Baleia transfers more than BRL 10 billion in bitcoin paying BRL 4.20 in fees


Baleia transfers more than BRL 10 billion in bitcoin paying BRL 4.20 in fees

Whales represent users with lots of bitcoins. Photo: worldwildlife.org

An anonymous bitcoin address moved more than R$10 billion in BTC and paid a tiny fee on Monday night.

Although 44598 BTC were moved, a mere fee of 0.00001713 BTC was incurred – in the amount of approximately R$4.20.

THE average transaction fee Bitcoin reached more than R$ 315 when it reached a historical record above 300 thousand reais in April. The average cost dropped to R$57 in July and is now an average of less than R$15 at the time of writing this article.

Source: BitInfoCharts.

Unlike the way traditional payment methods charge, the Bitcoin network doesn’t care about the amount moved, only the size of the transaction in bytes. A 44598 BTC transaction may very well take up the same amount of space in a block as a 1 BTC transaction.

Because of this, billionaire transactions can be confirmed on the Bitcoin network at a very low rate, something impossible to do with a centralized system like a bank.

The historical difference in the average cost per transaction is due to network congestion, which sometimes presents a very high demand in a short period of time. As Bitcoin blocks are only mined every 10 minutes or so, thousands of uncommitted transactions can accumulate and the average rate rises.

Although relatively low fees are the norm, exorbitant amounts are known to occur. Last December, a user mistakenly paid $400,000 in fees to send just $5 in bitcoin.

Also read: How to save on bitcoin fees




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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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