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Author Topic: $35 million worth of ETH for a ridiculous $0.07 transfer fee?  (Read 199 times)
cheezcarls (OP)
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November 26, 2019, 06:42:57 AM
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 #1

One major player in the cryptocurrency industry has just moved 257,491 ETH — valued at almost $35M at the time of writing. The total fee for the Ethereum transaction was just $0.07.

One Ethereum whale in the market seems to be consolidating its funds in a major move that set off alarm bells. Whale Alert (@whale_alert) picked up on a $35M transfer earlier today, which entailed the movement of a whopping 257,491 ETH.


Check the full news here

I have read a news lately about a Bitcoin whale transferring millions of dollars worth of BTC to another wallet for just $0.40. It is a ridiculous low fee indeed, compare to banks that would cost us thousands of dollars.

Moreover, banks are controlling our funds and may require us to submit additional documents before approving the transfer. Unlike Bitcoin and other cryptocurrencies, there is no central authority or government who can halt our transactions.

As for transferring $35 million worth of Ethereum, it’s even much more ridiculous than Bitcoin. For only $0.07, this is truly a super insane low transaction fee!

This is why Bitcoin, Ethereum and the others are the future, which causes fear to banks that people may move their savings from them to their respective cold wallets.

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November 26, 2019, 07:05:10 AM
 #2

Well blockchain system determines the fee based on the size of a transaction and if the transaction happen to have minimal output and input it will have really small size and thus low fee, the amount of money doesn't matter that much actually.

That's why I've figured some people who use their address to gather pennies from aidrops always tend to have bigger transaction size and higher required fees and always recommend them to create a new address. I can be wrong but atleast that's what I've experienced and this kind of ridiculously low fee for a big money transactions actually happen frequently you just need to take a look into the blockchain explorer and see the recently created transaction then try to observe their fee one by one.

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November 26, 2019, 07:13:26 AM
 #3

We always know that blockchain technology is really appreciated and widely applied in many large businesses in Europe and North America. Blockchain technology is being expanded in many countries and in the future it will be available in all banks. Transnational depositors will no longer have to worry about fees and waiting times.

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November 26, 2019, 07:16:23 AM
 #4


As for transferring $35 million worth of Ethereum, it’s even much more ridiculous than Bitcoin. For only $0.07, this is truly a super insane low transaction fee!

This is why Bitcoin, Ethereum and the others are the future, which causes fear to banks that people may move their savings from them to their respective cold wallets.

That is the advantage of cryptocurrency many are used by the pope because in easier shipping without having to wait for a third process and also a low cost I think it's ridiculous too with a million dollar transaction costs just under $ 1 hmm.
If the transaction was done through a bank, it might take a long time and cost a lot.

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November 26, 2019, 07:39:48 AM
 #5

I guess it just shows the usefulness of crypto as compare to banking system. You can simply moved your funds around with almost nothing. And if you do this using banking system, it will take days before the transfer is clear + the fees are going to be exorbitant because it will have to go through several passes.

This is just one advantage of crypto, we are own bank and we control everything. And if these whales uses Ethereum network, then it will be very quick and transfer fees are ridiculously low.

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November 26, 2019, 07:46:19 AM
 #6

Quote
As for transferring $35 million worth of Ethereum, it’s even much more ridiculous than Bitcoin. For only $0.07, this is truly a super insane low transaction fee!

One of the core reason blockchain was invented is to challenge excessive bank transactions charges, nothing surprised me about this transaction fees because that is the network charges per transactions however the amount transferred shocked me.
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November 26, 2019, 07:46:45 AM
 #7

You can adjust your TX fees and this is the advantage when you are transferring use crypto and remember if that doesn't need a lot of verification process. if the network was not getting a lot of traffic and that means if the fees to get the priority should be lower. That's why when you are even sending million dollars worth of coins with just put less than 10 cents as tx fees and the network will always still confirm it consider about your transaction is still placed on the high priority due to the not so many traffic in the network.
This is why crypto is a threat to the centralized economic crap system that owned by the regulators.

