- A Bitcoin whale moved nearly $1B in Bitcoin for just $12 in transaction fees.
- Bitcoin average transaction fees have been on the rise, eliminating micropayments.
With Bitcoin’s price in a frenzy, the popular cryptocurrency has seen a recent influx in transactions. This week, the Bitcoin Block Bot spotted a colossal Bitcoin transaction totalling nearly 70,000 Bitcoin, worth nearly $1B.
More importantly, this massive transaction only 0.00087980 (~$12) in network fees. Considering the total value transacted, a $12 fee is more than reasonable. These fees are paid to Bitcoin miners who process and validate transactions on the Bitcoin blockchain.
Bitcoin Network Fees On The Rise
This influx of transactions backlogging the Bitcoin blockchain has resulted in a subsequent rise in average Bitcoin transaction fees.
According to data by BitInfoCharts, the average Bitcoin transaction fee has surged past $10 which makes transacting small amounts not economically viable. With the Bitcoin Lightening Network attempting to scale and lower Bitcoin transaction fees, it may be possible to once again use the Bitcoin network for micropayments.
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