This transaction shows some of advantages when using Bitcoin blockchain

[franky1]

but it is still lesser in compared to the banking sector and fiat currency. They will cost us huge fee + tax, but with BTC we have to pay lesser fee,

bitcoin fees are not based on the amount spent..
so if you think bitcoin is cheaper then fiat then you need to change banks if they are charging you $25 per payment

again if you think paying paypal, venmo, or any payment processor $25 per payment then you are not normal

anyone thinking bitcoin charging $25 is acceptable are usually part of the religious cult that want people to use other networks instead of bitcoin so that bitcoin is left for just the elites to use.. and the funny part is the most cultish idiots promoting other networks as the solution are the low income idiots that are making themselves unable to use bitcoin by promoting themselves out of utilising bitcoin..
they are not helping themselves nor other bitcoiners.. and they cant even recognise the promotions they promote for what they are for

[Cookdata]

The transaction has its value is $383,218,948 and transaction fee is 35,700 satoshis that equal to $24,76.

That transaction would have been cheaper than that sats spent to move the Bitcoin if it's was moved to a segwit wallet address but I can see that they were move to another legacy address. The fees would have also been cheaper if it was a single input and output transaction but the signer used 7 inputs and 2 outputs which make the size of the transaction to be more biger, this is why consolidation is necessary when fees are low.

Bitcoin transaction fee is still not cheap enough for everyone but mempools are better recent weeks, people have better conditions to move their bitcoins with cheaper fees.

That big transaction above is very beneficial for people who have big fund and can use Bitcoin blockchain to move their fund on chain, with cheaper transaction fee than if they do it through bank transfer. Transactions on Bitcoin blockchain have an extra security, no reverse.

It is still expensive for people with small fund or the poor to feel feasible when using Bitcoin blockchain and spending fee.

The problem with moving funds from one wallet to another is that it breaks privacy especially when people has plenty of many inputs as blockchain analyst use this to track utxo that are spent and how they are spent but if the owner really priorize fees over privacy, this is the best time to consolidate all inputs to a single wallet address.

As for poor people who think the fees are still expensive, if they can't spend 10 sats for transaction for a single input and output, they don't have reason to be holding bitcoin in an external wallet because I'm not sure if mempool average fee will ever go to the lowest of 2 and 3 sats.

[BlackHatCoiner]

Why not use bitcoin lightning network instead?

Because people want simplicity and self-custody, and truth be told, lightning is a pain in the ass. The more complex they find it, the more likely it is for them to use a custodian. So, instead, they use altcoins, which are simple and self-custodial.

$24.76 is too much for 1 input and 2 outputs transaction. Either the person knew what he did or waste money on fee.

For normal transactions, yes, but if you're moving 5000 bitcoin, you want it to be confirmed as soon as possible. The $25 is not even 0.00001% of the amount transferred. Good luck finding just 0.001% outside Bitcoin when moving $300M.

[hd49728]

For normal transactions, yes, but if you're moving 5000 bitcoin, you want it to be confirmed as soon as possible. The $25 is not even 0.00001% of the amount transferred. Good luck finding just 0.001% outside Bitcoin when moving $300M.

I wanted to emphasize this advantage of Bitcoin blockchain by sharing this transaction.

Cheap fee when you move a very big fund and Bitcoin blockchain can give you best security for your transaction, no reversed transaction after it get some confirmations.

People in the discussion moved far beyond the main point of this thread, just about fee for big fund movement and its security. They want to discuss everything about Bitcoin blockchain and transactions here.

Inbound, Outbound, Domestic, International, a lot of rules for fee.
https://www.forbes.com/advisor/money-transfer/wire-transfer-fees/

I don't know do they charge more if you move bigger fund?
Any difference in fee by moving $10,000 and $100M?

[un_rank]

I don't know do they charge more if you move bigger fund?
Any difference in fee by moving $10,000 and $100M?

For services that charge by the percentage it will cost way more, so I do not expect anyone will move very large amounts using such services. Imagine paying even a 0.1% fee on a $100M transaction.

But for whatever financial service you use, the requirements, fees, and regulations will be high the higher the amount you are sending. Bitcoin could fit a billion dollar transaction into a tiny memory space and move it as easily as paying for a cup of coffee.

- Jay -