28 Feb '14, 5am

Bitcoin Transaction Fees To Be Slashed Tenfold

Bitcoin Transaction Fees To Be Slashed Tenfold

The bitcoin developers are about to reduce the transaction fees on the bitcoin network tenfold, thanks to the relatively high value of the digital currency. Transaction fees are small amounts paid to send bitcoin transactions around the network (think of them like postage stamps) and to get miners to confirm them by including them in a mining block. They’re paid in satoshis (tiny amounts of bitcoins), which means that as the price of bitcoin rises, the transaction fees get higher. Recent fluctuations in the bitcoin world may have set the price yo-yoing, but that doesn’t mean that it isn’t doing relatively well. The CoinDesk Bitcoin Price Index is still hovering in the $540 range at the time of writing, a little over six times the price last July, when the Index was first introduced. Making it cheaper to send transactions The core developers first started discussing the pos...

Full article: http://www.coindesk.com/bitcoin-transaction-fees-slashed-...

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