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Blockchain Bitcoin Wallet Announces Dynamic Fee Structure

Bitcoin network has been facing increased levels of congestion recently, which has been causing unusual delays for some transactions.

Addressing this issue, Blockchain has introduced a “dynamic fee structure” to its web wallet, in a bid to ensure fast and reliable transaction confirmation times for the best value, irrespective of the number of people using the Bitcoin network.

Initially, the bitcoin wallet charged a default 0.0001 BTC fee for all transactions sent from its wallet. However, as bitcoin has been gaining popularity, the number of transactions has been growing with no signs of slowing down. Hence, the need arises for a more reliable fee structure to deal with periods of congestion on the network.

“Dynamic fees work to detect changes in network volume and will raise or lower transaction fees accordingly. This means that the same transaction may require a higher fee during a period of network congestion, or a lower fee if sent during a period of decreased activity”, Blockchain explains.

It said that mostly the user experience of sending remains the same, adding that the “noticeable change” will be that the fee value will fluctuate for individual transactions, depending upon the transaction size, and network conditions. During a period of unusually high network activity, users will see a “high fee” warning when sending.

Blockchain’s Advanced Send feature allows users to set a fee of their choice. A warning message will be displayed if a custom fee is thought to be unnecessarily high or dangerously low. In either of these cases, users will be prompted to increase or decrease to a more reasonable fee, respectively.

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