By EZ in Releases — Jun 11, 2024

Peach Bitcoin v0.5.0: GroupHug for Everyone

Peach Bitcoin is a secure peer-to-peer Bitcoin marketplace. Available on Android and iOS.

No ads. No tracking. No bullshit. We're raising 1 BTC to grow our ops.

"After some time and a lot of work we are stoked to bring to you a new release with many quality of life improvements and one big systemic change," announced Peach Bitcoin.

"With this release we hope to make the Peach experience smoother and cheaper for everyone by making GroupHug the default!"

GroupHug is a transaction batching service that allows users to save on Bitcoin transaction fees. It does not require coordination between users in order to work.
"This does mean that payouts will take slightly longer than before, however we believe that again, our users want to stack sats with a low time preference and if we can save them fees by delaying payouts slightly users will be happy," was explained in a blog post.

"If this assumption does not fit you, no worries! You can still opt out of batching at any point in time and have your release transaction immediately be broadcast. The only thing that changes here is that we now ask the user to cover the additional costs this implies for Peach, meaning specifically the added consolidation cost of the Peach fee we collect from that trade."

"Going forward, every trade will have a maximum mining fee, which peach sets at 10% of the trade amount by default. This simply means that if after the match the fees spike, Peach will not go beyond this 10% limit. If however this 10% limit is already exceeded at the time of match, Peach will simply show a warning on the match card."

"If you still decide to proceed with the trade, let's say at a 15% mining fee, this will be set as the new maximum. In other words you will not pay more than 15%, but if the fees drop you will pay even less."

"This is a new foundation, but it's by no means the final destination. We already have ideas on how to make this model even better, build on top of it and realize the new opportunities it creates. If you have something you want to share also, we'd love to hear from you," said the developers of the marketplace.