Cryptocurrency

Whale Bitcoin transferred USD 1,000 million with a commission laughable

A whale of Bitcoin, according to the account Whale Alert, transferred the amount of 1.000 million USD. What is striking about the case is that the commission paid by that movement was barely $4 dollars, which leaves in evidence the advantages of the cryptocurrencies for large transactions.

The person, of course, without identify, paid approximately 0.0000004% commission by its motion billionaire. Bitcoin is well known, among other features, for the low amount of their commissions.

It should be taken into consideration, that is not the first time that large sums of money in criptomoneda move with fees so low. If you compare Bitcoin with other reserves of value such as gold, in terms of the costs of mobilization, there would be little room for doubt about which of them is more convenient.

Whales of Bitcoin have fees insignificant

Less than two months ago, another whale of Bitcoin transferred to an exorbitant amount of 101,857 bitcoins, paying a commission of $0.48. This is a surprising low level of fees, taking into account that that amount of bitcoins, equivalent to 0.5% of all BTCs in circulation.

In February of this year, other transaction equivalent to $400 million USD was made with a commission of $0.60. In this sense, we can say that cheap to transfer Bitcoin, there is a chance of some fortunate, but a natural tendency of the criptomoneda pioneer.

Going back to the most recent $1,000 millions of USD, you can make a comparison with what they would have spent that user fees in any traditional financial institution. For example, in Paypal, which usually charges about 5%, the commission would have been $to 50,000,000 USD.

If this whale Bitcoin have transferred their USD/Bitcoin on PayPal, I would have paid $50 million dollars.

Privacy: the other great advantage

Another fact that cannot be overlooked, is the ability of Bitcoin to ensure the privacy of its users. Even though it has detected the amount and the origin of the address of the transaction, the person who carried it out remain in total anonymity. The same can be said of those who received it.

Recently, the amount of the transaction fees for Bitcoin are markedly increased. However, the advantages over any other financial institution, centrally-maintained. This was shown with this movement.

If any of the private banks were to compete with Bitcoin, its future would be doomed to bankruptcy. The whale Bitcoin you transferred this amount of USD, you surely would have thought twice before moving this money if you don’t have in criptomoneda.

Other aspects worthy of attention, is that, with the criptomoneda queen, you can make this type of transaction with low commission, without sacrificing the speed of the same.

Portfolios unlimited

Something that we should not lose sight, is that the people can have any amount of addresses. The e-wallets are free to open and do not put major limitations.

In this sense, some whales of Bitcoin, have 2 million addresses, the wallet between the that spread their digital currencies. In this case, it is an entity that goes by the name “Crazy 1o1”, who literally would have been collapsing the network with a huge volume of transactions.

This whale of Bitcoin, with portfolios in different firms engaged in providing this service, it could be a bot. Although this is an assumption on the part of the user Twitter LaurentMT quoted on CoinTelegraph, leaves in evidence the high levels of privacy Bitcoin of the was talked about above.

Data to be taken into consideration

The amount percentage that is whale of Bitcoin paid for to have transferred a billion USD, was a 0.0000004%.This is not the first time that a possessor of large sums of Bitcoin, made a significant movement with low rates of commissions.Before the Halving, and recently, the amounts of the transaction fees of Bitcoin have soared. However, the advantages, if compared with traditional banking, jump to the view.The privacy of Bitcoin, it allows that, even though you know the amount and the process of the transaction, the identification of the person or persons behind the same, remain unidentified.

Reliable sources

The information of this content has been taken from reliable sources which are detailed below:

1 – professional Management of content by the authors of CriptoTendencia.
2 – external Sources: Whale Alert, CoinTelegraph.com and beincrypto.com.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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