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November 26, 2019, 08:08:47 AM
 #8

For a couple things crypto is simpler than bank transfers, for example crypto does not require additional documents if transferring large amounts is different from bank transfers. For security, our funds on bank secure by their system differ with crypto the security of cyrpto is depending on crypto owner knowledge.
Transfer fee of that size is not ridiculous because if the transfer fee is large, crypto is no different from other financial systems.

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November 26, 2019, 08:10:10 AM
 #9

You can adjust your TX fees and this is the advantage when you are transferring use crypto and remember if that doesn't need a lot of verification process.
And if I'm the guy that will transfer huge amount to other I will make it sure that the fee won't be that low. I even spent a huge fee just to get a small amount during the all-time high days because of the network spam.

But we're all good today and the network isn't so congested that's why fees aren't that much. This is one of the greatest feature of sending cryptocurrencies, you can set it to low priority, medium or high priority.

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November 26, 2019, 08:26:34 AM
 #10

That's right, this is the advantage of bitcoin, ethereum and other coins. Faster and cheaper shipping costs without a third party.
But surely there will always be those who oppose this, especially banks. Because they don't want their business to just die. But even if people choose, smart people will definitely choose crypto as a cross-border money transfer at a low cost.
I hope that there will be many people who use crypto in the future. Because we don't need a complicated administration fee.



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tippytoes
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November 26, 2019, 08:27:42 AM
 #11

You can adjust your TX fees and this is the advantage when you are transferring use crypto and remember if that doesn't need a lot of verification process.
And if I'm the guy that will transfer huge amount to other I will make it sure that the fee won't be that low. I even spent a huge fee just to get a small amount during the all-time high days because of the network spam.

But we're all good today and the network isn't so congested that's why fees aren't that much. This is one of the greatest feature of sending cryptocurrencies, you can set it to low priority, medium or high priority.

The beauty of dealing with crypto. If you have your own bitcoin core wallet running, you will surely spend a very small amount of fee. And if in terms of eth, it depends on the priority you want. But yeah, definitely if you are talking millions of dollars, you will not bother the amount that you will spend even selecting the high priority. It is just like a dust of what you are about to transfer. And for me, I will surely choose the highest amount of transfer fee so I know it will not get stuck somewhere.

But yes, if you will do that via bank and other remittance center, I don't think you will incur that amount of fee at a short period of time and they might even put your account on hold for further verification and investigation. A great advantage of crypto indeed!
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November 26, 2019, 08:39:36 AM
 #12

Why this become a debate? I mean the value of a crypto is market dependent whereas transaction fees are being decided by size of the transaction. The size of a transaction is heavily based on number of input addresses. So, there will be no wonder to see 7 cents to cost to transfer 35 million dollars. When more number of miners in hunting for tx fees, who knows just one cent also will be enough to transact 100 million dollars in above scenario.

In coming days, when more people join in crypto mining and size of the blocks get bigger somehow, we may see tx fees goes reduced exponentially. This must be a biggest advantage of cryptos. but, it is highly expected one hence we do not need to get surprised on seeing such events.
LouVandetta
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November 26, 2019, 08:52:16 AM
 #13

That is one of the benefits using cryptocurrency. It's no surprise if the fee is very cheap despite how big the amount you're trying to transfer out.
You could also adjust the fees as you like as long as it's on a standard minimum fees. The higher your fees was, the faster your transactions. As a side not that the network is not on overload by another transactions. When the system is full of people sending here and there, you're gonna need a higher fees. I personally would use a higher fees than the minimum one, in case if it gets more time on the way.

If you're using a fiat bank to send out that big of money, you'll gonna have to go through some complicated conditions, papers to fill out and many more.
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November 26, 2019, 08:58:37 AM
 #14

Paying a small fee for transferring 257,491 ETH worth $35mln is an insane idea if you say the mentioned numbers to the random bank employee. The banking system is outdated and new innovations replace the old solutions for P2P transfers. The lowest transaction fees are the big advantage of digital money assets, even Nano and similar projects have a zero fee for moving funds from one wallet to another.
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November 26, 2019, 09:00:26 AM
 #15

Actually, I'm not too surprised by this. That is why many people are very supportive of businesses using blockchain technology to reduce the cost of transactions between banks. Besides, time is also very important and it could be one of the tools that can change the whole economy in the future. We should have a positive faith for this blockchain technology.

