Leading blockchain exchange Coinbase recently launched a feature that will allow users to save at least 50% on transaction fees. The Bitcoin batching feature took effect as from March 13. In fact, the new platform requires users to take no action, as it will take effect automatically.
Coinbase Single Chain Transactions Load
Moreover, the feature will allow users to bundle single on-chain transactions on top of each other. The exchange predicted that it would cut the load on the bitcoin network. As a result, reduce the amount of fees that customers are charged for sending cash.
Lowering Network Load, Cut Transaction Fees by Half
The exchange’s product manager, Eli Haims commended the move. Saying that users would now save on transaction fees. He said lowering the network load by half (50%), would reduce the transaction fees by an equivalent amount. Haims noted the transaction batching was a means for Coinbase, to increase bitcoin’s usability.
Freeing Blockchain Space through Batching
He highlighted how lowering the workload, also freed up some space on the blockchain. Hence enabling the network’s transaction throughput to surge and add a bit more room for scalability. The average transaction fee for bitcoin is approximately $0.30, according to data from Coinmetrics.
Coinbase also announced that the new feature had been under development for quite some time. Brian Armstrong, the CEO of Coinbase had tweeted about it back in 2019 and noted,” it was embarrassing that the development had taken too long”.
The transaction batching engine will be available on both Coinbase Pro platforms and the Coinbase exchange. Other cryptocurrency exchanges offering a similar platform for reduced network load include Kraken and ShapeShift. ShapeShift is a Switzerland based blockchain exchange.
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