Blockchain.info has been under a lot of stress in recent times, as the platform has been facing several outages over the past few months grinding services to a halt. Moreover, the current Bitcoin transaction delays on the networks were annoying as well, since blockchain.info wallet users could not adjust the fees correctly to get their transfers picked up faster. That has come to change, though, as the company announced automated dynamic fees.
Also read: Ethereum Price Technical Analysis 03/18/2016 – Book Profits And Prepare Blockchain.info Improves Fee Structure
The way dynamic fees work is as follows: rather than using the standard Bitcoin transaction fee to get a transaction picked up by the miners, Blockchain.info users can set a lower or higher fee, depending on their preference. Higher transaction fees will result in transfers being included in one of the next blocks mined on the network, whereas lower-than-normal costs will be cheaper and take a bit longer.
Blockchain.info has been looking at various ways to improve their Bitcoin wallet platform in recent months, and tackling any future congestion problems head-on is a smart business decision. The dynamic fee structure has been made available in for web wallet users recently, and the mobile offerings will receive the update over the coming weeks.
As a result of these dynamic fees, Blockchain.info users will be able to see their Bitcoin transactions confirmed in a fast and efficient manner, while trying to keep the cost per transfer as low as possible. Moreover, it should not matter how many people are using the Bitcoin network at any given time , as Blockchain.info offer users the necessary tools to get their transactions confirmed as fast as possible.
Default Bitcoin transaction fees are becoming a thing of the old, even though most digital currency users prefer to spend […]
