- A cryptocurrency whale moved a massive sum of USD 1.1 billion worth of Bitcoin (BTC) to another address for a meagre network fee of 83 dollars.
- A whale moved to move 124,946.6 BTC in exchange for a 0.0096 BTC fee.
- a whale moved 94,504 BTC worth over one billion dollars paying the equivalent of $700 in BTC as network fees.
A cryptocurrency whale moved a massive sum of USD 1.1 billion worth of Bitcoin
A whale moved to move 124,946.6 BTC in exchange for a 0.0096 BTC fee. In cryptocurrency lingo, a whale is someone controlling a large amount of Bitcoin.
As the details of the transaction became viral on Twitter and Reddit, “A transaction has just completed at 124,946 BTC. This is approximately $ 1.1 billion, and the cost of translation was about $ 80.
Neither government, nor banks, nor third parties able to verify or stop such transactions. This is the true power of bitcoin,” users commented. Indeed, traditional banks cannot match bitcoin in this aspect.
Though it is impossible to know the cause of this massive movement, a Reddit user claimed that the transaction was by a Bitfinex cold storage address and the exchange was to facilitate the redistribution of cryptocurrencies.
124,946 bitcoin were just moved in a transaction.— Rhythm (@Rhythmtrader) January 14, 2020
That's ~$1,100,000,000 transfered for an $80 fee.
No government, bank or third party had to verify the transaction, nor could they have stopped it if they wanted to.
The true power of bitcoin. ?
Though this isn’t the first time such a significant transaction has taken place for a low fee, it is rare. In September, a whale moved 94,504 BTC worth over one billion dollars paying the equivalent of $700 in BTC as network fees.
Before that, an infamous player named Loaded paid $3.93 to send $212 million worth of Bitcoin.
It is also to noted that reports of significant activity among wallets associated with Binance, OKEx and Coinbase exchanges had emerged earlier.