$183 Million Worth Ethereum Transferred from Binance for a Fees of $0.06
Someone transferred 888,888 Ether worth $183,359,816 at $206 per coin to an unknown address. The Fees for the transaction was just $0.06.
This transaction was included in Block 6556384 on October 21st whose address is from Binance according to EtherScan. Another transaction of 100k Ether worth $20.6 Million was made from the same address a few minutes prior to this transaction which only cost $0.07.
So in total over $204 Million of wealth was transferred for a fee of 13 cents on the Ethereum network which is remarkable.
The fees on the Bitcoin and Ethereum network have drastically gone down because it is proportional to the number of transactions on the network which have also gone down. The fees have shot up drastically on various occasions when the number of transactions has increased.
That being said, it is still remarkable that such a large amount of wealth can be transferred without anyone’s permission on a decentralized network for a negligible fee in a matter of minutes.
Recently Blockmanity reported about a transfer of 30k Bitcoins worth $194 Million for a fee of just 10 cents. The fees on the Monero network has also dropped by over 90% after the implementation of ‘BulletProofs’.
Joseph Young Tweeted:
This week, $183 Million in Ethereum was moved With $0.06 fee instantaneously.
Last week, $194 million in Bitcoin was moved with a $0.1 fee.
To move $1 million costs $10k using banks. This is one killer application of crypto that currently works.
— Joseph Young (@iamjosephyoung) October 22, 2018
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