Dynamic fees , announced by Blockchain.info , ensure faster Bitcoin transactions . Back in 2010, even Satoshi Nakamoto wrote that: “Free transactions would take longer to get into a block”.
Delays in transaction have been a matter of concern among the users of BitcoinCT r: 8 . These delays have been a result of congestion within the Bitcoin network.
Blockchain .info has announced the introduction of ‘Dynamic Fees’ on transactions within its wallet. It claims this will deliver fast and reliable transaction confirmation times for the best value, regardless of how many people are using the Bitcoin network. An idea born under pressure “I see it as a reaction to the problem bitcoin network has been facing lately, with the number of transactions increasing and block size staying the same, causing the delay of some transactions. If the block size had been increased on time, they wouldn’t have to introduce the dynamic fee system, so it was a forced move. However, I see it as a good decision, sometimes good ideas are born under high pressure in seemingly desperate situations. They could have just increased the fee on every transaction. Instead, they have chosen to do it only when necessary in order to keep the user’s transactions fast and as cheap as possible at a given moment. I would love to see the others introduce dynamic fee system. Whatever the block size is, that approach is in my opinion superior to the fixed fee system.” It was predicted by Satoshi
Blockchain researcher for Ribbit.me and a developer for Expanse, Christopher Franko says: “A dynamic fee means you will pay a variable fee amount in order to be included into the next block, since higher fees have higher priority for inclusion. During congestion times fees will be higher than during low […]
