$1 Billion in Bitcoin Transferred for Less Than $4

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A huge Bitcoin transfer occurred with minimal fees according to a recent activity within the Bitcoin ecosystem. The transaction was reported by a Bitcoin monitoring organization named BitInfo Charts and the transaction was triggered by the wallet company Xapo. The exact amount transferred from one wallet to another was a whopping 112,027.29 BTC and the amazing detail is that it cost less than a gallon of gasoline in the United Kingdom.

This transaction shows that the Bitcoin network is potentially able to complete transactions under a fraction of the cost of conventional banks and money transfer companies’ fees which are in record-high territory these days ranging anywhere from 0.05% to 0.1%. This transaction only cost USD 3.89 equivalent value of Bitcoin or 0.00000047% of the total transaction value.

Previously, Bitstamp had transferred 107,800 BTC to Xapo wallet and it also cost a lot less than a typical transfer: 0.0000217% of total value in fees. Xapo’s own transfer cost even less than that.

However, the big transfer raises question marks regarding the short term outlook of the premier cryptocurrency as it can indicate a whale dumping or buying a large cache of Bitcoin, which can affect the price index significantly.

 

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