Categories: CryptoNews

Blockchain Bitcoin wallet introduces dynamic transaction fees

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.

Related Post

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.

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Source: Blockchain

Daniel Dob

Daniel is a bitcoin investor and journalist for numerous news outlets in the financial sector. When he's not writing, trading, or interviewing people, you can find him swimming, reading or taking one of his hobbies to the next level.

Share
Published by
Daniel Dob

Recent Posts

Aptos (APT) and Tron (TRX) Prices Slide, As Volume Soars For Rollblock Suggesting Parabolic Rally

As Aptos and Tron prices take a recent downturn, the spotlight shifts to Rollblock, whose…

4 hours ago

Altcoins to Watch in November: Binance Coin (BNB), Rollblock (RBLK), and Neiro (NEIRO)

As the crypto markets roll into their most bullish time of year, we present three…

4 hours ago

Analysts Forecast $1 for Cardano and Lunex Network As Dogwifhat Plunges To Former Lows

As the crypto market prepares for a major rally, experts believe that two top altcoins,…

4 hours ago

Retail Traders Panic Sell During ‘Fake Dip’; Whales Hold Tight to SOL, DTX, and SHIB for a Millionaire-Maker Bull Run

Solana (SOL): A Strong Ecosystem Despite Volatility Solana (SOL) has been all over the place…

5 hours ago

Llama 3.2 Predicts Price For Dogecoin: $2 Peak By 2025 And $5 Rally For DTX Exchange This Winter

Cryptocurrency trends are keen on the forecast that was recently released by Llama 3.2 model…

5 hours ago

Crypto Whale Sparks 8x Surge In $OPK Price with Massive Buy-in

A mysterious crypto whale, who previously invested 9,600 SOL into tokens $Pnut and $FRED, has…

7 hours ago