Someone Sent Nearly $200 Million In Bitcoin By Paying Just $1.89 In Fees, And It’s Nearly 96% Cheaper Than Fiat

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Someone Sent Nearly $200 Million In Bitcoin By Paying Just $1.89 In Fees, And It’s Nearly 96% Cheaper Than Fiat

Someone Sent Nearly $200 Million In Bitcoin By Paying Just $1.89 In Fees, And It’s Nearly 96% Cheaper Than Fiat

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A Bitcoin (CRYPTO:

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) transaction worth nearly $200 million was accomplished by paying a fraction in fees, reaffirming the cost-effectiveness of blockchain technology.

What happened: The transaction, originally broadcast on the Bitcoin network on Friday, shows 2000.05830161 BTC valued at $197.63 million, requiring just $1.89 in fees paid to miners, according to blockchain.com.

According to BitInfoChart, the average transaction

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on the Bitcoin blockchain was 0.000014 BTC, worth $1.42, declining sharply over the last week.

It was not immediately clear who initiated the transaction and what the purpose was. However, transfers of even ******* scales have been executed on Bitcoin previously, costing a penny.

In May 2024, a

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of over a billion worth of Bitcoin cost only $7.30 in transaction fees.

Trending: Coinbase’s latest promo gets you up to $200 in crypto (Seriously!) —

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Why It Matters: Such high-value transactions usually cost an order of magnitude more when done through the fiat financial system.

International cryptocurrency money transfers were found to be 96% cheaper than the legacy process of sending money abroad, an earlier report from Coinbase said.

Wells Fargo, one of America’s biggest banks,

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a fee to send most wires, starting at $25. In some cases, a receiving fee of $15 is also levied.

Apart from the cost advantages, cryptocurrency transfers are also processed instantly, while international wire transfers could take days depending on the recipient’s country.

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Photo courtesy: Shutterstock

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#Million #Bitcoin #Paying #Fees #Cheaper #Fiat

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