prompting members of the Monero community to begin a reach-out campaign to push the matter.

One Reddit user titled a post, “Please do your part in demanding exchanges to lower their XMR withdraw fee. I am submitting a complaint to Coinex who currently charge 0.04 XMR.”

At current exchange rates, 0.04 XMR equals roughly $4.00 while the current average XMR transaction cost is around $0.02 following the launch of the Bulletproof protocol, a significant discrepancy.

XMR Avg. Daily Transaction Fees via BitInfoCharts

Some exchanges have since responded, with both Bittrex and Binance dropping withdrawal fees to 0.0001 XMR on Thursday.

XMR is currently trading for $103.88, giving the altcoin a market cap of $1.78 billion and making it the 9th largest coin in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More: Monero Reddit Post
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.