Reducing Direct Wallet Payments

TLDR: We have reduced the minimum claim amount on the Direct Wallet Payment method to 50,000 from 100,000.

From today, we are reducing the minimum claim amounts on the Direct Wallet Payment method to 50,000 from 100,000 satoshi. This is because transactions have dramatically cleared up on the Bitcoin system, allowing us to send more transactions for a cheaper price. The only reason we moved the Direct Wallet Payment Method up to 100k, was that it cost us too much to keep on sending transactions - so it makes sense to move it back down now its cheaper!

We'll be checking the Mempool every few days, and if the transaction fee rates move to high again - we might have to move the minimum again. We'll post more news if this happens ASAP!

Do you want to know how and why Bitcoin transactions need a fee paying?

Firstly, do you know what the Bitcoin Mempool is? When a Bitcoin transaction is transmitted to the network it first gets verified by all of the Bitcoin nodes available. After it successfully passes verification it goes and sits inside the "Mempool" (short for Memory Pool) and patiently awaits until a miner picks it up to include it in the next block. So the Mempool is basically the node's holding area for all the pending transactions!

Now, how do we get a Miner to include our transactions? We need to pay them a fee to do this! These miners get the fees as a "Thank You" for processing the transaction - not us as a few people on our Twitter account seem to think 😉