Bitcoin User Moved 29,999 BTC ($194m.) Paying A $0.1 Fee

The true potential of Bitcoin is showing up every day in our crypto news section. However, one of the most evident cases for that was yesterday, when one Bitcoin user managed to move 29,999 Bitcoins that are currently worth around $194 million – paying a fee of only $0.1.

This transaction would certainly cost tens of thousands of dollars if it was made in banks, which puts Bitcoin in the spotlight. The 4 million payment has clearly demonstrated the potential of consensus currencies and how they aim to reshape the cross-border payments in a significant way.
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In times when $1 million transferred through banks costs $10,000 and more, Bitcoin aims to reshape the market and bring the fees to less than a dollar. Even platforms like Transferwise which are known for eliminating the hidden fees in bank transfers are obsolete when it comes to cryptocurrencies.

For example, sending $1 million via Transferwise will cost over $7,500 in transaction fees – which in percentages shows that it is less than 1% of the total sum – making it cheap. However, on the Bitcoin network, it costs less than $0.1 to clear a $194 million transaction.

According to the cryptocurrency critic (and professor at Stern School) named Nouriel Roubini:

“So the cost per transaction of bitcoin is literally $60. So if I were to buy a $3 latte at Starbucks I would have to pay $63 to get it! So the myth of a ‘Brilliant new technology that reduces the vast fees of legacy financial systems!’ turns out to be a Big Fat Lie!”

In response to this, a respected cryptocurrency investor and the co-founder of Blocktower, Ari Paul, stated:

“BTC fees are less than $0.10, easily verifiable. If you value truth, you’d provide a public correction.
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If your goal is to mislead people with simply false statements, carry on. There’s nothing to research. Fees are publicly viewable from many sources (googling it works.) I find it better not to provide a specific source because then regardless of source, the source gets attacked,”

The discussion has proven that there are a lot of ‘false statements’ online – and that Bitcoin is really a pioneer in the world of feeless transactions.