Coinbase says batching bitcoin transactions has saved clients 75% in fees
August 11, 2020, 4:29PM EDT
1 min read
Crypto exchange Coinbase said it has saved its customers 75% in transaction fees by batching bitcoin transactions since early 2020, according to a blog post published Tuesday.
The announcement comes five months after the exchange rolled out Bitcoin transaction batching on both Coinbase and Coinbase Pro, batching all bitcoin send requests on the platforms.
The feature reduces the load on the Bitcoin blockchain network by bundling multiple customer send requests into a single transaction, rather than creating a new transaction for each request. This leads to a reduction in transaction fees. According to Coinbase, 100% of these savings go directly to the customer.
The exchange also said it has reduced its number of daily transactions by 95%.
"This transaction count reduction is beneficial for the network as a whole, and should help lower fees for all Bitcoin users," the blog post stated.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
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In this episode of The Scoop, StarkWare Co-Founders Uri Kolodny and Eli Ben-Sasson walk through StarkWare's recent fundraise and discuss how their firm is bringing affordable blockchain transactions to the masses.