Safex Blockchain Migration Could Increase Bitcoin Transaction Fees


#1

…Take the Safex Cash migration/airdrop as an example. The migration from the Bitcoin blockchain to Safex’s own blockchain could actually lead to an increase in Bitcoin transaction fees. Since Safe Exchange Coin was based on Bitcoin’s blockchain, for every one of approximately 10,000 Safe Exchange Coin addresses that need to be migrated to the new blockchain, at least three transactions are needed. In total, the migration will require at least 30,000 transactions . That could be enough to cause an increase in Bitcoin transaction fees across the network…

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#2

Except it is over one year that the migration will occur over.

Somehow I doubt 30K transactions even over 2 months will cause much of any rise. Thats 500 per day. Maybe if all happened at once over a day or two then yes it would. But we’ve seen already that the migration is not going super fast, but more of a leisurely pace.


#3

So average fees could rise as txn volume gets higher. I didn’t take this into account…like at all.


#4

Well the first week of migration is showing 2,135 individual Bitcoin transactions related to this migration. I’m guessing we’ll see an upramp of further migration transactions when the exchanges come.