Bitcoin Batching
At last, Coinbase announced the facility of Bitcoin transaction batching to lower the load on blockchain and to cut the fees by half. Through the ‘batching’ option, the exchange will be able to execute transactions in grouping rather than one by one.
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Coinbase informed its users in a blog post on Thursday that they are adding a new feature called batching. The company planned to add this utility back in 2018 but delayed due to some unknown reasons. Last June, the CEO of the exchange, Brian Armstrong, said in a tweet,’’ batched transactions should be coming out in a few months. Embarrassing how long it has taken.’’
Bitcoin batching announced for both Coinbase and Coinbase Pro. ‘’Bitcoin transaction batching is being rolled out now, and will be applied to both Coinbase and Coinbase Pro. For Coinbase Pro customers, 100% of network fees are already covered, so there will be no noticeable changes to the experience,’’ Coinbase product manager said.
Network Load will Reduce by 50%
According to the Coinbase product manager, Eli Haims, the new facility will make significant changes and the transaction process will ease as a result. Before this, the exchange did transactions one by one and sometimes, the system went down due to load. As a result, the processing fee raised than usual. Now, the load on the network and fee for transactions will decrease.
Haims said:
‘’We anticipate that this will reduce our load on the Bitcoin network by more than 50 percent, and the network fees our customers pay will automatically be reduced by an equivalent amount when sending.’’
‘’Supporting transaction batching is one way that Coinbase can help make Bitcoin more usable by lowering network fees overall and freeing up space on the blockchain. This enables the network to increase transaction throughput, and helps to increase scalability,’’ he added.
San Francisco-based crypto firm is not the first trading site to add Bitcoin transaction batching. There are some other crypto exchanges out there that are providing this utility. These include Bitfinex, Kraken, and Shapeshift.
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