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Bitcoin Transaction Batching Brought in By Coinbase - 50% Potential Cut on Network Fees

Bitcoin Transaction Batching Brought in By Coinbase - 50% Potential Cut on Network Fees
  • Coinbase has announced its new feature on the platform in order to save money for users on transaction fees.
  • According to a recently published blog post, the company is going to immediately start offering bitcoin transaction batching for its customers.

One of the biggest cryptocurrency platforms in the world, Coinbase has recently announced its new feature on the platform in order to save money for users on transaction fees.

According to a recently published blog post by the platform, the company is going to immediately start offering bitcoin transaction batching for its customers.

There are no necessary moves to be made by users according to Coinbase. From now on, single on-chain transactions of cryptocurrencies will be able to be bundled into just one.

The product manager at Coinbase, Eli Haims has described this new move as one for which users could save on transaction fees. By splitting the load on the network by more than 50%, the transaction fees are lower by an equivalent amount. 

Haims has said:

“Supporting transaction batching is one way that Coinbase can help make Bitcoin more usable by lowering network fees overall and freeing up space on the blockchain. This enables the network to increase transaction throughput, and helps to increase scalability.”

The average fee for a transaction on the BTC network is currently $0.30, according to reports from CoinMetrics.

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