$300 million transferred for 4 cents in fees!

[o_e_l_e_o]

Have a look at this transaction: https://www.blockchain.com/btc/tx/39afcad6c4d0713ed291014315c4dcf2d81334275218c28fd354af45b7395c61.

$300 million transferred, fees of $0.04, confirmation in 4 minutes.

Now imagine the hoops you would have to jump through to transfer $300 million in fiat, the days of delays, the fees, the people you would have to discuss it with first, etc.

[eternalgloom]

And I still see people complaining about having to pay too much fees. You can check the  Bitcoin Technical Support board to see some examples.
Probably people who are using a wallet that incorrectly calculates the best fees or exchanges that are charging additional transaction fees.

[CashMercenary]

Wow! I didn't know that it is possible?! Im not familiar with that wallet and I rarely used BTC blockchain. Well, I always used my BTC wallet here on my country where I can buy it using our fiat money and their charge for transaction fee is super unfavorable. Is that somewhat depending on the miner who will process your transaction?

[Vineeta2oct]

This is what I like in crypto and blockchain. You can send any amount to anyone in any country at any time and the fee will remain same plus the transaction takes place rapidly and you can actually trace whether it has happened or not. This is the future

[smyslov]

It's legit it's like an old time I just withdraw Bitcoin to one exchange the fee is very high and the transaction confirmation took two hour to confirm how I wish all transactions are like that, looks like Bitcoin is back in business if all transactions are like that.

[eipeng]

$300 million in 4 minutes and what the best is 4 cents. This is what bitcoin lookslike! Those exchange charges so much high. I hope there's regulatory standard to prevent any for charging to much high transaction fee!

[gizmodo1987]

This is what I like the most about bitcoin or other cryptocurrencies. Less hassle and almost instant transaction with a very low fee. Surely you can't do this with fiat or bank transaction.

[dothebeats]

This is the beauty of bitcoin: you can literally send millions of dollars without a huge transaction fee or any intermediaries questioning where would you send the money. As for this transaction, probably the one who sent the transaction is in close ties with the pool operator that's why they let it pass with only a fraction of a fee, or it's the exchange operator himself who made the transfer. Things like this doesn't amaze me anymore since I've seen numerous transactions with the similar nature. Now, if anyone tells me that WU and other intermediary money transfer concierges are still better, I'll show them this transaction just for reference.

[ikilledcobain]

Very cool example of how this technology can and will revolutionize the banking industry (among other things). A wire transfer for that amount would probably take a month to clear all the hurdles it would need to go through. The fundamental technology is revolutionary; once the masses realize this, the price will follow.

[goldade]

Have a look at this transaction: https://www.blockchain.com/btc/tx/39afcad6c4d0713ed291014315c4dcf2d81334275218c28fd354af45b7395c61.

$300 million transferred, fees of $0.04, confirmation in 4 minutes.

Now imagine the hoops you would have to jump through to transfer $300 million in fiat, the days of delays, the fees, the people you would have to discuss it with first, etc.

This and many more are the advantages of using bitcoin over fiat. Having to transfer that sum of money in fiat will take nothing less than $50000 as transaction fees, take almost 5 days to complete the transaction and you'll have to meet tonnes of people all because of a single transaction.
I even read on this forum where a member said he transferred $20000 and the bank charged him $700 over just a single transaction. https://bitcointalk.org/index.php?topic=3203640.0
I just don't get why some people still complain that bitcoin transaction fees are high.

[VitKoyn]

Have a look at this transaction: https://www.blockchain.com/btc/tx/39afcad6c4d0713ed291014315c4dcf2d81334275218c28fd354af45b7395c61.

$300 million transferred, fees of $0.04, confirmation in 4 minutes.

Now imagine the hoops you would have to jump through to transfer $300 million in fiat, the days of delays, the fees, the people you would have to discuss it with first, etc.

It is not surprising anymore, and this is why Bitcoin is better to use than bank transfer when sending money to someone internationally, it will not be an instant transfer but you will not have to wait days for the receiver to receive the money because it will just take minutes, especially now that mempool is not congested anymore. You also don't need to pay a lot for the transfer even it is small or huge amount. And lastly there is no law to follow or legal documents that you will need to provide when transferring large sum of money using Bitcoin because it is not controlled by the government.

[robertobracceschi]

this thing is really fantastic. I can not wait for bitcoin to be used worldwide by the entire industrialized population. It would really be a great revolution.
It will take at least 10 years and the most used unit of measure will be satoshi

[Gaurav11kb]

Crypocurrency is in its beginning phase, there would be a lot of improvements in the coming future and it would be better than it is today and I'm telling you that it is already many times better than banking transactions at present time. You control everything, no one except you can do anything to your funds. This is really great. There is a bright future ahead.

[ovcijisir]

Now imagine the hoops you would have to jump through to transfer $300 million in fiat, the days of delays, the fees, the people you would have to discuss it with first, etc.

Delays would be because the bank would have to do security checks, especially after money laundering and anti terrorism laws.

Also transfer this big would have impact on bank, because I doubt all banks have so much cash lying around to be transferred in so short period of time.

Cryprocurrency monetary system is, from your example, more efficient then bank monetary system, because it uses only necessary things that system needs to function.

[sakahayang]

Actually if we are smart, we can make the cost of bitcoin transaction becomes the cheapest. need good information to get cheap transaction costs.
people who say the cost of expensive bitcoin transactions is that people directly send the bitcoin without any calculation first.

[BrewMaster]

Wow! I didn't know that it is possible?! Im not familiar with that wallet and I rarely used BTC blockchain. Well, I always used my BTC wallet here on my country where I can buy it using our fiat money and their charge for transaction fee is super unfavorable. Is that somewhat depending on the miner who will process your transaction?

it is somewhat depending on the bitcoin transaction fees but it is not all there is. these places where you buy bitcoin from (the third party services such as exchanges) always charge more fees. it is both because they want to cover the transaction fees and also have some revenue. it may not seem like much but considering the number of withdrawals some of them have per day it is a lot of money.

you can always check the transaction to see how much actual fee they paid. so you can see how much extra they charged you. for instance they pay 500 satoshi fee and charge you 100,000 satoshi fee.

[BelieveInBTC]

A lot of people still think that Bitcoin transaction fees are extremely high. Thanks to the growing SegWit adoption and Lightning Network this problem is slowly being slowed. There are less people who use Bitcoin of course but I doubt that it would be the only thing that affected the fees. Bank would charge enormous amount of money for such transaction and it wouldn't be confirmed in less than an hour.

[bkrobottc1]

I think problem is we have to pay high fees when trading on the exchange. Usually calculated as a percentage of trading volume

[victorski]

Wow... This is just amazing. People 10 years ago could not even imagine this amount of money transferred so easily, and 50 years ago people would drive crazy if they would hear about something like that.

[jak3]

Wow, this really made my day, I am surely going to spread this information with a lot of users and I am 100% sure many people are going to feel the power of bitcoin with this single transaction. I mean literally, no banks cannot transfer this much funds in a short amount of time with this low fees. But for bitcoin is just some strings and it puts that into a ledger and showed everyone in the blockchain so no one can change these details. Now, this is an awesome concept.