- A $1 billion cryptocurrency transfer cost just $0.68
- Bitfinex, a large cryptocurrency exchange, is responsible for this massive transaction
Due to the impeccable transparency of the blockchain, all transactions are transparent and thus viewable to anyone. This is exactly what happened as twitter user “Krisma” noticed a $1 billion Bitcoin transaction on the Bitcoin network.
Although the transaction is massive, that is not the interesting part. The 161,500 BTC transaction (worth over $1B) only cost the sender north of half a dollar in fees. To put it into perspective, many banks charge flat fees exceeding $30 per transaction and some even charge a percentage commission. The transaction fee in this Bitcoin transactions only accounted for only 0.000000068% of the total transaction amount.
As a $1 billion cryptocurrency transfer cost just $0.68 many financial institutions are beginning to take notice. With the ability to make large international transfers for pennies, many banks may begin to adopt blockchain technology and cryptocurrencies.
According to Bitfinex CTO, Paolo Ardoino, the massive transaction was an internal transfer to their hot wallets. Over the last few months, many exchanges have been making large transfers. It is possible exchanges are streamlining their operations for a large influx in blockchain and cryptocurrency adoption.
Whales Gear Up
The cryptosphere has seen an influx of whale activity in the past few weeks. The number of Bitcoin whales recently reached a two year high.
Furthermore, the number of addresses holding at least 1 BTC reached an all-time high. With the number of unique addresses with significant holding growing, we can infer that blockchain adoption is increasing with individuals investing increasing as well.
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