A cryptocurrency whale has moved a mind-boggling $1.1 billion worth of Bitcoin for a measly $83 network fee.
The transaction, which took place on January 14, saw the whale move 124,946.6 BTC in exchange for a 0.0096 BTC fee.
124,946 bitcoin were just moved in a transaction.
That’s ~$1,100,000,000 transfered for an $80 fee.
No government, bank or third party had to verify the transaction, nor could they have stopped it if they wanted to.
The true power of bitcoin. 🔥
— Rhythm (@Rhythmtrader) January 14, 2020
Although it’s impossible to know why the cryptocurrency was moved, one Reddit user claims it came from a Bitfinex cold storage address. So, it could just be that the cryptocurrency exchange is shuffling funds.
It’s not the first time that a transaction of this magnitude has taken place, but such moves are rarely seen in the market.
Prior to that, one infamous player named Loaded paid just $3.93 to send $212 million worth of Bitcoin. Two months later, another (still-unknown) individual initiated multiple $450 million transactions for just $400 a piece.
Although Bitcoin is yet to make the big time, I’m certain hardcore cryptocurrency enthusiasts will celebrate the fact that such a huge amount could be moved without third-party intervention, and at a relatively low cost.
Let’s face it, this is a massive finger up to the banks!
Published January 15, 2020 — 13:27 UTC