San Francisco-based cryptocurrency exchange Coinbase has launched its Bitcoin batching feature amidst the massive market selloff.
Today Coinbase is rolling out #bitcoin batching. By bundling transactions, Coinbase users may experience network fee savings of more than 50%. Batching also helps free up space on the blockchain and improves Bitcoin scalability for all network users. https://t.co/N6cDnl3nCZ— Coinbase (@coinbase) March 12, 2020
While bitcoin prices briefly fell to $4,000 for the first time since early 2019, cryptocurrency exchange Coinbase announced the launch of its new bitcoin transaction batching feature.
According to a blog post published on the exchange’s official website, bitcoin batching allows Coinbase users to bundle multiple transactions into one, thereby decreasing network load and transaction fees.
The post reads,
Historically, every time a Coinbase customer sent bitcoin, we broadcasted a single on-chain transaction. Starting today, we will be bundling multiple sends into a single transaction — we anticipate that this will reduce our load on the Bitcoin network by more than 50%, and the network fees our customers pay will automatically be reduced by an equivalent amount when sending.
Coinbase says the update requires no action from customers and that clients should expect to see an immediate reduction in network fees. Coinbase calls the implementation of batched transactions a contribution to improving the “usability of Bitcoin’s open protocol,” and recognizes the current limitations in scalability.
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