Cryptocurrency exchange Coinbase has finally enabled batch processing of bitcoin transactions on its platform.
As the name suggests, this feature can pack multiple transactions for processing at the same time, thus helping to ease the pressure on the Bitcoin network. Relieve pressure, save block space, and reduce transaction costs.
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Coinbase product manager Eli Haims said in a statement:
"Before that, whenever Coinbase's customers sent Bitcoin, we would broadcast transactions on the chain. Starting today, we will bundle multiple transactions into one transaction."
"We expect this will reduce the pressure we put on the bitcoin network by more than 50%, and the network fees our customers pay when sending bitcoins will automatically decrease."
However, the launch of this new feature can be described as ups and downs. As early as Coinbase in 2018, it hinted that it would provide bulk transactions.
Last June, Coinbase CEO Brian Armstrong also tweeted that "bulk transactions will be completed in a few months. It's embarrassing to have taken so long."
To this end, netizens have also turned on Tucao mode. For example, someone wrote on Twitter: "Did you forget to publish this article automatically in 2016? It is now 2020, do you know?"
Others point out that Bitcoin's transaction fees are now very low, which means that if this feature is launched earlier, it may be more useful: "Imagine that after two and a half years of the fee crisis, mass services are now available , So proud. "
According to CoinMetrics, the average transaction fee for the Bitcoin network is currently around $ 0.3.
Haims said that by reducing network fees and freeing up space on the blockchain, batch transactions can make Bitcoin "more useful". "This enables the network to increase transaction throughput and helps improve scalability," he added.
Both Coinbase and Coinbase Pro platforms will launch this new feature.
It is worth noting that Coinbase is not the first exchange to support batch processing of Bitcoin transactions. According to CoinMetrics data, Kraken, Bitfinex, Shapeshift and some other exchanges already provide this feature.