30k Bitcoins(BTC) Worth $194 Million was Moved for a Fees of 10 Cents
Someone moved 30000 Bitcoin (BTC) which is worth $194 Million for a fee of just 10 cents.
The transaction was included in the Block 545911 on 15th October. A total of 30000 BTC worth $194 Million(at the price of $6466 per Bitcoin) was sent to two addresses for just a fee of 0.00001464 BTC worth $0.10.
The transaction was most likely only 0.8316 worth $5400 and the remainder sent to a changed address back to himself. It is also possible that it the other way around but very unlikely. Nevertheless, it would have been the same if it was transacted among two parties.
The 30k Bitcoins originally came from a Bitfinex cold wallet sent last month, it is also possible that the exchange is operating these funds.
Although there has been a lot of debates on the scalability issues and the high fees observed back in December, the Bitcoin network still seems fairly cheap for larger transactions. It is remarkable that one can transfer Millions of Dollars anywhere without anyone’s permission for negligible fees.
Joseph Young Tweeted:
Professor @Nouriel, how do you explain $194 million being processed on the Bitcoin network for a fee less than $0.1?
With banks, it costs at least $7,500 to process $1 million, that is based on Transferwise fee, which is substantially lower than wire transfers.#falsenarrative pic.twitter.com/dBh3IHFP3P
— Joseph Young (@iamjosephyoung) October 16, 2018
The average fee per transaction has stayed pretty stable for the past few months on the Bitcoin network. It has been below a Dollar since June with an exception of a few days.
The Bitcoin network has had more than 190k transactions in the past 24 hours with over $4.4 Billion in volume. The total amount that has been transferred in the Bitcoin network this year surpassed a Trillion Dollars which is more than that of Gold.
The increase in the fees last year has not seemed to have affected most activities on the network except merchant activities. Most of the transactions on the network are carried out by exchanges/traders for speculation or trading purposes, the volume transacted in Bitcoin morphs any other Altcoin which indicates that the store of value use case for Bitcoin is dominant.
Although it is not to say that it will remain the same way for a long time, with layer two solutions like the Lightning network micropayments for negligible fees can be expected to take place on the Bitcoin(BTC) Network.
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