Bitcoin Forum

Bitcoin Whales seems to be in action despite bitcoin prices going downwards, and this particular whale just transferred $310 Millions worth Bitcoins for 0.32 cents, and yes you’re reading it right just 0.32 cents. Now open your bank site or any other money transfer site and just input a few thousands or few lakhs of dollars you wish to transfer, the transfer fee will blow your mind out.

What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?.

What are your thoughts on the transfer fees, have you ever taken it up with your bank?. Lastly I believe the time has come for these corporations to stop looting us, and give us fair transfer rates don’t you’ll agree with this?.

https://thenextweb.com/hardfork/2019/11/24/bitcoin-whale-310-million-cryptocurrency-fortune-32-cent-fee/

Okay:
Have you imagined how many humen involved in the transfer process of your money in a bank to bank? Let's say international transfer.
Have you wondered how many times they need to have permissions from the government?
Have you wondered the paperworks needed to make the transfer?
And all this cost money. How are bank is going to get that money?
Fees!!! Put x% of $310 m and that becomes a lot to pay the salary of the staffs.

Now with  Blockchain, since there are no middlemen except the miner. So you are just paying shit low amount as fees. We need bitcoin adoption for freedom.

I really wonder how they manage to do it? I usualy transfer few hundred dollars somewhat frequently to exchanges almost every weekend, and the fees I pay is around $0.25 - $0.45 per transaction. I use Segwit enabled wallet and the wallet calculates the fees for me! I have tried inputtig manual fees but that usually delays the confirmation. Is there anything that we don't know?

Banks have for many years had a monopoly on the storing and transfer of people's wealth, so they could make the rules and over change people as much as they wanted to. This has suddenly changed, because the new kid on the block called Bitcoin, allowed for inexpensive money transfers and zero fees to store your wealth. <if you do it in a proper way>

People like Mike Hearn and the R3 Banking consortium are already working on technologies, similar to the Blockchain to make Bank transfers faster and cheaper, but the consumers might only benefit a little from that, because the shareholders will take the largest portion of those savings.  ::)

I think this is not the first time that we have heard whale transferring huge amount with ridiculous low fee:

Bitcoin Whale Transfers $468 Million for ‘Low Dollar Fee (https://bitcoinist.com/bitcoin-whale-transfers-468-million-for-low-dollar-fee/)
Bitcoin Whale Transfer Worth $1 Billion Paid $4 In Transaction Fees (https://news.crypterium.com/bitcoin-whale-transfer-worth-1-billion-paid-4-in-transaction-fees/)

Maybe those whales doesn't care if there could be delayed in transactions as long as they know that the BTC are going to their wallet anyways that's why the fees are so low. As compare to us mere mortals here who always pay high amounts because we are eager to see it goes into our wallet in less than an hour.

exactly! people usually don't hear about it unless some drama starts (mostly involving price) and hear about it in news sites. otherwise big transfers aren't as rare as some people may think.
you can always use a block explorer like blockchair.com that allows you to sort transactions based on value to see all the gigantic transfers!

the fees nowadays are low so it shouldn't take that long to confirm and most 1 satoshi/byte transactions are being confirmed in the next block (so right away). and most of these big transfers are from big services consolidating inputs so they don't care about how long it could take.

This is one oft he reasons why Cryptocurrencies is the logical next step in the evolution of money, the same currency can be used worldwide, you can send money in the form of Cryptocurrencies from anywhere and to anywhere in the world, even from the comforts of your home, you can trace your transactions on the blockchain and ensure that it reaches it's final destination safely and all without the interference of a single centralised authority and most importantly, all with a fee that's so tiny that it's negligible, Just imagine how much a bank would have charged to make that transfer of $300 million.

The issue is a mathematical question and not related to the value of these currencies in dollars.
You can send one million dollars using a 1 dollar fee and you can send 100 dollars by 10 fees.
Calculate the number of inputs, outputs, and some other variables. You will then be able to calculate your fees at the lowest possible cost.

