BitGo Implements Dynamic Bitcoin Transaction Fees

Ben Davenport/BitGo

Ben Davenport/BitGo

BitGo, a multi-signature Bitcoin wallet, has introduced dynamic transaction fees to give users more options. The dynamic fees are in response to longer transaction times driven by an increase in transaction volumes. Users can now select fees that price automatically based predictable processing periods.

“Many transactions have taken longer than usual to confirm,” BitGo notes on its website. “As of (this) writing, the number of unconfirmed transactions is now well into the tens of thousands and continues to rise. To the user, this means that important operations such as exchange deposits are being delayed for hours, with no guarantee of confirmation time.”

Transaction Fee Surges

On July 8, 2015, the estimated fee was 0.00026823 BTC/kb (USD $0.07 per kb), representing a surge pricing of approximately two times the fee estimated on June 17, 2015 (0.00012502 BTC/kb, or USD $0.03), the website noted.

“As a response, BitGo has implemented dynamic fee rates on our wallet,” Ben Davenport, chief technical officer and co-founder, told CCN. “The fees will be below standard during times of low bitcoin network congestion and proportionally higher during periods of high congestion. BitGo platform and wallet users will

Read more ... source: CryptoCoinsNews