Our engineers have been working hard on keeping costs as low as possible for our customers and are now proud to announce the rollout of full SegWit support and transaction batching, which will significantly reduce Bitcoin transaction fees and help the whole network and community.
Bitcoin transaction costs have been really high in the last couple of weeks and peaked at the end of last year. To tackle this issue we implemented SegWit support back in November 2017 and are proud to announce that Bitpanda is now running 100% on SegWit.
Major Bitcoin transaction fee reduction thanks to full SegWit & Batching
Additionally, our engineers have also implemented transaction batching on our platform, from which the whole Bitcoin community will benefit. We believe that it’s our responsibility to implement such features, to strengthen the ecosystem and stay at the forefront of Bitcoin’s technological progress.
Bitpanda is now one of the very first trading platforms that take advantage of a full vertical integration of both SegWit and transaction batching.
These two state-of-the-art methods for using the Bitcoin blockchain more efficiently will ensure the lowest levels of transaction fees possible for our customers:
- The complete fund handling on our hotwallet system is now fully SegWit integrated and each transaction uses the benefits of SegWit. Thus we can now take full advantage of lower Bitcoin fees for sending transactions.
- To reduce fees even further, we started processing transactions in batches. This method basically compresses Bitcoin transactions and is a very efficient way to significantly lower transaction fees.
We are passing along these benefits to you, so Bitpanda customers will be able to save up to 80% per Bitcoin transaction and still see their transaction confirmed in the next block.
Kind regards from Vienna,