Categories: BitcoinNews

$300 Mn Worth Bitcoin Was Transferred With A Fees Of Just 4 Cents

Around $300 Million worth of Bitcoin was transferred for a fee of just 4 cents. A Total of 48,500 BTC was sent which was included in the Block 529515. You can view the transaction Here.

One of the major advantages of Bitcoin is that it does not matter what amount is being transferred the fees remains the same, while this might be a problem for micro payments it is really beneficial to larger payments.

48,500.188 BTC was sent and 48,500.18799325 BTC was received at the other end which means that the transaction fees was only 0.00000675 BTC which equals to around 4 cents. 

Although the fees are less for a transaction of this magnitude one has to wait for more confirmations. One should also keep in mind the volatility of Bitcoin which is one of the major reasons preventing it from mass adoption of merchants.

The median fees of Bitcoin Transaction has been pretty low in the past few months as not many transactions have been going through. The average fees was about a dollar yesterday and reached almost $7 on 20th June. The maximum transaction fees Bitcoin ever saw was around $55 in December when the transactions going through were insane.

Image Source: Bitinfocharts

But it is still far better than doing a wire transfer which for a magnitude of this would take thousands even hundreds of thousands of dollars and a delay maybe even of a month sometimes. The people who have done such overseas transfers will get to know pain and loss of money that they go through.

Bitcoin is currently $6105 and has not fluctuated much in the past day, at this price the total amount transferred would amount up to $297 Million.

There are solutions like the lightning network being built to solve the scalability issue of Bitcoin which has to be solved in order to attain mass adoption. If Bitcoin becomes scalable and the fees issue is resolved then what will happen to all the forks and Alts which claim they are better because of low fees would be interesting to watch.

Armin Van Bitcoin Tweeted:

Also Read:


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Shrikar Parashar

Shrikar is a Blockchain evangelist. He is a die-hard fan of security tokens. He follows the market closely but does not trade. He believes in Hodling.

Share
Published by
Shrikar Parashar

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

2 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

3 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

4 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

4 months ago