Due to the continued spam assault on the blockchain network that Bitcoin Magazine has previously reported on, multiple bitcoin wallets accept implemented either increased fees or the mightiness for individuals to increment the fees paid for a given transaction. Based on the nature of the software, miners prioritize which transaction to procedure showtime based on the fees associated alongside it, amidst other factors. The criterion bitcoin fee is 0.0001 BTC per kilobyte. However, alongside then many spam transactions occurring, the criterion transaction fee is non sufficient to ensure quick confirmations.
BitGo announced what it is calling its surge pricing —named afterward Uber’s surge pricing—which stipulates that the fees volition vary depending on how congested the network is. In times of depression congestion, the fees volition stay low; whereas, inwards times of high congestion, the fees volition hold out boosted. The company’s destination is to run across transactions verified inwards around 2 blocks.
Ledger, the hardware wallet, deployed its 1.3.12 version of the Chrome application, which includes dynamic fees. Based on the speed inwards which users desire the transaction to hold out confirmed, the software volition calculate how much inwards fees they should pay. By allowing users to decide, they tin forcefulness out dictate whether speed is to a greater extent than of import or an overall decreased cost.
BTCJam, a peer-to-peer lending platform, announced today that it would hold out waiving whatsoever like shooting fish in a barrel fees & like shooting fish in a barrel payment penalties for payments that come upward inside 48 hours of the payment’s due date.