> 🔥 Bitcoin Fees 50% Less with Coinbase Batching🔥 <

[gentlemand]

I would agree that this drop does seem to be mostly due to Coinbase. It makes it even more ridiculous that they were spamming this many transactions for this long.

If I were running a full node I'd be minded to bill Coinbase for the extra gigabytes they've made me buy and index.

Are there any other big exchanges or services which are spamming the network like this?

I can't think of any other service that would have this much impact so it wouldn't really matter. And the doubly odd thing is that Binance make good money batching and charging the same fees as before. Coinbase could've made a shit ton if they'd put this in place earlier doing something similar.

[stompix]

Still, it's good that it looks like we've just knocked 80k unnecessary transactions a day out of the mempool. Are there any other big exchanges or services which are spamming the network like this?

Let's hope not, for a few reasons
- it was about f&&^ time every business would do that, two years since the tx fiasco, common
- if there are a few more, not the size of coinbase each but all fo them up to 80k....what is left? I'm really not comfortable with the thought of exchanges doing something of around 90% of the transactions. I'm a fan of bitcoin as a method of payment, not the hodl investment, so this would not look great from my point of view, with real usage a tiny fraction.

Taking into account the fact that when you make payment through a 3rd party, after your tx there comes another batching tx and then maybe another (I saw 5 hops with coinpayments in less than 24h), I don't like the usage statistics at all.

Blockchain had a nice stats about those but they disabled it
https://www.blockchain.com/charts/n-transactions-excluding-chains-longer-than-10
It would be interesting if we had something like excluding chains longer than 5.

[gentlemand]

I'm really not comfortable with the thought of exchanges doing something of around 90% of the transactions. I'm a fan of bitcoin as a method of payment, not the hodl investment, so this would not look great from my point of view, with real usage a tiny fraction.

But... it's a fact. We all know it. Actual usage for actual things has always been a tiny percentage. Most of it is coinage moving around in search of more dollars. Merchant takeup probably peaked in 2014 and has been slowly fading ever since.

[jacafbiz]

I don't know why CoinBase need to wait till now to implement Batching for their transaction, it just shows how non customer friendly their exchange is, I think is more of arrogance IMO, Binance US is going to give them a fight for their money and this struggle for dominance is going to be interesting.

[o_e_l_e_o]

I'm really not comfortable with the thought of exchanges doing something of around 90% of the transactions.

Why not? They are the most widely deposited to service, they have to perform the most internal consolidation transactions, hot wallet to cold wallet transactions, cold wallet back to hot wallet transactions, etc. It is only natural that they would make up a majority of transactions. The same is true of fiat, with internal transactions within a bank and between banks making up a significant proportion of daily fiat movements.

so this would not look great from my point of view, with real usage a tiny fraction.

That nature of bitcoin is that people tend to prefer to make a single transaction, rather than lots of little ones. It isn't accurate to measure daily use based on number of transactions. For example, if I'm using Bitcoin to buy an Amazon gift card, then I'm not going to make ten transactions of 50 dollars each every week. Rather, I'm going to make a single transaction for a single gift card of $500, and slowly use it up over time. If I'm depositing Bitcoin to an online casino, I'm not going to deposit $10 a day every day, but rather I'll deposit $100 and use it up slowly. It I were to use a Bitcoin debit card, again, I'm not going to top it up on a daily basis, but I'm going to top it up once a week or once a month. That one monthly transaction could equate to 100 individual purchases using bitcoin.

This metric is only going to become even more skewed as Lightning Network becomes more widespread, where one on chain transaction to open a channel could result in theoretically endless individual off chain transactions.

[stompix]

But... it's a fact. We all know it. Actual usage for actual things has always been a tiny percentage.

Yes, I know it, I accept it but I still don't like it and I don't want this to continue this way. And I also know it will but I still don't like it!  

Why not? They are the most widely deposited to service, they have to perform the most internal consolidation transactions, hot wallet to cold wallet transactions, cold wallet back to hot wallet transactions, etc. It is only natural that they would make up a majority of transactions. The same is true of fiat, with internal transactions within a bank and between banks making up a significant proportion of daily fiat movements.

Let's not exaggerate...
When was the last time you made a wire (unless it was about buying bitcoin) ?
The average Joe or Josef or Jin is making zero a month or maybe once a year,  while at the same time is doing 1-2 payments for goods a day.
Even workers sending money home, they do this once a month, not every day.

What we need to compare is the number of deposits and withdrawals to a bank to compare them, and that is a tiny fraction of this, transfers from a bank to a bank are not like a transfer from and exchange to another.
The average is at ATM withdraws per card vs 60 for other purchases.

But, since the last thing I purchased via BTC was in January, who am I to criticize...
I wonder how all this will turn in a decade...

[Pronzegirl]

Quite good of course, the Coinbase platform is one of the oldest and best platforms ever and provides many options for users besides it includes many currencies with the addition of other new digital currencies constantly and as it increases this feature, this is a great thing for the high transaction fees in our time due to the conditions it is going through Crypto market.