Coinbase Launches Bitcoin Transaction Batching to Cut Down Transaction Costs
Crypto exchange giant, Coinbase has on March 12 announced the launch of its Bitcoin transaction batching. According to the blog post, this new feature will greatly reduce the load that Coinbase puts on the bitcoin Blockchain. It can also save the exchange users more than 50% on network charges.
Unlike before, Coinbase will now be bundling multiple bitcoins sent to the platform into a single transaction, hoping to reduce its load on the bitcoin network by over 50%. This upgrade requires no extra efforts from users, as they will immediately start seeing reduced network fees.
The announcement noted that this update will introduce a small delay in transactions being broadcast to the network. Nonetheless, it will not impact the time it takes for users’ transactions to be confirmed.
The new feature which has just been launched will be applied to both Coinbase and Coinbase Pro platforms, per the announcement. However, since users on the Coinbase platform are already enjoying free network fees, there will be no noticeable changes to the experience.
Coinbase believes that, supporting transaction batching is one way that the exchange can contribute to the usability of bitcoin, since it reduces overall network fees and free up space on the blockchain. This will go a long way to increase transaction throughput and the network scalability.
Featured image courtesy of Shutterstock. Source: Cryptopress.