Keith transferred almost 50,000 bitcoins for just 63 cents
50 thousand bitcoins were transferred between two unknown wallets.
The transaction fee was only 63 cents.
Such cases are not uncommon for the bitcoin network..
International consortium of news organizations developing transparency standards.
The bitcoin network recorded an operation of transferring a large amount of BTC for hundreds of millions of dollars for just a few cents. Such a transaction is impossible in any other payment system on the planet..
Last Friday, a major player transferred $ 367 million worth of tokens, paying a ridiculous commission for the operation – only 63 cents. Such cases are not uncommon in the digital currency industry, as reported by the BeInCrypto editorial staff earlier..
Unique network capabilities
One of the most recent examples of such transactions is a transfer of 48,741 BTC with a fee of less than a dollar. This time, industry analyst The Moon (@TheMoonCarl) reported it, and after that he posted a poll in which participants had to guess what the transaction fee was..
The analyst suggested that users vote by providing four options – $ 630K, $ 6.3K, $ 63 and $ 0.63 – and calling three of them high fees for a Bitcoin transaction. Even an option with $ 63 above the all-time high of $ 55 set at the end of the fourth quarter of 2017, when bitcoin was trading at the top.
Of course, most users guessed that the correct answer is an option. Where less than one dollar commission is listed.
Who made this huge transaction is still unknown. At the time of this writing, neither the sender nor the recipient was known.
What about altcoins?
Due to the P2P nature of Bitcoin, transaction fees on its network are significantly lower compared to traditional payment systems. In any traditional serkis, a $ 367 million operation would have cost far more than 63 cents if the involved institution had agreed to such a transfer at all, since there is a high risk of attracting attention due to suspicious activities.
Cryptocurrencies such as bitcoin and other tokens are inexpensive to use, as they dispense with intermediaries who profit from the transaction. In other words, the issue of fees is quite controversial in the cryptocurrency industry, with some participants arguing that even 63 cents fees are too high in the context of many potential digital currency use cases..
Proponents of a wide variety of altcoins never tire of repeating to Bitcoin fans that transaction fees are much lower on other networks. But the fact that most transactions in the industry are made with Bitcoin speaks volumes..
The larger the volume of a digital currency transaction, the higher the temptation for attackers to attack the network.
BITCOIN TO $1.2 MILLION ACCORDING TO THE GUY WHO BOUGHT AT $1!!!
Bitcoin, which has the highest hash rate, is still the only way to safely complete a transaction worth hundreds of millions of dollars. And it is unlikely that a user who made an operation with 50 thousand bitcoins complained about a “high” commission of 63 cents.
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