A Bitcoin-whale has just moved 49.922 Bitcoin (BTC) for a fee of 60 cents. The transaction is another example of how effective and beneficial Bitcoin as a payment method.
Is Bitcoin too expensive, as is often said? Today’s transaction makes it clear once again: The leading crypto-currency is still much cheaper than conventional Banking, especially if you move large amounts of like.
A large market participant has exactly proved that today in full. He transferred BTC to a value of about 458 million dollars and had to pay only 60 cents in fees.
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Bitcoin makes it possible
For the first time, the massive Transfer of the Twitter Account Whale Alert (@whale_alert) has reported:
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The total fee for the transaction was only 0,00006280 BTC, which is about $ 0.58. In the case of conventional banks ‘ fees in the amount of Thousands of dollars would be for this Transfer, probably, in most cases, fall.
The Transfer shows how cost-effective Bitcoin – despite all the criticism, he corners must always re-insert. This massive, but low Transfers in the network are common.
How Coin-Update.de has reported last month, has managed a whale even to transfer Bitcoin to the value of $ 450 million for a fee of only $ 0.25. Such a negligible amount of charges in the world of banking is unthinkable. To the extent that they are a strong Argument for Bitcoin as a store of value and reserve currency.
BTC out of competition
At such low fees, it seems clear that banks are simply no competition for Bitcoin. Would you offer such fees, you would have to go virtually bankrupt, since they generate a large portion of their profits with wire Transfers, withdrawal fees and other charges of their customers.
In return, Bitcoin offers an extremely low cost, without sacrificing the speed or decentralisation. This is the strongest sales argument for most crypto-currencies – and an aspect that is strengthened every Time, as soon as a whale is moving large amounts of BTC for a fee, which tends to Zero.
It is currently unclear how the upcoming is the impact of Bitcoin on the fee structure of the network. However, the Miner will certainly make less profit, since BTC is scarce. Overall, the momentum seems to be for 2020 on Bitcoins side.