In our last post we described some changes we were making due to the increasing costs of posting transactions on the Bitcoin network. We spoke about our quest to make Bitcoin available to everyone and to do so at a reasonable rate. Now that what could be best described as a spam attack is over we will be making further changes to how we operate. Some of those changes we will be detailing today while others will be rolled out in the coming weeks.
Enabled Segregated Witness: We believe that it is very important to be good stewards of the infrastructure that our platforms operate upon. That is why we are happy to announce that Bluegrass Bitcoin has enabled SegWit support for both the Bitcoin and Litecoin networks. SegWit enables a lighter signing signature that takes up less space on the Bitcoin network. While we have fully converted our system over for Bitcoin we still have a few changes before SegWit support will also go live in our Litecoin networks.
Fixed fee for Bitcoin purchases: While we began by charging a $10 fixed fee on all Bitcoin purchases this will be changing to $5 moving forward. When we introduced the fee there were transactions that were costing nearly $30 to transact. With the introduction of our SegWit adoption and the fact that it appears the spam attack on the bitcoin network is over we no longer need this fee to be as high as it was. In fact, we hope to continue lowering this fee in the future if transaction fees continue to improve. To help users have a clear picture of our fees you can now visit Our Fees page for where are fees are sitting.
Website Changes: Over the next month we will be making many changes to our website to adapt to our ever changing service offerings. At different times our website may appear down but we hope to bring it back online as quickly as possible as we go through updates. We look forward discussing all the changes soon!
To fulfill our mission of helping to make Bitcoin as ubiquitous as cash in our state, we will continue to experiment with new ways to provide our services. If you have any suggestions or questions on how this may affect your purchase, please reach out to us on Facebook or Twitter, or send us a message at firstname.lastname@example.org.