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Crypto whale moved $367 million in BTC for under a dollar

By:
on Apr 25, 2020
Updated: Apr 28, 2020
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  • Another massive BTC transaction sees $367m in Bitcoin moved for only $0.63-large fee.
  • The transaction reminded the crypto industry that something like this is only possible with crypto.
  • Many argue that the fee is still too great, the cheaper projects failed to take the whales away from BTC.

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One of the biggest practical advantages of cryptocurrency is the fact that users can move huge amounts of money very cheaply. Whether the payments are local or international, they can get verified in moments. Not only that, but they only cost mere cents, instead of large fees that the banks tend to charge.

Bitcoin whales realized that this doesn’t only include small transactions, measured in satoshis. Instead, they can move thousands of Bitcoins, worth hundreds of millions of dollars, and pay less than $1 in fees.

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$367-million-large transaction made for mere cents

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There were already multiple cases of this in the past, and only a day ago, one whale did it again. A transaction made this Friday, April 24th, saw a whale move 50,000 BTC ($367 million) for a fee of $0.63.

By doing this, this entity once again reminded everyone that this would be completely impossible via any other payment network in the world.

The move was reported on Twitter by a user calling himself The Moon (@TheMoonCarl). The user also made a poll to allow his followers to guess the fee, listing four options — $630,000, $6,300, $63, and $0.63. Unsurprisingly, the majority of his 2,772 voters guessed the fee correctly (79.2%).

This just goes to show that the crypto community is more than aware of the advantages that Bitcoin trading has to offer.

The transaction fee dilemma continues

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Meanwhile, if anyone tried to send this amount via any other payment method, they would have to pay much, much more than $0.63. In fact, the amount of this size would have attracted scrutiny into the source and the destination of the funds alike.

Cryptos can easily avoid this due to their decentralized nature, and there is no one in between seeking to make a profit. There are miners, of course, but the miners will earn their coins per block either way. With that in mind, there are many who still wish to eliminate transaction fees completely. To them, even $0.63 is too much to pay for a BTC transaction.

There are plenty of projects that have knocked down their transaction fees to a fraction of a cent. However, even so, the majority of transactions of this and similar size still only happen on the Bitcoin network. BTC is still considered the safest due to the size of its network, and crypto users trust it the most.

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