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BTC traders on Coinbase will soon enjoy lower transaction fees thanks to the exchange’s adoption of Bitcoin Transaction Batching. The firm announced the launch of the feature on March 12th. In a blog post confirming the same, Coinbase states that the new feature will significantly lower the load on the Bitcoin blockchain. Additionally, it can save the exchange’s users more than 50% in network fees.
Reduced Network Fees on Coinbase
In a departure from the norm, Coinbase will now bundle multiple BTC sent to the platform into a single transaction. This way it hopes to cut down its load on the bitcoin network by over 50%. The users will immediately experience reduced network fees.
The announcement went on to inform users that the update will cause a slight delay in their transactions. That said, the delay won’t impact transaction confirmation times.
Increasing BTC’s Usability
The new feature will be available to users on both Coinbase platform and Coinbase Pro platforms. Users on the exchange will, however, not experience noticeable changes in their experiences as they already enjoy zero network fees.
The exchange holds that its adoption of transaction batching is one way to contribute to BTCs usability. This is because it lowers the network fees and frees up blockchain space. Consequently, it will enhance transaction throughput and network scalability.