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Author Topic: $194 million dollar worth of Bitcoins is moved with a $0.1 transaction fee  (Read 212 times)
Quantumcrypto317
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October 17, 2018, 12:22:20 PM
 #1

when it comes to banking institutions, transferring large amounts of money comes with a hefty transaction fee.

TransferWise
a UK based multi-billion dollar firm that allows its users
to send small to large payments with substantially lower fees. Even on
such platforms to transfer $1 million it costs around $7,500 for transaction
fee.

However, a bitcoin user on October 16 moved 29,999 BTC worth $194 million with
a surprisingly low fee of just $0.1. Blockchain has the ability to large payments at a cost
similar to that of a small transaction.  

Does this mean crypto has the ability to crack offshore banking market?

https://www.ccn.com/194-million-was-moved-using-bitcoin-with-0-1-fee-true-potential-of-crypto/


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October 17, 2018, 12:37:24 PM
 #2

Quote
Does this mean crypto has the ability to crack offshore banking market?

So why do you think may be the reason for Banks pushing governments not to adopt cryptos?? Bitcoin definitely possess the capability to disrupt the international funds transfer market, not just in cost perspective but also in timing.

The average timing for an internation swift transfer is 2 days. The money usually becomes available on the third day for the end user to use. For Bitcoin, it is just few minutes!!

That's why banking cartel always de-motivate people for not using cryptos. My bank in India even sends an weekly mailer to all consumers to spread negativity about cryptos.

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October 17, 2018, 12:38:49 PM
 #3

$0.10 is one of the higher fees that i have paid, i usually pay a lot less and somewhere around $0.02 for transactions.
but also it is worth mentioning that the lower fee that you pay is only one of the reasons why bitcoin is a good currency. the main (and more important) reasons are the decentralization and the fact that bitcoin is censorship resistant and boarderless. otherwise if it was just fees then there are altcoins with always 0 fees!

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October 17, 2018, 12:43:49 PM
 #4

Hello,

Of course Bitcoin and cryptos could threathen the classic bank system and off shore transfer. This is the goal of crypto, propose to everybody to have access to decentralized assets, accepted everywere and that could be transfer in a very fast time for a very few fees !

That's why blanks want to fight against crypto while do lobying to governments and do bad advertising to public and also block transaction towards exhanges.
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October 17, 2018, 12:49:28 PM
Merited by suchmoon (4), dbshck (2)
 #5

Transferwise implies foreign exchange which attracts fees, just as converting Bitcoin to another currency would cost a hefty amount in fees from an exchange too.

In many countries you can send several million Euros or pounds for free and near instantly.

And if you look a little closer, the geezer actually sent 0.83 BTC, the rest is change.

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October 17, 2018, 01:19:00 PM
 #6

Transferwise implies foreign exchange which attracts fees, just as converting Bitcoin to another currency would cost a hefty amount in fees from an exchange too.
this! I second gentlemand's comment
that tx indeed shows cheaper transfer fee compared to banking's transfer fee
but in crypto world (to get $fiat) you will get hit by conversion rate, trade fee, and withdrawal fee
withdrawal fee to your bank maybe low or free, but converting high amount BTC will cost a lot Undecided

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October 17, 2018, 01:24:38 PM
 #7

when it comes to banking institutions, transferring large amounts of money comes with a hefty transaction fee.

TransferWise
a UK based multi-billion dollar firm that allows its users
to send small to large payments with substantially lower fees. Even on
such platforms to transfer $1 million it costs around $7,500 for transaction
fee.

However, a bitcoin user on October 16 moved 29,999 BTC worth $194 million with
a surprisingly low fee of just $0.1. Blockchain has the ability to large payments at a cost
similar to that of a small transaction.  

Does this mean crypto has the ability to crack offshore banking market?

https://www.ccn.com/194-million-was-moved-using-bitcoin-with-0-1-fee-true-potential-of-crypto/



It is wonderful that there is an opportunity to choose the duration of the operation, thereby regulating the commission.
zeze18
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October 17, 2018, 01:47:13 PM
 #8

when it comes to banking institutions, transferring large amounts of money comes with a hefty transaction fee.

TransferWise
a UK based multi-billion dollar firm that allows its users
to send small to large payments with substantially lower fees. Even on
such platforms to transfer $1 million it costs around $7,500 for transaction
fee.

However, a bitcoin user on October 16 moved 29,999 BTC worth $194 million with
a surprisingly low fee of just $0.1. Blockchain has the ability to large payments at a cost
similar to that of a small transaction. 

Does this mean crypto has the ability to crack offshore banking market?

https://www.ccn.com/194-million-was-moved-using-bitcoin-with-0-1-fee-true-potential-of-crypto/




That's the main advantages of bitcoin transaction, very low fees.
But people are still afraid because it's not safe enough, those bitcoins can be hacked by the hackers and we don't know what to do


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October 18, 2018, 02:33:33 PM
 #9

yes, crypto has the ability to shake the total banking system and it's already doing it.
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October 18, 2018, 02:44:59 PM
 #10

Transferwise implies foreign exchange which attracts fees, just as converting Bitcoin to another currency would cost a hefty amount in fees from an exchange too.

that is why we keep on insisting bitcoin is a "currency" and that is why Satoshi created bitcoin as a currency. otherwise all of this means nothing and bitcoin becomes useless if it stops being a currency!
for now it is ok that the adoption is not yet  enough for it to be widely considered as a currency but the goal should always be that. so that you can transfer bitcoin with this low fee and then the other party don't worry about "exchanging to fiat" since he already has something better than fiat which he can SPEND.

