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When bitcoin transaction fees hit record levels in mid-2017, a race for solutions was underway. The most practical transaction took the form of batch bitcoin transactions, and the popularity of batch processing rose in the context of a general bear market that began in early 2018.
Technical basis of batch processing
At the time, it was noted that the blocks were not used to their full potential. This inefficiency has led to higher fees across the network. As CCN reported, the Coinbase swap was called for dragging its feet on batching, which has increased fees everywhere since Coinbase enlisted in the massive volume of transactions.
Minors are limited to 2 MB of transactions per block, which also creates an economic gain for them. Batch processing reduces the cost of fees, because many single-block transactions take up less space than if they were spread across multiple blocks. The exchanges encumbered the mempool with smaller transactions that were not batch optimized.
David Harding explained the solution in August 2017. While average bitcoin users could not implement batching with bitcoin portfolios, work came down on the exchanges to implement batching as "good stewards of the network." bitcoin. "
Conclusions on batch adoption
a recent analysis.
Beginning in November 2017, the analysis focused on the total exit value of all transactions and separated the batch transactions from those of non-commissioned goods. The increase in batching is not as dramatic when you look at the number of transactions. However, the biggest conclusion of the report was the increase in the BTC value of transactions processed in batches.
"… even though bundled transactions account for an average of only 12% of all transactions, they move between 30% and 60% of all Bitcoins, at peak times even 70%."
The discovery is evidence of tremendous stress relief on the network, with the adoption of SegWit. As noted last year, the Mempool drama left $ 700 million stuck as unconfirmed transactions. As everyone knows, no one likes when they are confused about their money. While the fiasco has had some issues at stake, batch transactions as a custom could help minimize this from happening again if the bitcoin network is ever attacked with fake transactions or another volume increase.
Exchanges are becoming more frequent, probably helped by the fact that batching helps companies.
Moreover, unlike what happens in the scaling up debate, batching is an accomplishment for the entire Bitcoin community. As an organic effort, users exert pressure on exchanges and other high volume users for them to take batches, and this pressure seems to work.
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