BitGo announces surge pricingbr>
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.