BitGo announces surge pricing

Announcements | July 10, 2015 By:

On Thursday, July 9, BitGo announced surge pricing — which stipulates that the fees will vary depending on how congested the network is. In times of low congestion, the fees will remain low; whereas, in times of high congestion, the fees will be boosted.

The bitcoin network has been experiencing dramatically increased transaction volumes. Many transactions have taken longer than usual to confirm.

As a response, BitGo has implemented dynamic fee rates on its wallet. The fees will be below standard during times of low Bitcoin network congestion and proportionally higher during periods of high-congestion.

The company’s goal is to see transactions verified in roughly 2 blocks.

BitGo is a bitcoin security and multi-sig technology provider.