BTCC, the Chinese bitcoin conglomerate, has launched a bitcoin service that prioritizes bitcoin transaction confirmations for its customers, the company announced on its website. The BlockPriority service expedites confirmations of bitcoin transactions sent through BTCC services even when the bitcoin network is stressed or facing spam attacks.
BTTC automatically provides the service to its customers with no additional charge. The service works by submitting bitcoin transactions sent to or from any BTCC wallet address directly to the BTCC mining pool and provides rapid confirmation. BTCC claims its mining pool accounts for about 13% of the hashing power of the global bitcoin network.
BlockPriority prioritizes all BTCC customer transactions, including those who pay no transaction fees. BTCC noted customers paying lower transaction fees on other wallet services and exchanges can find themselves waiting before the bitcoin network confirms transactions.
By prioritizing all bitcoin transactions regardless of the transaction fee, BlockPriority reduces the risk of double-spend attacks on BTCC accounts. This occurs when someone tries to use bitcoin for more than one payment by taking advantage of the lag between the time of the transaction and the time the bitcoin network confirms it.
Mow said BlockPriority provides a way to mitigate the impact of increasing block sizes.
Mikael Wang, BTTC’s chief technology officer, said BlockPriority is the newest addition to its proprietary block chain technology services. “BlockPriority demonstrates our commitment to providing our customers and the wider bitcoin community with the best and most convenient experience possible,” he said.
BlockPriority follows last month’s launching of BTCC’s Pro Exchange, a bitcoin margin trading platform for spot trading bitcoin. ProExchange allows investors to hedge against bitcoin price volatility or seek gains from bitcoin price fluctuation.
BTTC began as a bitcoin exchange and has since expanded into most bitcoin ecosystem segments, including payment processing, mining, wallets, block chain engraving, and a developer platform.
Images from Shutterstock and BTCC.
Last modified: March 4, 2021 4:45 PM