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Bitcoins worth $2 billion were transferred for pennies | Guess how much the transaction fee was Bitcoins worth $2 billion were transferred for pennies | Guess how much the transaction fee was

Yesterday, $2 billion worth of BTC was transferred on the bitcoin blockchain for a ridiculously low fee

“For pennies”, that is?

Data from Blockchain.com shows that a massive bitcoin (BTC) transaction

worth $2 billion was processed on Monday evening. Despite the high financial value, an unknown wallet holder only paid 0.00001713 BTC ($0.78) for the transfer.

While it is not known what the purpose of this transfer was or who made it, this clearly shows the huge potential of financial transactions using cryptocurrency and blockchain technology.

However, this is not the first case of a transaction of this size with very low fees. In August 2020, a $1 billion transaction was recorded with a nominal fee of just $4

.

How much would such a transfer cost in a traditional banking system?

Processing an international fiduciary transfer often takes one to four business days and includes a hefty transaction fee of 1%-3%. For a $2 billion transaction, it would therefore cost between $20 million and $60 million.

On top of that, banks and governments – unlike Bitcoin – have centralized influence over the operation of financial infrastructures, which can threaten the autonomy and rules that a free market should be governed by.

BTC transaction fees here and now

According to BitInfoChart data, the average transaction fee price on the Bitcoin blockchain is 0.000058 BTC ($2.67). Over the past two months, fees on the king of cryptocurrencies’ network have remained relatively stable in contrast to last October, when they began to rise, reaching their peak with the record BTC price set in April this year.

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In comparison, the average transaction fee for the second largest crypto by market capitalization, Ether (ETH), remains

many times (770%) higher at 0.0061 ETH ($20.44).

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