Just whale things. Someone is flexing their spending and sending skills by transferring over 1 billion dollars in value for just 50 cents.
Billionaires, take note. It's one million times cheaper to send huge sums of money on the Bitcoin blockchain.
A Bitcoin user sent over 50,562 BTC to an address on the blockchain, paying a fee of just 2,513 Satoshis , equivalent to half a dollar for the pleasure.The unknown wallet address paid a tiny fraction of the total value transacted. Put simply, the user paid 50 cents to move double the GDP of the. The billion-dollar transaction was processed in block 761374, at a transaction fee of just 15 satoshis per unit of data or sats/vByte.
Cointelegraph experimented with various online banking services to estimate the cost of sending vast sums of money through legacy finance tools. For the transfer of $10 million, a well-known remittance provider charges a tiny fraction, 0.3%, which equates to $30,000. That’s one million times more expensive than using the Bitcoin blockchain to send money.
Bitcoin miners sort through transactions, processing the passengers that have the most expensive bus tickets first. Typically, the higher the transaction fee, the faster the transaction is confirmed. At 15 sats/vByte, the cost of sending over 50,000 Bitcoin is very low, indicating that this Bitcoin whale was not in a hurry., or 1,136,000 sats to move 3.8 Bitcoin .
The process of sorting through transactions in the mempool is relatively straightforward for miners. Contrary to many Bitcoin critics’ beliefs, it is not an energy-hungry process. Ultimately, Bitcoin’s energy consumption comes from block reward issuance, not transactions.
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