$2 Billion worth of Bitcoin has been sent for just $0.78 transaction fee

From data from Blockchain.com It turns out that a huge Bitcoin transaction worth $2 billion was processed Monday night. Despite this enormous value, the unknown sender paid only 0.00001713 BTC, worth $0.78 in transaction fees.

Data from the huge Bitcoin transaction – Source: Blockchain.com

The enormous potential of crypto

While it is not known what the purpose of this transfer was, or what person or company carried it out, the enormous potential that the blockchain and crypto technology offers has been demonstrated.

This is not the first case of a transaction of this magnitude where almost no transaction fees were paid. In August 2020, a $1 billion Bitcoin transaction was recorded for which a fee of only $4 was paid.

If such a transaction were executed in the traditional financial market, it would have taken 1 to 4 days and cost between 20 and 60 million dollars. Also, this transaction would never have remained anonymous.

According to data from BitInfoChart, the average transaction costs on the Bitcoin blockchain are around $2.67. Costs have remained fairly constant over the past 2 months.

Average transaction costs on BTC blockchain – Source: BitInfoChart

It is striking that it is many times lower than the transaction costs that have to be paid on the Ethereum network. There the average fee is 770% higher, namely around $20.44.

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