The question is how they've done that? Is it exclusive to them because most of us send an average of a couple of hundred dollars at a time and pay more than 2 or 3 dollars Is there any clear explanation on why this "whales" pays such low fees while sending millions of dollars of bitcoins.

that's why bitcoin is far better than BANK, I have said about this repeatedly to my community, when you make large transactions from BANK to another BANK or make money transfers between countries, I think it will be complicated by submitting our important data and others it will look complicated taking care of it, bitcoin is much easier to make large transactions to all countries at lower costs, as long as people don't use bitcoin for micro payments will certainly look transaction costs look bigger, so in my opinion bitcoin should be used to make large transactions between all countries will be better, although there are LN but not yet evenly distributed as a whole who use it

when you want to make a large transaction, pay attention and see the number of unconfirmed transactions whether more than 10k, if YES you should wait until the transaction has not been confirmed around 3k, because each block will confirm at least about 2k to 3k transactions so that your transaction can also be in confirmation even at low cost, it's easy and I do it often

That's really impressive. It still surprises me that millions of dollars can be moved for literally no fee when banks and any other payment processor would be charging a huge fee, even more if it's an overseas transfer.

Banks don't need to charge a lot of money of transactions - it takes very little actual effort nowadays with their new systems, they charge these fees in order to make money, but bitcoin doesn't and it's a pretty good reflection of how much computing power is required for transactions.

That's really mind-blowing, for the first time, things will get easy transferring a very huge amount, this is one of the reasons why I left my banks and discontinue using my Paypal, the transfer fee is just mind-blowing,  this is not the first time it happens, it happens to all traders holder and investors in Cryptocurrency, and this is one of the best features of Cryptocurrency that's worth promoting.

I think that this person is really happy about Bitcoin just imagine how much would it cost if this whale would do it on fiat the tax or fee that he/she would need to pay.
Bitcoin really helps a lot specially in these type's of case this is why crypto is the cheapest way to send money to all over the world.
Small transaction fee and the transaction is so fast I think it is currently the best way to send money abroad.

No wonder the banks are so pissed, imagine transferring such a huge amount of money through a bank and you are going to see the amount of money that's one is going to spend with this kind of transaction. And I don't know why whales have been so active this time around, Maybe they seek to drive the value even lower now.

Well how amazing it is to have such a huge amount of transfer being done for a fee less than a dollar! I wish the governments could see this truth and open up to the adoption of cryptocurrencies. But no the government would rather maintain the fiat currency so that they can keep looting us of such huge amount of fees. I don't even want to imagine the fees that would have been incurred if this transaction was made in my country.

This is a great example of how people suffer from banks and their corruption schemes. I’m incredibly glad that bitcoin gives us digital freedom and the opportunity not to be robbed by intermediaries.

That's cool.Such a large sum passed from one person to another for just 0.32 cents.The Bank on average for such a transfer would take from 0.5% to 1% of the transfer amount.

The fees are charged per byte, not per dollar amount.

So if all this money was in a single address with a single input, then the fee for the output will be small.

Whereas if you are sending an output made up of a lot of inputs, the bytes being sent will be large and the fees large as a result.

0.32 cents is cheaper than a bottle of water. In my opinion, everyone needs to think out about how valuable Bitcoin is.

How much the cost you spend will greatly affect your transaction. I once tried to transfer my bitcoin with a very low fee even though I had waited all day and in the end my transaction just failed even though I had waited all day and it was a waste of my time.

I don’t know if that news is quite similar to this one here:

Source link here (https://beincrypto.com/bitcoin-whale-moves-337m-worth-for-40-cents/?utm_campaign=amba&utm_medium=social&utm_source=bitcointalk&utm_content=jc)

While yours is $310 million worth of BTC for $0.30+, another source says $337 million (46,000 BTC) for only $0.40.

So that means to say there are two whales recently moving a lot of BTC today? Correct me if I’m wrong though.

All I can say is that these whales are having the time of their life by risking to buy Bitcoin years ago when it was still cents to a few dollars.

If I were a whale, I would rather save my money on my Bitcoin wallet than in banks. Coz’ we have full control (no central authority) and ridiculous low transfer fees.

If you transfer money from country A to country B, you bank:

1) send them to correspondent bank
2) correspondent bank send them to correspondent bank of receiver
3) correspondent bank of receiver sends the money to the bank
4) money are transferred from bank to receiver

If you fail to write correctly receivers name, iban, swift code, bank name, you can call or write to bank manager on stage 1)-2) and hold the wire with 100% success rate. Most probably your transfer wont even be executed.

But if you failed in writing correctly bitcoin address of receiver while transferring $310 millions, most probably you can forget about that money  :)

I think its part of bank's service charge income. Its really quite hard to understand about the fees but these are also regulated from or how many processes it will undergo. Transferring money especially from one country to another is very high-risk and it depends also on the connection and the process flow.

Show this news in the global mass media. It would shock people!

