How to reduce the transaction fee of cryptocurrency payment system?

Posted by Epixel MLM software on September 3rd, 2018

Its been many years since the emergence of cryptocurrencies in the digital world and acceptance of the digital money concept got appreciated over the period of time. Since its launch, a great demand popped up and everything changed. At first, Bitcoin became an option to own and invest, later on as a payment option. Normally, the digital way of the transaction is done using credit cards, online payment, etc. But after the emergence of Bitcoin, it has added up as a new payment option.

It’s the best option to make a payment and to proceed. The only concern arises during this period of time is that of the charges (both hidden & sub-charges). These parts have a serious bit of functioning in a software package and it needs to be accurate and precise. The extra amount so charged relatively high and it needs to be reduced at any cost. So, how to make this happen? Is it going to be complex? Is it possible to do so?

A new model has been proposed in the recent times and it’s interesting!

The proposed model looks promising and let's see it’s working.

How new Bitcoin Payout model works?

Currently, while making a payment using cryptocurrency, (let it be Bitcoin) the process will be, you choose the products or whatever you like to purchase and proceed to the payment section. In the payment section, you choose the Bitcoin (BTC) payment and proceed further. A Bitcoin address will be generated to make the payment and you’re charged with some extra fee too like transaction fee (mining fee), sub-charges, service charges, etc. Even if you’re making multiple payments the so generated Bitcoin address will be the same all the time and you never know the issues of this part.

So, what are the issues involved with it?

When a single address is used every time, it can make your system vulnerable to attack as well as the transaction fee will increase on every transaction. So, using a single address is more of a threat than a payment option, so the proposed model reduces these risks to its maximum. For each transaction made using the BTC, separate addresses are generated and keep these factors down to the wire. The system generates new addresses each time when a user makes payment. There are many advantages of such a system like,

• High security

• Low transaction fee

• Lower input parameter

• Low satoshis/byte price (per byte value)

If these values are less, so will be the transaction fee and the best part is that the inputs (well, it’s technical) will be lowered to value “1” and hence make a low mining fee. A great contribution has been made with such valuable effort and the developed system in working mode currently.

The future is changing in the right direction in the right way. Overcoming the existing drawbacks and limitations with such new innovative functionalities is thus perfect.

Hope this is interesting for you!