Bitcoin Transaction Fees Increased Seriously
This week there was unusually high activity on the Bitcoin network. Probably due to speculative pump of the Bitcoin Cash cryptocurrency. Bitcoin Cash went from about $600 to about $2000 in several days’ time and then stabilized around $1300. Ouch… This also had a counter effect on BTC itself, where it dropped rapidly below $6000/USD and then climbed back again.
Due to this transaction fees on the Bitcoin network increased significantly… From around $2-$3 for our standard 10mBTC transfer to about $13… Ouch, ouch…
That is why quite a few recent transactions where we used our standard transfer fee, were stalled and moved back in queue to be added to the Bitcoin blockchain. So their status on the Blockchain.info site showed “Unconfirmed“. There is nothing we can do about those transactions now, since it is technically impossible to cancel and alter a Bitcoin transaction. Those users will just have to wait till their transaction gets added up to the blockchain. It can take several days and up to a couple of weeks, sorry…
As we want to keep payouts to our users free from transaction fees, we developed a new solution where we will be paying several users in one batch, minimizing individual transaction fees by doing this. This will allow us to continue paying our users without any transaction fees for them.
This is the first batch transaction:
So from now on we will be posting batch transaction hashes on our Completed Payments Page instead of individual transaction hashes. Paid users will still be able to see their individual transactions there.