MILAN, Italy – October 2, 2018 – Conio, the innovative fintech startup that created the first Italian Bitcoin wallet for smartphones, launches “Accelerate”, the brand new mining fee smart selection feature, which allows users to easily and cheaply choose the timing and the fees to be paid to miners, speeding up the inclusion of transactions into the Bitcoin network.

One of the biggest differences between the Bitcoin network and traditional payment systems is that on the former, buyers are allowed to choose the amount of fees to be paid, which determines how much time it will take for the transaction to be processed. A complex process in both technical and decision-making terms, often ignored by customers who passively suffer its consequences.

Developed with the goal of allowing anyone to access the cryptocurrency market without technical complexities or worries, Conio integrates in its portfolio today an innovative service with high technological value, exclusively accessible to more experienced users so far. With the development of this complex feature, which however is made available to Conio’s customers with extreme ease of use, the company confirms its ability to execute its service-based strategy for easier access to the world of cryptocurrencies, still too complex for the general public.

The new feature complements another one, already available, which enables immediate cryptocurrency exchange between any users who signed up for a Conio Bitcoin Wallet.

How It Works

Based on a fee selection algorithm, developed by Conio, the service allows, through an analysis of pending transactions in the network, to automatically get and suggest the fee that best matches the timing chosen by the customer and offers the cheapest cost-speed ratio.

Users may rely on this new feature to achieve quicker inclusion of any transactions completed between a Conio Bitcoin Wallet and an external one, with various available options.

Ø When sending bitcoins (Fee Selection option), directly on the transaction overview screen, once the desired timing and inclusion costs have been selected, the app will calculate in real time the best mining fees that will allow to achieve such goals. This way, if users need to quickly make a payment to any physical or online store that accepts bitcoins in order to purchase a product or service (e.g. a plane ticket or a phone prepaid card sold at a discount for a limited time), they may select at the start of the transaction an estimate of the minutes by which they want the transaction to be completed, saving money on inclusion costs in the process thanks to the fee selection feature. The same goes for payments at restaurants or cafés, for which users have 10-15 minutes at most to successfully complete their payments. The model developed by Conio enables customers to always select the lowest fee, with the option of speeding up the transaction, if necessary, at a later time.

Ø While waiting for a transaction to be completed (RBF – Replace by Fee option), if it has not been included yet into the next block, users may add a fee to the pending operation from the Activity section in order to skip the “waiting line”. In this case, they may take direct action, speeding up a payment they have already made on any online platforms and consequently ensuring the successful purchase of the good or service in question (e.g. the reservation of a hotel room), before its price changes or the deal expires. Besides, the “Accelerate” feature allows users to save money by always proposing the cheapest mining fees.

Ø When receiving bitcoins (CPFP – Child Pays for Parents option), in the Activity section, users may add a fee to the operation in progress in order to skip the “waiting line” and receive the cryptocurrency in a shorter time. This way, a user that has received bitcoins more quickly will be able, for instance, to resell them at a specific price, without being damaged by any changes in value. What’s more, this feature is useful for reducing long waits during peak times and when the Bitcoin network is most crowded, which makes quicker transaction processing impossible.

Vincenzo Di Nicola, Conio’s Co-founder, CEO and Technology Director, has stated: “Ours is a process of continuous innovation, by getting rid of all the technical complexities that are so typical of the world of cryptocurrencies. In fact, this new release of our app introduces a highly innovative service that meets one of users’ main needs: to speed up transactions on the Bitcoin network and reduce fee-related costs. Using this service, our customers will be able to perform complex operations like choosing the timing for transaction inclusion and the fees to be paid to miners – yet at the same time, they’ll have a tool at hand that will lead them step by step along the decision-making process. For us, this is both a big achievement and a new starting point, which pushes us to always improve in order to make digital currencies a payment tool that people may use to fulfil their daily needs.”

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