$300 million transferred for 4 cents in fees!

[spiker777]

Amazing. I'm actually surprised they didn't put a higher transaction fee though, I mean 4 cents is just risky! This is $300 million we're playing with, not 5 bucks. Maybe they wanted the transaction to go unnoticed so they slipped in a low fee, perhaps for a double spend attack afterwards. But either way, this transaction does completely demonstrate the potential of Bitcoin, it would be an absolute circus trying to move $300m between countries, particularly if those two countries are not exactly on friendly terms with one another, e.g. North Korea and the U.S.

[DunnDy]

That's the point! The essence of Bitcoin is the incredible convenience and speed of making transactions from anywhere in the world at what time we want. It's unbelieveble how Bitcoin is modernist and what technologies it offers. Furthermore, such a low transaction price is simply fantastic. Compared to $ 300 million, what are 4 cents? Nothing to me. I hope that this will be a proof for those who doubt the idea of ​​using Bitcoin.

[reflectcrypto]

This is really a great news for the industry. The fee is really so low. And people should not raise any issue the regarding the charge anymore. I hope people will get back the trust on BTC with time .

[cryptotaste007]

One of the advantages of using crypto currency over fiat currency is transferring large unit of currency without much hassle. As it is not monitored by the government, large sum of coin can be transferred overseas with very little transferring fees. Moreover, the time required to transfer is very as few or no third party authorization is involved.

[hassan2654]

that's correct . maybe it seems impossible to the most of the new arrivals but it's true. we know this place is user friendly so they try to maintain very less amount of fee as their transaction charge and the best part is these fee prices remain same for all countries.

[cryptoasis]

That is the beauty of bitcoin and blockchain and it is still on developmental stage.  And the people are still complaining of high fees and more time for confirmation.  I know blockchain will rock.

[Pursuer]

Amazing. I'm actually surprised they didn't put a higher transaction fee though, I mean 4 cents is just risky! This is $300 million we're playing with, not 5 bucks. Maybe they wanted the transaction to go unnoticed so they slipped in a low fee, perhaps for a double spend attack afterwards.

what are you talking about, what risk?!!

the network does not  care about how much you are transferring. it only cares about the size of your transaction in bytes. you can transfer a tiny amount of money or millions of dollars with the same size of transaction and pay the same amount of fee.
and the fee they paid was a high priority fee which makes the transaction high priority and mineable in the next block.
additionally anybody who knows the basics of bitcoin (meaning they have read the first page of bitcoin.org/start-here) knows well enough that they need to wait for confirmation. and when a transaction is confirmed you can not double spend it anymore specially when it has the recommended number of confirmation.

[Kakmakr]

The moment when those bitcoins come in contact with the Fiat system, then you are stuck with the same problems and the high fees. If the owner can keep that within the Bitcoin ecosystem, then the fees will be applicable. Take for instance what would happen if those coins went through the regulated exchanges. A lot of exchanges ask roughly 1% in trading fees, so that person will have to pay $3000 in trading fees to move it around in an regulated exchange. 

So he or she is not out of the woods yet. 

[leonair]

That was very great though, obviously the Bitcoin network is not that congested anymore that resulted into this kind of good news and I hope it continues. This is the kind of example of no discrimination to everyone but it has still an advantage to those big payment senders and disadvantage to those small time payment senders as they tend to make micro transactions over time that will cost more fees but still it's way more cheaper compare outside the cryptocurrency world.

[Leo Barnes]

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.

Thats is blockchain technology works Fast and easy this also why the authority has doubt in cryptocurrency and bitcoin because of money laundering.

[o_e_l_e_o]

To everyone in this thread who is complaining that their fees are still too high, you are doing something wrong.

Either you are using an exchange or online services that charges ridiculous withdrawal fees and is making a large profit off you, you are using a wallet that does not let you set the appropriate fees, you are using a wallet that DOES let you set fees but you are setting them incorrectly, or your funds are made up of nothing but dust and so your transactions have 50+ inputs (unlikely, and still wouldn't push your fees up above a few thousand satoshi).

I would recommend you have a look at the following two sites:

https://core.jochen-hoenicke.de/queue/#2d gives you a nice graphical representation of how full the mempool is currently

https://coinb.in/#fees gives a very easy to use calculator to work out how much you should be paying in fees to have your transaction confirmed within a couple of blocks.

[jaythelingly]

After invention of crypto market btc is leading the first position in the market based on this btc offers good facilities to their customers so many people invested money in here also they took less transaction fees here is the proof 300 million dollar transaction fee only 4 cent which is really amazing.

[dablatair]

This numbers give me the head turning as it seems so irrealistic ! Juste give better idea of the power of the block chain !

[dellmoon]

Wow! $ 300 million in only 4 minustes is way too quick. In traditional payment system, this transactions require so much time. The transaction fee is only 4 cents which is also very cheap.

[muddy waters]

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.

If you wanted to transfer $300 million between conventional bank accounts, you would have had to fill up a bunch of papers and, probably, to answer some tough questions about the origin of the money.
I wonder who was the beneficiary of this very transaction and what was its eventual purpose..
Satoshi, is that you?  

[angelfaria]

Thank you for the link of this transaction fees. I is quite low but still I don’t get why some people claim that the fees are high. This fees are very less if any want to transfer fiat they would have to pay more fees and waste of time.

[Ucy]

Well this probably shows that Bitcoin is better for transferring large amounts of money than traditional payment processors.  But is it really a good thing? that is, is transferring that hugh amount of money for tiny amounts of fees good for Bitcoin? If that amount where in Physical value it would cost hundreds or even thousands of dollars to transfer. Shouldn't Bitcoin also be charging wealthy investors in %? well what do I know.

[gentlemand]

If you have 300 million dollars to move I think it's pretty safe to say someone's going to do you a deal. And in the UK and most of Europe bank transfers are free and near instant. It's time the US and elsewhere got out of the stone age.

[altGear]

And this is one of the many reasons Cryptocurrencies are superior.

[earnestoshodi]

That's is very impressive, imagine such was done through traditional banks,it would have taken at least a week to process and takes several thousands or hundreds of thousands of dollars