It was announced today from NZBCX Ltd (New Zealand Bitcoin Exchange) one of the popular bitcoin exchanges based in New Zealand that they will be increasing Bitcoin network fees on outgoing transactions paid by users.
The increase in the transaction fees paid to miners on outgoing bitcoin transactions has to be done to ensure funds are confirmed promptly says the exchange.
Other exchanges such as HitBTC in recent months have introduced dynamic fee amounts where users can choose whether they want to pay a higher transaction cost to ensure quicker confirmations or stick to the normal fee rate in less urgent transactions.
The exchange informed that its most recent pending transactions from this week have now confirmed, and withdraws being processed today have been confirming at the current fee level, however, NZBCX noted there are a couple users who still have unconfirmed transactions.
The NZBCX team said:
“As the network is currently experiencing unprecedented demand there is still a large backlog of unconfirmed transactions and it may still take some time for transactions to confirm. We will continue to monitor the situation carefully adjusting the fees where possible to ensure speedy confirmations.”