According to new research, it seems that BitMEX charges its bitcoin users higher transaction fees since it broadcasts megabytes worth of transactions every day at the same time. The practice slows down the confirmation times and costs the BTC users high transaction fees Let’s find out more in the upcoming bitcoin news today.
The way BitMEX handles bitcoin transactions increase in transaction fees is deemed unnecessarily according to the new research. The BTC fees spike at 1 PM UTC every day. Coinbase also introduced the batching to decrease the impact on the network. according to the new findings by 0xB10C, BitMEX charges higher transaction fees which could be an offset of the handling of transactions which was conducted using the industry-standard management:
“The transaction size could be greatly reduced by implementing current industry standards in the BitMEX wallet. Once activated, utilizing Schnoor and Taproot combined with output batching seems to be the most promising for improving the transaction count and size.
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The mechanism used by the exchange means that all of the parties transacting on the network that use fee rate estimators will pay the price in higher fees and will wait longer for confirmation. The impact is lower on the weekends with fewer transactions are broadcast. While trying to reduce the network load and the transaction fees, Coinbase launched BTC transaction batching in March. The exchange now joins multiple transactions into one transaction. This represents up to 50% savings on fees for the users and has a positive impact on the network.
The only cost that the Coinbase users have is a delay in transaction broadcast since it waits for other transactions to be mixed in one single broadcast. The larger question of the impact of centralized exchange on the network still remains. BitMEX’s decisions can have a huge impact on the network and many feel that a new era of decentralized exchanges is needed and is coming soon enough.
As per the other blockchain news, The major cryptocurrency exchange BitMEX will launch a new feature that will focus on Bitcoin-settled futures for tracking the Ether price against the US dollar. This is essentially a new Ether (ETH) based futures contract on its trading platform.
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