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bitcampaign
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November 26, 2019, 09:02:57 AM
 #16

this is why there is no need to ask about who was the mastermind of the FUD that was created during the crypto currency, I am not accusing the BANK, because only the BANK is worried about the development of the global crypto currency in a few years, I think it frightens the world BANK also about this technology , where everyone can move money at any time without the hassle of taking care of something complicated from BANK to BANK when transferring big money, I don't blame BANK and BANK should be able to work together using this crypto currency and this technology without having to compete, everything will It's fine without having to get rid of one another, I've also done transactions with ETH using a low fee and that's great
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November 26, 2019, 11:00:48 AM
 #17

That's about 10 times less the dollar amount of Bitcoin moved just the day before I believe, but NOT 10 times less the fee;) In fact it was only a few weeks ago we had 200k txs in bitcoin mempool and all cleared for 1 sat/byte.

That's not even taking into account Lightning Network txs yet!

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jossiel
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November 26, 2019, 11:19:58 AM
 #18

You can adjust your TX fees and this is the advantage when you are transferring use crypto and remember if that doesn't need a lot of verification process.
And if I'm the guy that will transfer huge amount to other I will make it sure that the fee won't be that low. I even spent a huge fee just to get a small amount during the all-time high days because of the network spam.

But we're all good today and the network isn't so congested that's why fees aren't that much. This is one of the greatest feature of sending cryptocurrencies, you can set it to low priority, medium or high priority.

The beauty of dealing with crypto. If you have your own bitcoin core wallet running, you will surely spend a very small amount of fee. And if in terms of eth, it depends on the priority you want. But yeah, definitely if you are talking millions of dollars, you will not bother the amount that you will spend even selecting the high priority. It is just like a dust of what you are about to transfer. And for me, I will surely choose the highest amount of transfer fee so I know it will not get stuck somewhere.

But yes, if you will do that via bank and other remittance center, I don't think you will incur that amount of fee at a short period of time and they might even put your account on hold for further verification and investigation. A great advantage of crypto indeed!
I'll do the same for huge amounts because the confidence and feeling of assurance you'll get the money quickly is worth to pay to fee. Going with the traditional remittance or bank transfers.

This kind of transaction will make you pay thousands of dollars up to hundreds of thousands.

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November 27, 2019, 12:28:29 PM
 #19

This is just amazing and one of the main reasons because I believe in bright future of crypto currencies. You cannot compare such low fees with commissions that a regular bank is offering for such a huge transaction.
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November 27, 2019, 12:41:55 PM
 #20

One major player in the cryptocurrency industry has just moved 257,491 ETH — valued at almost $35M at the time of writing. The total fee for the Ethereum transaction was just $0.07.

One Ethereum whale in the market seems to be consolidating its funds in a major move that set off alarm bells. Whale Alert (@whale_alert) picked up on a $35M transfer earlier today, which entailed the movement of a whopping 257,491 ETH.


Check the full news here

I have read a news lately about a Bitcoin whale transferring millions of dollars worth of BTC to another wallet for just $0.40. It is a ridiculous low fee indeed, compare to banks that would cost us thousands of dollars.

Moreover, banks are controlling our funds and may require us to submit additional documents before approving the transfer. Unlike Bitcoin and other cryptocurrencies, there is no central authority or government who can halt our transactions.

As for transferring $35 million worth of Ethereum, it’s even much more ridiculous than Bitcoin. For only $0.07, this is truly a super insane low transaction fee!

This is why Bitcoin, Ethereum and the others are the future, which causes fear to banks that people may move their savings from them to their respective cold wallets.
Well that was not surprise me at all. since that was one of the many advantages of the crypto-currency industry, more faster transaction,secure with lesser fees, comparing to the traditional payment options and banking services. that's why banks are threatened by the rising popularity of crypto-currency and it was unstoppable that's why banks must choose the two available options adopt or be disrupted.     
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