$ 2 billion in bitcoins moved for pennies – the blockchain miracle

Bitcoin and its tiny fees – It is probably new records that have just been set on the Bitcoin (BTC) blockchain. If we already knew that Satoshi Nakamoto designed this network to avoid intermediaries expensive what are banks, recent and huge transactions prove this once again.

A 13-figure transfer that cost crumbs

Transactions amounting to millions of dollars on the Bitcoin network are not uncommon, but the ones we are going to see today are still very exceptional.

Like the spotted notably Cointelegraph, this September 13, 2021, the Bitcoin blockchain was the scene of a gargantuan transaction. At block no.700395, more than 44 598 BTC have in fact been transferred, for costs de minage / transaction de 0.00001713 BTC.

In US dollar equivalent, this gives, at the time of this writing, more than $ 2.1 billion displaced, for the very modest sum of 0,82 dollar.

44,598 BTC Transaction Details – Source: Blockchain.com

A similar international transfer in fiat currencies would cost, at the very least, 1 to 3% bank charges on the amount of the transaction, so at least $ 20 million. And we make thanks to the banks of 3-4 days (working days, of course) that they would “traditionally” add to finalize the transfer, instead of 10 minutes de Bitcoin.

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A series of very strange mega-transactions

Behind this demonstration of a financial system archaic and totally overwhelmed by the incredible capabilities of Bitcoin, these transactions question. Because yes, there was not only one, but a whole series. Both downstream and upstream of this transaction, there is a succession of transactions of the same amount, which slightly decreases at each transfer.

Going back a little the trace of this series of transactions, we find it, for example, in block n ° 700298, where it is even more than 44901 BTC that have been transferred (for 0.00001680 BTC), before becoming the highest amount exchanged. It’s like a few tenths or hundredths of bitcoins are swarmed with each new transaction. A very strange configuration!

A transaction of 44,901 bitcoins cost 0.00001680 BTC in fees on the Bitcoin blockchain (BTC)
44,901 BTC Transaction Details – Source: Blockchain.com

Since this was just a case of demonstrating the incredible bitcoin transfer capability compared to the exorbitant costs of traditional finance, we will not immediately have the end of this story of a series of rather suspicious exchanges. The Journal du Coin team will, however, closely follow these exchanges, hoping to find their origin and purpose.

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