As some of you might have seen, a dormant address containing 1000 BTC was recently activated after 12 years of inactivity. This is interesting enough, but when I looked up the 400 BTC transaction, I noticed the transaction fee.
https://preview.redd.it/3qaki22whxva1.png?width=1171&format=png&auto=webp&v=enabled&s=673d0a6bc71cbb07640f433e3f0603680987aa5e
It cost the sender ~$5 to send over $10 Million in BTC. Not $500. Not $50. $5. I often forget what crypto can do because I'm not exactly transferring millions in crypto on a regular basis, but this is crazy, it would cost me 4x that amount to wire $50 from my bank account. This is what crypto is all about and anyone who can look at this and say crypto has no utility is blind.
Just further proof as to how amazing the system is.
Now imagine how cheap it would be to send that amount in LTC or XRP
VS I bought 20$ worth of shit coins and it costed me $200+ gas fees in 2021 , now I’m very glad that layer 2 exists !!
You know..if we’re supposed to go mainstream and a means of daily transfers $5 is high too
Can’t wait to try it myself.
Just need to get $10 million BTC first
In case you didn’t know, no-one with that kind of money pays any banking fees/wire fees etc. Even international same day wires are free if you are wealthy.
Balls of steel. I’d be sweating something fierce.
Lol and I’m worried about sending $100
$414 million sent for just $2.24 an hour ago:
https://www.blockchain.com/explorer/transactions/btc/ce9af492b7642b19d3cb80a214097aa95dc78b560cdbc114607d21d7225e2386
You love to see it.
Why do you guys post about every transaction I send.
It’s getting kinda old.
So what? I sent $10 in ETH and paid $100 in gas fees /s
Bitcoin pros & cons with related info are in the collapsed comments below.
Honestly why would people even want to use the traditional financial system when you can do this
I sent $45 of eth the other day and it cost me $6.
Imagine if they used ltc, nano or kaspa instead..
But muhhhh Bitcoin “has no value “
10 years from now there’s gonna to be Moons whales doing the same thing.
Too bad it also costs the same when I’m trying to send something less than $5
It was just my test transfer, wait til later when I send the real one
Sent 1000$ of moons cost me 0.18$
For huge transactions that’s a great price
Awesome to see, however, on the flip side of this I tried swapping $6 of MATIC and it was going to cost me $14. Some of these gas fees still need to be fixed.
But the sweating for pressing that send button alone is worth $10 mill too. 🤣
And one near heart attack.
If anyone wants to reproduce this, I’ll be happy to offer up a receiving address.
Man to have $5
And unlike crappy fiat, his assets actually appreciated during the transaction instead of depreciating like fiat would do
Probably didn’t use Coinbase to send it.
It’s amazing. Lightnight fast, no dealing with financial institutions bullshit as well.
Sorry, I misclicked.
But this $10 mil was $13 mil a couple of days back right?
$5 is good for mega transactions, but not good for frequent micro transactions.
Guess diff cryptos can fit for diff use cases. LTC, XRP, ATOM etc with their lowers fees and faster transaction speed might be more suitable for micro transactions.
if he sent it to the wrong address it will cost him 10million + 5
Many years hence when Zcash reigns as the privacy coin of choice and it’s price trumps that of BTC, no one will know when I transfer what was once (now) a small sum of zcash but became a huge value, because it’s private. As it should be, since someone transferring their own money shouldn’t be anyone else’s business.
It would cost you $20 to wire $50 from your bank? Who wires $50?
BTW my butt has puckered transferring 1k of crypto I can’t imagine the anxiety of waiting on $10mil!!
Yep and it would still cost $5 if you.were sending $10
Controversial opinion.
If I am sending $10 million, I don’t really care if the fee is $5, $50 or $500.
They are all insignificant amounts in the context of $10 million.
My main priority is that the money arrives safely, and if an error is made it can be reversed.
Well thank you Satoshi Nakamoto. This is true financial freedom.
How much would that cost you at a regular banking assuming you are a client of theirs?