BTCC Launches BlockPriority Bitcoin Transaction Confirmation Service
New Service Expedites Blockchain Confirmations for BTCC Customers
SHANGHAI (PRWEB) NOVEMBER 20, 2015
BTCC today introduced BlockPriority, a new blockchain service that prioritizes bitcoin transaction confirmations for BTCC customers.
BlockPriority provides expedited confirmations of bitcoin transactions sent through BTCC’s services even when the bitcoin network is under stress or undergoing spam attacks.
“BlockPriority is a unique and innovative service available exclusively to BTCC users,” said Samson Mow, BTCC’s chief operating officer. “It’s also a means of mitigating potential impact to our customers from the lack of progress on blocksize increases.”
This new service is automatically provided to BTCC’s customers free of charge and works by submitting bitcoin transactions sent to or from any BTCC wallet address directly to BTCC’s mining pool for rapid confirmation. BTCC’s mining pool is one of the largest in the world, with approximately 13 percent of the global bitcoin network’s hashing power.
BlockPriority prioritizes all BTCC’s customers’ transactions, including those who pay zero transaction fees. Customers who pay lower transaction fees on other exchanges or wallet services may have to wait before the bitcoin network confirms their transactions.
By prioritizing all bitcoin transactions to and from BTCC accounts regardless of transaction-fee level, Block Priority also reduces the risk of double-spend attacks on BTCC accounts. Double-spend attacks happen when someone attempts to use bitcoin for two or more payments by taking advantage of the lag between when a bitcoin transaction happens and when the bitcoin network confirms it.
“BlockPriority is the latest addition to our proprietary blockchain technology services, following the Forever blockchain engraving service that we launched in June,” said BTCC’s chief technology officer Mikael Wang. “BlockPriority demonstrates our commitment to providing our customers and the wider bitcoin community with the best and most convenient experience possible.”