About 30k Bitcoin or 29,999 Bitcoins to be exact worth around $194 million has been moved with a transaction fee of just 10 cents.
30k Bitcoin worth $194 million moved with a $0.10 fee
A few days back, a transaction has been made in block 545911. At that time, 30,000 BTC in total at $6,466 per BTC rate was sent to two addresses for a fee of 0.00001464 BTC worth $0.10.
Blocktower co-founder Ari Paul stated that the transaction fee is actually publicly verifiable:
“BTC fees are less than $0.10, easily verifiable. If you value truth, you’d provide a public correction. If your goal is to mislead people with simply false statements, carry on. There’s nothing to research. Fees are publicly viewable from many sources (googling it works.) I find it better not to provide a specific source because then regardless of source, the source gets attacked.”
There has been a lot of debate surrounding the scalability issues along with high fees against Bitcoin. However, for larger transactions, Bitcoin seems to be relatively cheap. Now, this event demonstrates the potential of Bitcoin blockchain for cross-border payments. Moreover, it is simply remarkable that millions of dollars can be transferred to anyone with negligible fees without even the permission from any third party.
For the past few months, average transaction fees on the Bitcoin network has been stable and keeping below one US Dollar since June with a few days as an exception.
When it comes to the traditional networks, say banks, it takes about $7,500 in fees to process a million dollars. It could even take more with conventional banking modes or wire transfers. Though $7,500 is less than 1 percent of a million dollars, in comparison to Bitcoin’s transaction fees of 10 cents, it’s way over the top.
Not long ago, Nouriel Roubini, an economist of NYU’s Stern School made the claims of,
“So the cost per transaction of bitcoin is literally $60. So if I were to buy a $3 latte at Starbucks I would have to pay $63 to get it! So the myth of a ‘Brilliant new technology that reduces the vast fees of legacy financial systems!’ turns out to be a Big Fat Lie!”
As pointed out by Joseph Young as well:
Professor @Nouriel, how do you explain $194 million being processed on the Bitcoin network for a fee less than $0.1?
— Joseph Young (@iamjosephyoung) October 16, 2018
With the transactions on Bitcoin network registering a significant volume and the fees taking a dip, Bitcoin holds a strong case to become the store of value and to be actively used in cross-border payments for a large amount of transactions.