$300 million transferred for 4 cents in fees!

[Siren]

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.

And they dont know how much fees they paid ,they only complaining about something they dont really understand,the fees and speed about transactions are something we must be thankful this is what i have seen from my past withdrawals meaning nothing to complain now

Transaction costs are impressive, if the BTC price is stable then this is a great way to transfer money!
I hope Bitcoin and altcoin after development time will be stable to be able to use other purposes than investment!

Bitcoin pricei will never be stable because this is volatile,but if youre saying is about the regular movement of price will i agreed on you then

[gerasimo]

lol i can only imagine the hassle if it was fiat money

[LoyceV]

The rest of the transacion (45,500BTC)/$300 million) is just the change that stays in his own wallet.

That's certainly a possibility, but we don't know for sure.

I think it's much more likely to pay 0.1BTC, than to pay a weird amount and keep 0.1BTC as change.

It doesn't matter if the 48,500 moved to an address in the same wallet or a different wallet, or to an address owned by the same person or someone on the other side of the world. All that matters as far as the blockchain is concerned is that it moved to a new address - the owner of that address is irrelevant.

If you're looking at this from the blockchain's perspective, it doesn't matter indeed. Bitcoin doesn't care. But from the same perspective, this transaction is no different than transfering a large amount of Bitcoins when it was worth just 2 pizzas.

Your statement in the OP was this:

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.

And that's why I argue it didn't even happen. It's more like Scrooge McDuck moving a pile of cash from one corner of his safe to another corner. That doesn't give any delays, fees or people to negotiate with.

On the other hand, if you do really make a transaction for $300 million, whether it's Bitcoin or fiat, it's very likely the deal needs to be negotiated anyway, which takes much more time than transfering the fiat. On a global scale, I don't think $300 million is an rare thing in fiat transactions anyway.

[o_e_l_e_o]

And that's why I argue it didn't even happen. It's more like Scrooge McDuck moving a pile of cash from one corner of his safe to another corner. That doesn't give any delays, fees or people to negotiate with.

True, but this transaction proves it's possible to send that much money essentially for free, even if it didn't actually happen.

On the other hand, if you do really make a transaction for $300 million, whether it's Bitcoin or fiat, it's very likely the deal needs to be negotiated anyway, which takes much more time than transfering the fiat. On a global scale, I don't think $300 million is an rare thing in fiat transactions anyway.

I would agree, but the point about fees still stands. I very much doubt there is a traditional financial institution anywhere in the world that would let you transfer $300 million for what is 0.00000001% in fees.

[Herbys]

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.

I myself am trying to imagine more of a person who has transactions at 48,500BTC, at least once a month.

[FXTradingPro]

This should be the reason that institutions should adopt BTC and cryptos. The amount of money that can be moved that fast and that cheap could save large companies millions in fees.

[ravijadon12jan]

Have a look at this transaction: /btc/tx/39afcad6c4d0713ed291014315c4dcf2d81334275218c28fd354af45b7395c61]https://www.[Suspicious link removed]/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.

Woah, lightning strikes 
That's really cheap, I guess transferring $300 million through banks or currently existing medium will cost you few thousand dollars easily. In comparison to that, BTC transaction cost only $0.04, a very strong case to put in front of these banks
Even though now BTC fees are at it's lowest, don't know why these exchanges charges so hefty fees while transferring, not acceptable at all.

[shashkova]

imagine if that was fiat money, how they could transfer that money  this efficient. so much hassle for the fiat money

[katulana]

Too much and too fast for a game, bitcoin is breathtaking and easy to use and safe because of the 300 million move that does not need anything and can be viewed in block chunks and is anonymous in disturbed banks as they ask the traveller they put a property they ask the government for the owner of the bank

[spartanrules]

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 event really shows strong sides and advantages of blockchain technology and cryptocurrencies. But also it shows that this sphere is real competitor to bank system.

[bloodyvio]

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.

that's why i believe cryptocurrency will replace the banking system
with crypto we do not need bank approval for transfering money
be your own bank

[pehatas]

Imagine now what speed Bitcoin will have after implementing the Lightning Network technology. Btikin will become the main means of payment, I am sure of it.

[Grayy]

Liberation at its peak. Can you imagine how poor people are overburdened with charges for any financial transactions they make to their  relatives or business partners? This is the message everyone should see. Nobody deserves to cheat you on your hard earned money. Use bitcoin!

[Johnyz]

That's great to know. This is surely help me to engage in bitcoin. At first I thought the price is high! But, it's not that high for who invest to a large amount.

Exactly, but sometime the fees are getting higher but this is much more covenient comapare on making transactions with the banks. Blockchain technology really make this possible and this is why people loves cryptocurrency.

[DoublerHunter]

That's great to know. This is surely help me to engage in bitcoin. At first I thought the price is high! But, it's not that high for who invest to a large amount.

Exactly, but sometime the fees are getting higher but this is much more covenient comapare on making transactions with the banks. Blockchain technology really make this possible and this is why people loves cryptocurrency.

That will become the key in the future why cryptocurrency will have a huge growth in the future. Cryptocurrencies will continue be improving and more people will prefer the cryptocurrency to be used as a mode of payment rather than an investment because of its cheaper fees than the regular ways like transacting in banks.

[nguoicandam]

That is a remarkable thing

[iotarocket]

This is great news and shows that Segwit has been a success. With the implementation of the Lightning Network, we can see that fee reduced to a fraction of the four cents paid. Contrary to what the naysayers claim, bitcoin is on the path to scaling.

[cryptotrade007]

That is pretty amazing.  It would be interesting to see an actual breakdown of what the cost would be vs traditional banking avenues.

[suzanne5223]

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.

Wow! I can't believe my eye but I'm a kind if person that believe knowledge is power and I will try up the scoop you said cause watching the transaction I already knew there's a means applied by the transaction sender.

[Olayinka225]

Well....have been saying this, that low cost transaction fee can be achieved. And this is just the beginning of it. Can you imagine 300$ million sent with as low as 0.04$. That shows higher amount can even be sent with lower transaction fee and be confirmed with some minutes. Thanks to blockchain for this.