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October 21, 2018, 02:46:34 PM
 #11

everywhere has its own characteristics and advantages, so you can not say about it, but in General it is a great alternative
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October 21, 2018, 03:07:24 PM
 #12

I think the fees are not affected by the amount of the transaction, as I know that bitcoin  transaction has the flat fee if you send a low amount and the big amount the fee is same, si think that fees are not affected by amount

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October 21, 2018, 03:20:32 PM
 #13

well, here nobody seems to remenber when just few months ago fee have raised until 20 dollars or more Cheesy

Anyway, still lower than bank..
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October 21, 2018, 04:28:26 PM
 #14

when it comes to banking institutions, transferring large amounts of money comes with a hefty transaction fee.

TransferWise
a UK based multi-billion dollar firm that allows its users
to send small to large payments with substantially lower fees. Even on
such platforms to transfer $1 million it costs around $7,500 for transaction
fee.

However, a bitcoin user on October 16 moved 29,999 BTC worth $194 million with
a surprisingly low fee of just $0.1. Blockchain has the ability to large payments at a cost
similar to that of a small transaction.  

Does this mean crypto has the ability to crack offshore banking market?

https://www.ccn.com/194-million-was-moved-using-bitcoin-with-0-1-fee-true-potential-of-crypto/

I wonder what the purpose of the transaction was, was it just selling Bitcoin or buying for it? Roll Eyes
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October 21, 2018, 04:30:19 PM
 #15

yes it could happen, maybe because now there is a lack of public understanding about bitcoin so they only glance at bitcoin, even though if they are studying bitcoin it will definitely get a variety of extraordinary benefits such as the example transaction above. This is the first step to introduce bitcoin, that bitcoin has great benefits in transactions compared to banks
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October 21, 2018, 04:40:15 PM
 #16

when it comes to banking institutions, transferring large amounts of money comes with a hefty transaction fee.

TransferWise
a UK based multi-billion dollar firm that allows its users
to send small to large payments with substantially lower fees. Even on
such platforms to transfer $1 million it costs around $7,500 for transaction
fee.

However, a bitcoin user on October 16 moved 29,999 BTC worth $194 million with
a surprisingly low fee of just $0.1. Blockchain has the ability to large payments at a cost
similar to that of a small transaction.  

Does this mean crypto has the ability to crack offshore banking market?

https://www.ccn.com/194-million-was-moved-using-bitcoin-with-0-1-fee-true-potential-of-crypto/





Currency transfer fees have always been and will be one of the highest prances against the banks.This is also one of the reasons why banks are hostile against Cryptocurrencies.
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October 21, 2018, 04:58:07 PM
 #17

when it comes to banking institutions, transferring large amounts of money comes with a hefty transaction fee.

TransferWise
a UK based multi-billion dollar firm that allows its users
to send small to large payments with substantially lower fees. Even on
such platforms to transfer $1 million it costs around $7,500 for transaction
fee.

However, a bitcoin user on October 16 moved 29,999 BTC worth $194 million with
a surprisingly low fee of just $0.1. Blockchain has the ability to large payments at a cost
similar to that of a small transaction.  

Does this mean crypto has the ability to crack offshore banking market?

https://www.ccn.com/194-million-was-moved-using-bitcoin-with-0-1-fee-true-potential-of-crypto/


No, but it means many other things. Just few of them:

1) This is the easiest market in world to manipulate. You can move billions between Your own wallets for free and create an image of "healthy market price."
2) If no one gets money for transfer, then who is going to validate the transfer for free? Its essentially for free already, as mining is ROI negative at most places in world and it will get inly worse with halvening.
3) You underestimate value of security, proportionally cryptos are by far the most risky value transfer method. No other way proportionally so much assets "gets lost, broken, scammed etc" etc.
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October 21, 2018, 08:31:15 PM
 #18

I dont see why 1 million tx would have to have such big fee, the bigger the TX the more likelihood that it will be checked by risk manager in Bank, and it wont costs 7500$ for a million, it will cost like few hundred in labor costs if tx is legitimate, that's it.

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October 21, 2018, 08:55:51 PM
 #19

This is quite interesting. In a matter of time, people will be able to break free from the heavy fee imposed by banks on international fund transfers. Converting cryptocurrency to fiat money still attracts huge fee but there will be a great relief by the time there are enough merchants accepting bitcoin.
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October 21, 2018, 09:07:58 PM
 #20

Nice to see this happening in my time but this is what we need in other for our traditional banking services to become cheaper. I expect other crypto currencies to follow suit

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