06 Aug '13, 3am

Coinbase Wallet: Sending Micro-Transactions With Zero Fees #bitcoin

Coinbase Wallet: Sending Micro-Transactions With Zero Fees #bitcoin

You Can Now Send Micro-Transactions With Zero Fees We launched an exciting feature today: off blockchain micro-transactions between Coinbase accounts! Here is a bitcoin transaction I just sent myself for 1 satoshi (that is 0.00000001 Bitcoin). The transaction: arrived instantly confirmed instantly cost zero in fees This was possible because it did not touch the “blockchain" (the public ledger of all bitcoin transactions), and instead was sent directly between two Coinbase accounts. What does this mean? Bitcoin is an incredibly efficient protocol for moving money with low fees. However, it does have a “miner fee" ($0.05 - $0.01 at current exchange rates) if you want your transaction to be sent and confirmed quickly. Coinbase pays these fees for our customers (on transactions above a certain amount) so they don’t have to worry about adding them, and in general they aren’t to...

Full article: http://blog.coinbase.com/post/57483182558/you-can-now-sen...

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