$1.1 Billion Transaction, Among the Largest Bitcoin Transaction in History, Sent for Just 68 Cents in Fees

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  • Bitfinex sends among the largest transaction in Bitcoin history for just USD 0.68 of fees

On 10 April, Bitfinex sent 161,500 Bitcoins worth USD 1.1 billion, with 15,000 Bitcoins going to the Bitfinex hot wallet and the rest of the Bitcoins going back to cold storage. This is the first Bitcoin transaction in excess of USD 1 billion since September 2019, and is actually one of the largest Bitcoin transaction in history. Remarkably, Bitfinex paid just 0.00010019 Bitcoins of fees, equivalent to USD 0.68.

Any other payment method typically requires a percentage fee, and even at a 1% fee it would cost USD 11 million to send USD 1.1 billion. This is one major advantage of Bitcoin, since no matter how big or small a transaction is it usually costs less than USD 1 to send a transaction. Indeed, there is no cheaper way than Bitcoin to send large amounts of money.

Notably, this technically was not the most amount of Bitcoins moved in a single transaction. The record holder is a 500,000 Bitcoin transaction sent in November 2011, although at that time 500,000 Bitcoins were worth only USD 1.32 million.

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