Bitcoin is known for its large transactions at low fees.
A user just sent $ 165 million worth of bitcoin with a fee totaling around $ 1.20.
Bitcoin may be the easiest and most efficient way to send large sums of money.
Most Bitcoin evangelists know that two of the main advantages of cryptocurrency are its ease of use and its lack of restrictions when transferring
On the day of December 8, a user made a gigantic bitcoin transfer of $ 165 million in a single transaction . The transaction fee was 0.00006520 BTC, or about $ 1.20.
Someone just transferred $ 165,000,000 to #bitcoin and paid a fee of 0.00006520BTC or around $ 1.20
One dollar and twenty cents.
This is a transaction fee of 0.00000072%
No third party needed to do this.
No one could stop him.
No one can reverse that.
Most Bitcoin evangelists know that one of the main advantages of cryptocurrency is its ease of use and the absence of restrictions when transferring.
Earlier today, a user sent a massive $ 165 million bitcoin transfer in a single transaction. The transaction fee was 0.00006520 BTC, or about $ 1.20.
Decentralization keeps the network from being run and abused by a single party, but the ability to transfer large sums quickly and cheaply is perhaps one of its most important use cases.
Bitcoin versus other value transfer platforms
While Bitcoin is quickly becoming a dominant global asset, there are other platforms that offer much more value. How do the pricing structures compare then?
At the retail level, if you want to send money to someone, you may be charged a flat or proportional fee (or both) to send money to another user.
For example, if you want to send money through PayPal, it will typically charge specified users a 3.5% fee on the transferred value. If this rule had been applied to the Bitcoin transfer above, this user would have spent $ 5.7 million in fees.
On another platform, such as MoneyGram, a popular international retail money transfer platform, users are charged a fee of US $ 5-20 depending on how quickly they want to receive their money. If you choose the $ 5 fee, it may take 3-5 business days for your money to be transferred.
Even though some complain that Bitcoin transactions are not instantaneous like cash or credit cards, they can still be completed within minutes if the network is not busy.
No one knows who this mystery user is or who he’s sending the money to, but it’s easy to move value across borders with Bitcoin.
One of the biggest drawbacks of physical assets is the lack of portability. If someone has $ 165 million and has to move it to another country, doing so physically would likely be a huge burden.