This Bitcoin Transfer has Just $0.48 in Transaction Fees, but is it Cheap Enough?
Bitcoin often faces a lot of criticism for its high transaction fees. A recent network transfer worth over $930 million in BTC shows things can be done differently.
It is interesting to see how high-value transactions tend to have low TX fees.
Small Transaction Fees may Still be too High
This is possible, even when using Bitcoin, even though some people will gladly tell you otherwise.
The transfer in question is valued at just over $930 million.
Rather than paying a transaction fee of $20 or more, it only cost $0.48 to move this amount of money on the network.
For now, no one knows who the transaction belongs to, or why the money was moved.
One thing is evident: the sender address has virtually no BTC balance remaining as of right now.
All of this goes to show that concerns over high transaction fees aren’t always justified.
That doesn’t mean that fees can’t spike, as it recently happened following the block reward halving.
No one wants to spend $5 to move BTC on the network, but at times, it is necessary.
It is an interesting story, albeit it may very well prove to be a rather unique case.
Bitcoin is still relatively expensive to utilize, even if the fee is just $0.48.
OhNoCrypto
via https://www.ohnocrypto.com
JP Buntinx, Khareem Sudlow