As a vehicle for moving huge sums of money around the world quickly and cheaply,is second to none. The latest example involves a high roller saving on bank wire or other transaction fees, paying just 26c to transfer a massive $670 million.
Many proponents of various altcoins make a big deal about Bitcoin’s supposedly high transaction fees. Admittedly the fees on Bitcoin are higher than they are on other blockchain-based digital currencies. However, so too is the level of Once you have the freedom of being the sole owner of your money, it’s now your responsibility to ensure the… More Bitcoin users can be assured of.
There Is No Other Way to Safely Send Hundreds of Millions for Less Than a Dollar
BeInCrypto has reported many times before about massive Bitcoin transactions with minuscule fees. In February, there was the example of a $424 million transaction that required just a 68c fee.
Today’s mega-whale transfer trumps that though. As highlighted by cryptocurrency industry observer sunnydecree (@sunnydecree) in the following tweet, one Bitcoin user just sent a massive $670 million for just 26c.
— sunnydecree (@sunnydecree) April 2, 2020
The unknown individual or company sent a total of 106,857.24571944 Bitcoin between two wallets at around 20:55 GMT on April 1. As the analyst points out, this would be impossible with the asset that many people compare Bitcoin with — gold.
Recent gold repatriation efforts around the globe show the sheer commitment moving huge quantities of gold requires. As BeInCrypto reported earlier in 2020, recent years have seen the Netherlands, Turkey, Germany, and Poland all undertake vast logistics projects to shift their bullion.
The operations themselves cost billions and take years to complete. Being a physical asset, gold needs guarding…