During the last couple of weeks, there’ve been numerous reports of transactions left idling on the blockchain, due to low miner fees, and an increase in the number of transactions being carried out overall.
To help mitigate this issue, bitcoin wallet Blockchain has added a dynamic fee system onto their web wallet. In a recent blog post, the company announced that while the concept may sound a bit intimidating at first, users will presumably like it.
To put things better into perspective, transactions being sent from the Blockchain wallet would automatically go out with a 0.0001 BTC fee, unless users set a custom fee. Now, that the number of transactions is constantly accelerating, dynamic fees work by detecting abnormalities in the network, such as when there is a record level of transactions being pushed through. By doing so, afferent transaction fees are either set higher or lowered based on how busy the network is.
Other factors which will influence the automatic transaction fee include the size and multiple network conditions. Do rest assured, as when the fee reaches a certain threshold, you’ll be notified of the change, and can still choose to set your own fee. Additionally, a warning will also be shown when custom-set fees are either too high or too low, to give users a better idea of the most appropriate fee.
Ideally, the change is meant to quicken the time it takes for transactions to be confirmed on the blockchain.
At this moment in time, the update is only available on the web Blockchain client. In the blog post, the company also noticed that an update will be featured to their iOS and Android wallets as well in the near future.
Based on everything that has been outlined so far, what do you personally think about this change? Let us know your thoughts in the comment section below.
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