Bitcoin Wallets Changing Fee Structures to Speed Transactions Through Network Delays
Due to the continued spam attack on the blockchain network that Bitcoin Magazine has previously reported on, multiple bitcoin wallets have implemented either increased fees or the ability for individuals to increase the fees paid for a given transaction. Based on the nature of the software, miners prioritize which transaction to process first based on the fees associated with it, among other factors. The standard bitcoin fee is 0.0001 BTC per kilobyte. However, with so many spam transactions occurring, the standard transaction fee is not sufficient to ensure quick confirmations.
BitGo announced what it is calling its surge pricing —named after Uber’s surge pricing—which stipulates that the fees will vary depending on how congested the network is. In times of low congestion, the fees will remain low; whereas, in times of high congestion, the fees will be boosted. The company’s goal is to see transactions verified in roughly 2 blocks.
Ledger, the hardware wallet, deployed its 1.3.12 version of the Chrome application, which includes dynamic fees. Based on the speed in which users want the transaction to be confirmed, the software will calculate how much in fees they should pay. By allowing users to decide, they can dictate whether speed is more important or an overall decreased cost.
BTCJam, a peer-to-peer lending platform, announced today that it would be waiving any late fees & late payment penalties for payments that come within 48 hours of the payment’s due date.