BitPay stopped processing bitcoin payments less than $100

BitPay, one of the largest payment processors in the crypto-currencies will no longer be processing bitcoin payments less than $ 100 due to the rapidly growing transaction fees.

Over the past few months mempool size of the Bitcoin network nodes has increased to more than 100 megabytes, and the number of users, average transaction and the community grew exponentially. As a result, due to the insufficient dissemination of the Protocol Segregated Witness (SegWit) and a fixed size unit of Bitcoin is 1 MB, the average cost of transactions in the network exceeded $ 30.

According to Bitcoin Fees, the platform predict the amount of Commission per transaction of bitcoin is developed Earn.com (formerly 21 Inc), the Commission in the quickest possible confirmation of the transaction at the time of publication is 750 Satoshi per byte, or about 180 000 Satoshi for the transaction is medium in size, equivalent to 25.2 dollars.

Because of this, BitPay has released an official statement in which it says he will not be able to process payments in bitcoins for less than $100, as it will lead to the issue of Commission size is about 30% of the actual amount of the transaction. Team BitPay wrote:

«For several weeks in the Bitcoin network is experiencing high volume transactions. This growth has also led to record congestion in the network and record commissions miners. The size of the fee averages $30 per transaction. To protect buyers and to continue to provide services for the processing of bitcoin payments, we set the minimum size of the payment to be processed, 100 dollars.»

Team BitPay explained that in the coming months, developers will actively work on introduction of SegWit, thus potentially reducing the size of the Committee for the transaction of bitcoin by about 40% (without taking into account further growth of volumes of transactions).

What’s next?

According to Blockchain, the second largest platform wallet and data provider, the Bitcoin network currently daily handles approximately 300,000 transactions, and the size of the block in the middle reaches of 1.06 MB. The size of the pool of unconfirmed transactions for some time remained at a level higher than 120 megabytes, and tendencies to its significant decrease is observed.

Bitcoin Core developer Luke dash said SegWit itself was not intended to reduce the size of the commissions, and was to be the platform and underlying infrastructure for these solutions, the second level Lightning Network. He noted that the Lightning will allow for almost instant payments with a high level of privacy and low commissions, allowing the Bitcoin network to scale.

However, the timing of the integration of the Lightning leading companies not yet named, as even SegWit had not yet been introduced Coinbase, Blockchain and BitPay — the three largest players in the industry.

Many experts believe that to reduce network congestion, Bitcoin needs to increase the block size. At least as long as SegWit and Lightning will not be implemented everywhere. However, after a massive media campaign against the project SegWit2x offering such decision, refund to the idea seems unlikely.

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