Coinbase rolls out Bitcoin transaction batching
In a blog post released yesterday, Coinbase announced the launch of Bitcoin transaction batching. The new feature will significantly reduce the load that Coinbase puts on the Bitcoin blockchain and could save users more than 50% on network fees. According to Coinbase, the release will introduce a small delay in transactions being broadcast to the network, but will not impact the time it takes for transactions to be confirmed for customers.
Why it matters:
- During periods of high activity users compete to get their transactions added to the blockchain. Given that Bitcoin has low transaction throughput, and exchanges are large users of block space, it’s up to exchanges to be good stewards of the network to ensure usability.
- According to CoinMetrics there are a handful of exchanges that already offer transaction batching including Kraken, Bitfinex, and Shapeshift.
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