Everytime anyone in the world sends Bitcoin, it does not come for free: transaction fees are paid to the miners, who protect the network from bad actors and make this magical internet money safe. Fees are determined by the bytes needed to accomodate the transaction in the blockchain, thus sending 1 BTC will probably cost the same as sending 1 satoshi (0.00000001฿).
With cryptocurrencies growing in popularity, fees have been rising at an insane pace and this is a big concern for us since many Hammercoin players who want to send a few bucks to the game wallet will probably pay more fees than the actual amount transacted.
Thanks to the awesome contributors of the Bitcoin project, the rising fees can be slowed down with SegWit, a new ‘compressed’ format for storing Blockchain data, that makes a transaction lighter and as consequence, cheaper.
Since we are talking about smaller data size, this also allows more people to use the same Blockchain space making the community grow.
We are tremendously happy to announce that from this moment all Hammercoin wallets are now in the Segwit format, which means that if you have a compatible Wallet will save as much as 40% on fees when sending Bitcoin to our game.
While this new improvement to the Bitcoin protocol brings hope to the almost defunct use case of Bitcoin microtransactions, they are still far from cheap. Since fees rise when blocks are full, for SegWit to make a notable difference we need the majority of Bitcoin companies supporting it, optimizing space and accomodating as much users possible. Sadly, that is not the case. We encourage all users to ask their wallet service if they support SegWit and demand it; So we can all be part of the Bitcoin world.
We are already working on the next Hammercoin wallet upgrade: Lightning Network, another improvement that will bring dramatically cheaper and faster transactions. We can’t wait to share it with you.
To those who are familiar with the problems of Bitcoin microtransactions and companies giving up or moving to other coins we want to say: HODL ON! Bitcoin it’s nowhere near it’s final form.