Bitcoin Moves $400 Million for Just $2.50 in Fees

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In Brief
  • A Bitcoin user has transferred $400 million worth of BTC for just $2.50.

  • It's not the first time such a massive transfer has been executed via the network for a fraction of bank fees.

  • Whilst great for today's transaction, the $2.50 fee comes as average fees across the network continue to rise.

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Bitcoin has proved its superiority to the banks as a means of making massive value transactions once again. This time, $400 million worth of the digital currency was transferred for a total fee of just $2.50.

The huge transaction was reported earlier today by YouTuber Ivan on Tech (@IvanOnTech) via Twitter. Posting a screenshot of a blockchain explorer showing a completed transaction of more than 46,835 BTC (with a fee of ~0.000322 BTC), the cryptocurrency analyst added:

“Banks are doomed…”

The latest example of Bitcoin transaction fees trumping those at the bank comes just days after BeInCrypto reported on rising fees across the Bitcoin network. The average fee had been increasing prior to the Bitcoin halving earlier this month. Since the event, it has rocketed to more than $6.60.

The sender of today’s $400 million transfer will no doubt be pleased to have managed to get their transaction included in a block for a below average fee of $2.50.

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A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.

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