An Effective way to Save Time & Cut Cost for your Digital Asset Business
THRESH0LD system is bundled with innovative features that enable building and scaling digital asset management businesses seamlessly. In this blog post, reviews Batch Transactions with THRESH0LD batch wallets, how it works and its key benefits.
Batching transactions simply groups many payments in a single transaction instead of creating new transactions for every request. Taking Bitcoin as an example, batching considerably cuts down transaction fees for crypto exchanges and other digital asset businesses while also keeping overall congestion on the Bitcoin network low.
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On THRESHOLD, there are 3 ways wallet operators can request batch transactions :
- Via CSV file upload, and
- Programmatically via API integration
This is done by manually inputting the respective addresses and the corresponding amounts of crypto to be paid/sent.
Uploading a CSV file
This is done by preparing and uploading a csv file with two columns containing the respective addresses and the corresponding amounts of crypto assets to be sent. Each file row bears one transaction to one address only as depicted below.
Via API –
When triggered, the designated THRESH0LD API token generates the corresponding Endpoint information and JSON request/response details for a new batch transaction.
In all 3 ways of requesting batch payments, invalid addresses, if any, will be automatically detected and flagged. The payments will be processed subject to completing the approvals expected in its policy. If the transaction successfully completes the approval chain, it will be signed and broadcast to the blockchain.
Benefits of Batch Transactions
- Cut the Cost Spent on Transaction Fees
Fees on individual transactions accumulate for a large number of transactions which amounts to a huge amount at the end of the day, batching transactions groups many transactions into one at considerably reduced cost.
2. Saves Time & Reduces the Number of Transactions Generated per day
Processing individual transactions per time are arduous and time-consuming, batching ensures that time is spent on critical tasks. Batching also minimises transactions made per day, hence less effort is put in to achieve the same result.
Want to Cut Cost on Transaction Fees & Save Time?