Post
Topic
Board Press
Re: [2018-01-03] 2018 To Be The Year Of SegWit
by
hatshepsut93
on 04/01/2018, 19:06:20 UTC

But what does Coinbase have to do with Bitcoin transaction fees really? I remember that they didn't charge any fees at all at first. When the price as well as the fees rose exponentially earlier the last year, they began taking the transaction fees, but aren't these fees what miners receive, not what Coinbase puts into their pocket? I don't get it.

Coinbase and other NYA signatories amount for a majority of Bitcoin's transaction traffic, because trading is the most widespread use case for Bitcoin - even when fees where low it was rarely accepted as a currency, much less then current 300,000 transactions per day. So, when those services refuse to implement SegWit, which is a blocksize increase they were asking for, they are keeping network fees artificially high. The same goes for transaction batching, which could save a lot of blockspace and result in cheaper fees for everyone if big players used it, but again, the fact that they haven't implemented such a simple technology can only suggest that they are deliberately acting against Bitcoin's network.