Bitcoin transaction costs have been a hot topic lately. To help tackle this issue, we implemented SegWit on BTC and LTC as well back in November 2017; and now we are proud to announce another significant upgrade.
Our team has been testing batches of Bitcoin and Litecoin transactions the last couple of months and it has been fully released on Flyp.me. This process will help conserve blockspace and reduce fees for the entire network.
We believe that it’s our responsibility to implement well tested techniques, in order to strengthen the ecosystem and to participate in the creation of a lighter network.
We call for businesses out there to use SegWit and start to batch transactions to help enable a truly faster and cheaper network.
Segwit & Batching
These two state-of-the-art methods are fundamental to increase the efficiency of the Bitcoin blockchain and they will help to ensure the lowest amount of transaction fees possible for customers.
Without batching, every single transaction would be processed by itself with just 1 output. Meaning 10 transactions counted as ten separate actions, each one with its own transaction fee. Batches now allow grouping similar transactions and processing them together, as one transaction in one single moment. Thanks to this process we are able to conserve precious blockspace.