Bitcoin Whale Moves $230 Million for Only 57¢, Actually Overpaid

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Thanks to the transparent and public ledger used by the Bitcoin network, the mysterious and quiet Bitcoin whale thought by some to be the user “Loaded” on the bitcointalk.org forum has been sighted once more moving large sums of Bitcoin worth some USD 230 million for an incredibly small transaction fee of 57 cents… and he actually still overpaid.

Specifically, BTC 40,000 was transferred, with the transaction containing a miner’s fee of only BTC 0.0001 (10,000 satoshi). With the transaction and address using the “Segregated Witness” protocol, space for data is used more efficiently, resulting in a leaner size of transaction, and therefore, lower fees.

What is fascinating is that the 57 cent fee was allegedly more than what would have been enough. Bitcoin consultancy Bit Consultants has suggested most Bitcoin users are overpaying for their transaction fees. Its data shows that most transactions pay over three times what is the recommended “fastest and cheapest” fee.

Bitcoin fees are typically based on how much they are per byte of data, the higher the satoshi per byte, the more likely it is for miners to pick the transaction up to be included in the next block. This is how Bitcoin transactions are confirmed.

This mega transaction is the latest public advertisement for how cheap it can be to send large amounts of funds over the Bitcoin network. In comparison, a bank or remittance service could charge at least 0.1% but as high as 1%.

“Loaded” was also sighted in January 2018, paying USD 1 to move USD 400 million:

 

 

 

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