Bitcoin Worth $1 Billion Transferred for a Fee of $4 August 7, 2020 August 7, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsAugust 7, 2020 by Kelly Cromley

Bitcoin Worth $1 Billion Transferred for a Fee of $4

Twitter handle Whale Alert has highlighted the transfer of 92,857 BTC, equaling $1,092,603,640, from an unidentified wallet by paying a fee of just $4.

Even though the Bitcoin network is popular for transacting large value by paying negligible fee, the average cost paid per transaction has gone up by about 500% in the past month.

Another twitter handle Bitcoin Block Bot, which also tracks large transactions by whales, had identified and revealed a 101,857 BTC transaction on June 27, carried out by paying a fee of merely $0.48.

That quantity refers to almost 0.5% of all Bitcoin that is currently in circulation. There are no further details regarding the transacting parties (remitter and receiver).

Social media users believe that a BitGo custodial wallet administering Bitstamp’s holdings is involved in the transaction.

Before Bitcoin halving event took place, the average transaction charges hit a high of $3.19. This mirrors a rise of more than 300% from the average fee paid on April 26, as per data provided by Bitinfocharts. Notably, back in 2019, Bitcoin transaction charges were more than $3.

There has been a pattern in the rise of Bitcoin transaction charges. Before halving events took place, Bitcoin transaction charges used to increase. Weeks before the previous halving event on July 9, 2016, average charges surged to $0.62 per transfer from $0.10 in a span of 24 hours.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.