This news is not new , before bitcoin reach all time high, there were lots of transactions, like moving  thousands and hundreds of bitcoin from one  wallet to another,
this is a sign that even the price drop to 6k usd, there is a possiblity that it will not last long, and it will go up a bit , since the whales is already accumulating lots of it
what they are doing is putting the community into panic mode, while they are getting a lot of bitcoins , with a low price, then sold it again same process , is happening
time and time again, and no one is even notice that its just a cycle, and poor new investors are the victim of it

I see this as the perfect distraction for many to speculate on what will happen? If the price goes up or down ... What the whales do are normal plays in the market, pass their funds from one side to another, some are taking a position in the Exchanges and allocate some percentage of their money to defend positions and others to operate.

They may be doing like a chess, they take positions to follow their strategy, what should be done right now is to try to know what they can do, or what plans they can have ...

The trend in general is bullish, it may be that now with the news that has been presented in China they are influencing and taking advantage of the movements under these premises, everything is valid in the market ... although it always gives surprises, as it usually does contrary to what most people think, many see bearish, they may surprise us ... The key is to wait.

I know of someone who transferred money to the wrong bank account without getting it back. You know what the bank recommended him to do? Transfer a penny to that bank account and ask in the description of the payment if the wrongly transferred money can be sent back. Obviously, that didn't happen.

It could be different per bank as each bank handles a different set of policies, but the days where blatant mistakes from your side are refunded are nearing their end. Theft, phishing, etc is still being refunded but I'm not sure how long that will last.

Your only shot at getting it back is to quickly double spend with a much higher fee as long as the transaction is still unconfirmed, but that's not an action the average user here knows how to execute.

That's too low already. I remember from an exchange it is about 4 to 5 dollars per transaction depending on the exchange rate. That's why I go with an alternative coin, XRP!  It is very cheap to send and safe too.

I want also to learn how they managed to transfer at less than a dollar so that I don't need to convert to another coin.

The bank is a complex and highly focused organization where your money order requires the participation of many components and is subject to enormous legal constraints. The problem is even more complicated when international money transfers. Moreover, banks can not apply blockchain in a short time.

My last transaction cost me the equivalent of 2 cents. $0.02 USD... but it was for a much smaller value of around less than $500. Still that's quite low, and I only waited 11 minutes for it to be included in a block. I was in no hurry either and expecting it to take much longer as I set the fee to 1 sat / byte.

This is the new generation of why you shouldn't go all in transfeering from any real world company such as bank's international transfer.

It's better you use something within the network such as Stellar if you want to pay less fees with your bank.
Nevertheless it's an easier job to make a virtual transactional transfer rather than from a bank to other bank.

Banks have people working for them, there is an individual for each task such as government laws verification, money verification, money processing amount other things.

These costs some $$$ thats why banks ask for more fees rather than bitcoin.

Low transaction fees are one of the advantages of Bitcoin and banks will not be able to compete with it unless they integrate the same technology or just accept Bitcoin for international transfer to lessen the hassle ;). Sooner or later more people will know about this and banks will be out of the picture if they don't make any changes with the transaction fees.

That's the good thing about cryptocurrency. I don't think banks will be able to do that. When you're making a huge transfer that is an international transfer, the bank will charge you their own fee, and since the bank is not the only agent that is carrying out the transfer there are other fees that are being added maybe for the government and others like Western Union and all that, depending on what you choose to use.

That is why Bitcoin is the best option when it comes to international transfer. I believe that if the same whale tried to transfer that amount using bank he's going to face a lot of difficulties and some screening? I guess. But with Bitcoin, he's in complete control and will only be paying the fees for the miners, no stress and the transfer is done already.

Lately, I have been making use of Bitcoin when I want to send money to friends abroad, they receive it that same minute and they sell it and get the money in their bank account immediately. But imagine when I used to make use of banks lol, I would leave my house and go to bank early in the morning around 8 or 9AM and start filling some paperwork and then wait for days for them to receive the money.

It's the same story, likely some statiscis got misseed up, but the premise of the story fairly the same.

The 4 step process is why it often takes so long for wire transfers to hit (unless you use services like Paypal and Transferwise to avoid these long waiting periods), and it's what makes it pretty annoying for a lot of people.

This isn't always a good thing - how many times have people been scammed with fake wires that get held and canceled?

Another proof of the excellence of cryptocurrency against the banking system. Can a bank transfer such amounts in a matter of seconds at the price of chewing gum? Never!

This is a ridiculous fee price. Once again, Bitcoin fucked the bank and bank transfers. Do we really need more evidence of the dominance of Bitcoin?