Home / Bitcoin / Individual spent $700 in Fee for moving $1Billion In Bitcoin

Individual spent $700 in Fee for moving $1Billion In Bitcoin

Overpaying $700 fee for $1 Billion Bitcoin

The Cryptocurrency space is full of uncertainties and unbelievable events from John Mcafee’s weird price prediction to Justin Sun’s Lunch with Warren Buffet. Cryptocurrency is being part of Mainstream media with its enormous growth and widespread popularity it is attracting people worldwide.

One such shocking event comes in limelight when someone executed $1 billion Bitcoin transaction, well you might be thinking that it is shocking because of its transaction size, But No, it is shocking for another factor which is the Fee the individual spent for transaction, which is around $700, almost 20 times more than actual transaction fee of $35.

This event created a lot of buzz in social media, where people were guessing the origin and destination of funds, involving 94,504 BTC ($1.018 billion). As reported by whale alert the transaction does not involve any known wallets or neither has it belonged to any Exchange wallet/address.

With this revelation, the twitter users started speculating anonymous person behind this transaction while according to a Twitter user; the funds could be associated to the institutional trading platform, Bakkt, which was scheduled to start accepting clients deposits from September 6.

The American broadcaster and filmmaker, Timothy Maxwell famously known as Max Keiser is also commented:

“Institutions building inventory for their market-making needs going forward.”

The Bitcoin transaction fee varies depending on speed of transaction less fee takes more time in transaction confirmation whereas high fee takes less time for transaction confirmation.

As per current conditions, getting a transaction listed in the next block takes a minimum ten Minutes which is just for 23 Satoshi per byte,  sender spent approximately 20 times more, the transaction of $1 billion could have completed in around 10 minutes paying just $35.

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About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates:

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