Banks May Cry to the Insignificant Fees on a Billion Dollar Transaction

0
Bitcoin Outperforms Banks  – A new transaction record has just been observed on the Bitcoin network. More than $ 1.15 billion has just been moved, at a little more cost than it takes to buy a coffee.

$ 1.15 billion in Bitcoin transfered

In the afternoon of October 26, the Twitter bot @Whale_alert, which reports the large transfers, alerted the community of 2 transfers from the same address. In total, this address sent 88,857 BTC, or the equivalent of $ 1.15 billion at the time of writing, for just $ 3.58 in fees.

In fact, the transaction was issued by a Xapo wallet. As a reminder, the company was bought in 2019 by Coinbase Custody, the custody service developed by Coinbase.

Several hypotheses can justify this transfer. For some, Xapo has moved part of its funds in custody to its cold wallets. For others, it is a user who would have withdrawn his funds to put them in safety or to invest in other projects.

Whatever the reason, this event demonstrates the effectiveness of cryptocurrencies against the banking system … or at least the disruptive nature of an uncensored digital currency: no one will have been able to prevent this transfer, regardless of its purpose and the potential players involved. ‘he implied.

Share.

About Author

Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past.

Disclaimer: All content found on 7bitcoins.com is only for informational purposes and should not be considered as financial advice. Do your own research before making any investment. Use information at your own risk.

Leave A Reply