Coinbase Will Not Pay For On-Chain Fees, Forwards Cost to Customers

[jamie.redman1]

Over the course of the past six months, bitcoin miner fees have spiked significantly causing on-chain transactions over the network to be more expensive. Last week Bitcoin.com reported on Bitpay raising the cost of the company’s invoice rates to cover miner fees. Now Coinbase has announced their service will discontinue paying network fees and the cost will be passed on to customers.

On-chain transactions are costing more these days, as the normal miner’s fee is roughly 69 cents per transaction at the time of writing. Many bitcoin proponents have shrugged off the issue as they believe it’s the price one must pay for a decentralized payment system. However, bitcoin-based businesses seem to be having a hard time paying on-chain transaction fees and have begun to switch their business models.

Read More Here: https://news.bitcoin.com/online-wallet- ... customers/