An infamous Bitcoin ‘whale’ has moved an enormous cryptocurrency fortune in a single transaction, and the network charged less than $4 in fees.
— Antoine Le Calvez (@khannib) May 1, 2019
This time, the Bitcoin blockchain charged Loaded just 0.00074227 BTC ($3.93) to send $211.9 million worth of censorship-resistant digital money.
Loaded uses ‘SegWit’ Bitcoin address for cheap fees
Seemingly, fees have increased since last year. In the case of Bitcoin, users decide their own network fees, unlike major payment networks like Visa and Mastercard that often charge set amounts to use their centralized systems.
Loaded’s Bitcoin address is actually a little bit special. It starts with “bc1,” which means it uses Segregated Witness (SegWit) technology.
For SegWit users, this makes for smaller fees, while Bitcoin‘s backlog of unconfirmed transactions shrinks as users (and wallets) adopt the scaling tech.
Still, this serves as a simple reminder: Bitcoin is truly a “peer-to-peer electronic cash system” that allows hundreds of millions of dollars to be transferred without permission from anyone, and for just a couple of bucks at a time.