The bitcoin network is known for low fees for large transfers
The transaction in the amount of $ 165 million cost the user only $ 1.20
Bitcoin offers one of the most efficient ways to move large amounts of money
International consortium of news organizations developing transparency standards.
Another transaction clearly demonstrated one of the key advantages of the bitcoin network – cheapness and lack of restrictions..
BITCOIN TRANSACTION FEES: How To Save Your Money!
Today, December 8, members of the crypto community drew attention to a massive transaction made on the bitcoin network. A certain user made a BTC transfer in the amount of $ 165 million. At the same time, the commission for such an impressive transfer was 0.00006520BTC, which is equivalent to only $ 1.20.
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Someone just transferred $ 165,000,000 in #bitcoin and paid a fee of 0.00006520BTC or about $ 1.20
One dollar and twenty cents.
That’s a transaction fee of 0.00000072%
No 3rd party needed to facilitate this.
Nobody could stop it.
Nobody can reverse this.
BITCOIN AND ALTCOIN HOLDERS!!!! YEAR OF THE BULL IS HERE!!!
– CoinBeast (@coinbeastmedia) December 8, 2020
Bitcoin enthusiasts constantly like to remind at every opportunity of the cheapness and democratic nature of money transfers in the BTC network, especially in comparison with traditional retail banking services. In this case, transfers can be made to amounts of any value.
As the author of the above tweet pointed out, the decentralized nature of the blockchain and distributed ledger technologies that underlie the Bitcoin network exclude intermediaries, and therefore all possible abuses and restrictions associated with third parties. No one can interrupt such a transaction or cancel it.
By comparison, the payment giant PayPal charges clients a commission in the amount of 3.5% from the transfer amount. By applying this tariff to the above transaction, we would receive a commission of $ 5.7 million.
Another popular platform, MoneyGram, charges customers $ 5- $ 20 for their services, depending on how quickly they want to receive their money. By choosing a commission of $ 5, the client will wait for the transfer within 3-5 working days.
Bitcoin transaction speed is a tricky issue due to ongoing scaling issues, but if the network is not congested it can take minutes to transfer money.
Returning to today’s transfer, we can once again note how easily a huge amount of money was transferred. At the same time, no one knows either the identity of the sender, or where these millions of dollars were sent and what state borders they easily crossed..
Crypto enthusiasts have repeatedly pointed out that one of the main disadvantages of traditional physical assets is their lack of portability. Even without considering heavy precious metals such as gold, moving $ 165 million to another country, even in paper notes, would not be an easy task..
In addition to purely physical inconveniences, transporting such an amount would also certainly attract the attention of the authorities. You could be noted or even confiscated.
In addition, a number of other familiar store of value or investment assets are not transferable at all, such as real estate. In the event of a force majeure situation and the need to sell such an asset, it will still take a very long time or the asset will be sold “cheaply”.
Bitcoin is always ready to offer an alternative solution to help avoid such problems. The owner of the coins can always carry millions or trillions of dollars of assets with them in a wallet the size of a flash drive.
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