Blockchain wallet introduces dynamic transaction fees to alleviate transaction idleness

Over the past few weeks, there have been multiple reports of blockchain transactions idling, with the main reasons being low miner fees and an increase in the overall number of transactions.

To alleviate this problem, Blockchain has introduced a dynamic fee system in its Bitcoin wallet Blockchain. In a recent company blog, Blockchain said that although the concept of dynamic fees sounds a bit scary, users should like this method after understanding it.

According to the previous fees, all transactions from the Blockchain wallet will be automatically charged 0.0001BTC, of ​​course, in addition to those custom fees set by the user. When dynamic fees are introduced, as the transaction volume continues to accelerate, dynamic fees will start to work when abnormalities are detected on the network, such as when transactions reach record levels, dynamic fees will be activated. Therefore, in general, the level of transaction fees is set according to the busyness of the transaction network.

Other factors that affect this dynamic transaction fee include transaction size and various network conditions. However, users can rest assured that when the transaction fee reaches a certain threshold, users will receive a reminder in advance and can still choose to set their own fees. In addition, users will also receive warnings when the fee they set is too high or too low, thereby helping users set the most appropriate fee.

Ideally, this dynamic fee would result in faster transaction confirmation times.

However, only the web-based Blockchain client is currently available, but Blockchain said in a blog post that it will soon update the Blockchain wallet iOS and Android clients.

Original article: http://themerkle.com/blockchain-bitcoin-wallet-introduces-dynamic-transaction-fees/
By Daniel Dob
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/‎blockchain-bitcoin-wallet)