Blockchain.com block data showed a massive $ 2 billion Bitcoin (BTC) transaction was processed on Monday night. Despite the enormous financial value, the unidentified wallet owner only had to pay a fee of 0.0001713 BTC, or 78 cents.
While it is not known what the purpose of this transfer was or what person or organization issued it, the enormous potential of financial transactions using cryptocurrencies and blockchain technology has been clearly demonstrated.
However, this is not the first time a transaction of this magnitude is reported with minimal fees. Back in August 2020, a $ 1 billion Bitcoin transaction was recorded for a nominal fee of just $ 4.
There is no point in trying to transfer money in traditional fiat markets. Associated with similar models, the financial ecosystem stands out far more than the immediate, largely integrative experience with modern information services.
International fiat transfers usually take one to four working days and involve high transaction fees of 1-3%. On a $ 2 billion transaction, this would cost between $ 20 million and $ 60 million.
In addition, unlike Bitcoin, banks and governments have a central influence on the operation of the financial infrastructure and, as such, are seen as a threat to privacy, autonomy and the principles of the free market.
According to BitInfoChart, the average price of transaction fees for Bitcoin’s base layer blockchain is 0.000058 BTC ($ 2.67). This is a bottom that has remained constant for the past two months but has never been printed since the bull market began in October 2020.
For contextual reasons, the average transaction fee for the second largest cryptocurrency by market capitalization, Ethereum, is still several times (770%) higher at 0.0061 ETH (USD 20.44).
Related: BTC price close to $ 46,000 with Bitcoin exchange reserves under November 2020
Technical data from Cointelegraph Markets Pro showed that Bitcoin met the challenge of rolling back to $ 46,000 on Tuesday morning after registering just $ 43,380 with Bitstamp amid massive market volatility.
This bullish sentiment is in line with an additional data point that bitcoin reserves on major crypto exchanges hit a new multi-year low this week – similar to transaction fees – a level not seen since the bull run began in October 2020 became.