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What is Coin Selection?

When choosing a Bitcoin wallet you should pay attention not only to its safety and convenience, but also to the transaction fees. That is because making transactions in blockchain requires paying some commission to miners - people, creating the blocks. So, if you need to send 0.02 BTC, then you have to increase your bill to at least 0.0201 BTC (because the current minimum of transaction fee - 0.0001 BTC). You could earlier pay no commission at all. But nowadays the number of blockchain users is growing exponentially. For this reason, miner services on making blocks are becoming more expensive. It is a good thing that some Bitcoin Wallets can help in saving money. For example, an innovative project BitMarket Network Client, which we describe in this article below.

In fact, the speed of transactions depends on the fees you pay. The more miners get, the greater chance of making a deal. But if you pay a minimum commission, it is most likely that the money you send would be in the blockchain for an indefinite period and come back to you then.

In such a flow of funds an enormous amount of time and money is lost. Therefore, the programmers of different wallets have developed some algorithms which automatically calculate the minimum fee for a guaranteed transaction and select better coins for it.

BitMarket Network Client will become one of such wallets in the near future. At the moment this is in alpha version or a project under development. However, its advantage over existing blockchain wallets is already apparent. This is an open source crypto wallet with safe and convenient service. This means that all users’ data are protected by Two-Factor Authentication (2FA) and a seed phrase. In addition, it is a multi-currency, multilingual and cross-platform application. As for the coin selection, BitMarket Network Client has plans to introduce a smart algorithm that would group the clients’ money for transactions in the best way.

With BitMarket Network Client you do not have to pay third-party people or sites for this service, because this wallet automatically will advise you on how to send transactions with minimal fees. That is, the service will allow you to reduce the money you pay without the risk of having a deal uncompleted. Thus, users of this service will not have unused "dust" (Bitcoins that are tiny and therefore not worth being spent) and they will save not only money, but also time.

Now BitMarket Network Client, as it was already said, is in the active development phase. And this project requires both financial and intellectual assistance. If you are interested in blockchain, cryptocurrencies and wallets, or just want the best for this new promising project, you can join its team. Clear heads and out-of-the-box thinking is what the BitMarket Network Client needs right now. And only with your help, they could launch the most breakthrough service for buying Bitcoins and exchanging coins in 2021!

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