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Author Topic: Is $1.1 Billion Transaction in Bitcoin That Big of a Deal?  (Read 189 times)
-Multivitamina-
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January 17, 2020, 10:10:27 PM
 #1

As it became known, the mysterious party that had transferred 124 946.6 BTC proved to be BitFinex. According to the exchange’s CTO Paolo Ardoino, the transaction was but a part of transferring 150 thousand BTC to the company’s hot wallet.

The change of address means that nobody can spend funds stored there until the transaction is fully confirmed. It took 40 minutes to get 6 confirmations in the blockchain. This created the network’s second-biggest address topped only by Huobi’s cold wallet storing 255 502 BTC.

Reports state that the transaction fee comprised 0.0096 BTC ($80), which is relatively high. Notably, the transaction data in the blockchain shows a fee of 0.00005578 BTC. For comparison, a SegWit transaction of 40 000 BTC ($230 million at the time) in May 2019 was worth 0.0001 BTC or $0.57.

BitFinex’s transaction prompted @Rhythmtrader to praise the “true power of bitcoin” that no bank could match.

The transaction in question is, of course, large and noteworthy. But, although everything may seem fine, there are alarming conclusions to make.

Why bother?

https://forklog.media/is-1-1-billion-transaction-in-bitcoin-that-big-of-a-deal/

forklog.media — What's up with crypto and why it's important
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January 18, 2020, 07:29:44 AM
 #2

If that is the case and the transfer is proven to be for the hot wallet, there is nothing to be feared of because these bitcoins will still circulate and will remain utilized by the people. We could be somehow afraid if the transfer is a withdrawal which will definitely put the market to dump at certain heights, though, more people will view it as an opening to re-enter the market again, and to start gaining profit in bitcoin.

As for the moment, 1.1Billion dollar for a bitcoin transaction will not affect the market too much but will provide lots of opportunities for the users of the new exchange, as their liquidity pool will enable them to trade bitcoin allot better.

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January 18, 2020, 07:56:36 AM
 #3

Actually it is a big of a deal if we will look at it.
It would affect on how other people look at bitcoin, no banks can move that kind of money in hours not even by one day. Plus the low fee that you will pay comparing on how much you will do in bank transfers as some banks charge transfer fees this will surely convince other people that hey bitcoin is safe and convinient to use compared to banks.

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January 18, 2020, 11:29:53 AM
 #4

This is a huge transaction with fast time and unbelievably cheap fees, bitcoin is proving to everyone about its superiority over the old financial methods.
I am sure no bank can handle such a large transaction with such time and fees.

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January 18, 2020, 11:42:01 AM
 #5

The most important aspect of it is Bitfinex, a company that left its hot wallet security solution wide open for a 'hack', is putting that much in one again.

Other than that I find these stories boring and pointless. We know how much it can cost, or how little. I can also imagine if you're moving that much in dollars you're going to get some rather preferential treatment.

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January 18, 2020, 12:47:27 PM
 #6

Reports state that the transaction fee comprised 0.0096 BTC ($80), which is relatively high. Notably, the transaction data in the blockchain shows a fee of 0.00005578 BTC. For comparison, a SegWit transaction of 40 000 BTC ($230 million at the time) in May 2019 was worth 0.0001 BTC or $0.57.

BitFinex’s transaction prompted @Rhythmtrader to praise the “true power of bitcoin” that no bank could match.

Only newbies are astonished by big transactions and their small amount of fees, anyone who has at least basic understanding of Bitcoin knows that there's absolutely no difference how many coins you move, so there's nothing spectacular about such transactions.

As for "power  that no bank could match", banks don't charge any huge fees on people who move billions, and such large transactions do happen frequently - large companies get bought, countries do transactions between each other, billionaires make donations and so on.

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January 18, 2020, 12:51:14 PM
 #7

Reports state that the transaction fee comprised 0.0096 BTC ($80), which is relatively high. Notably, the transaction data in the blockchain shows a fee of 0.00005578 BTC. For comparison, a SegWit transaction of 40 000 BTC ($230 million at the time) in May 2019 was worth 0.0001 BTC or $0.57.

BitFinex’s transaction prompted @Rhythmtrader to praise the “true power of bitcoin” that no bank could match.

Only newbies are astonished by big transactions and their small amount of fees, anyone who has at least basic understanding of Bitcoin knows that there's absolutely no difference how many coins you move, so there's nothing spectacular about such transactions.

As for "power  that no bank could match", banks don't charge any huge fees on people who move billions, and such large transactions do happen frequently - large companies get bought, countries do transactions between each other, billionaires make donations and so on.

If the coins were of unknown origin, it could have been a issue of debate. This one is not. Exchanges do fill and distribute address with a large amount often. If you keep on looking at the 100 address with highest balances, many of them keeps changing everyday as the exchange keeps moving the coins.

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January 18, 2020, 12:55:14 PM
 #8

Actually it is a big of a deal if we will look at it.
It would affect on how other people look at bitcoin, no banks can move that kind of money in hours not even by one day. Plus the low fee that you will pay comparing on how much you will do in bank transfers as some banks charge transfer fees this will surely convince other people that hey bitcoin is safe and convinient to use compared to banks.
[/quote Actually, for me this is a normal problem. Because blockchain technology is established like a transaction chain and all have the algorithm of each transaction. when a transaction, which is equivalent to thousands of blocks, is processed and when completed, it will complete, it has nothing to say about the concept of safety or risk. Although I know that Bitfinex's technology has really developed, this is normal for the whales, because of this reason they are using bitcoin rather than fiat money.



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January 18, 2020, 12:57:39 PM
 #9

safe and convinient to use compared to banks.
Agree that bitcoin is more convenient but I think bitcoin is not more secure than banks, the banking system has a long history and it has a very high level of security.
Bitcoin has only been around for more than a decade but we have seen many hacks and lots of stolen cryptocurrency. Meanwhile, we rarely see bank robberies of large scale and stolen money.

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January 18, 2020, 01:34:59 PM
 #10

This is a huge transaction with fast time and unbelievably cheap fees, bitcoin is proving to everyone about its superiority over the old financial methods.
I am sure no bank can handle such a large transaction with such time and fees.
Well, each has the advantages of its own and the blockchain is really effective when it comes to transferring large amount of money since the fee is not determined by how much BTC inside a transaction but rather the size of a transaction not to mention all the hurdle you will face with using bank transfer and could possibly being interogated. But, the irreversible nature of blockchain could also give a little risk.

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January 18, 2020, 04:34:41 PM
 #11

It is not too much. It will increase in some time.
Millions of transactions are carried out daily in today's banking system. Transactions made using the banking system will flow into the transactions of crypto assets day after day.

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January 18, 2020, 05:18:58 PM
 #12

If that is the case and the transfer is proven to be for the hot wallet, there is nothing to be feared of because these bitcoins will still circulate and will remain utilized by the people.
Can't agree here. Its insane to move all of cold wallet to hot wallet.
Its hot wallet that have additional dangers by design. They either made mistake, were hacked or something i cant predict but nothing good.
Brace yourselfs because it could be a wild ride on famous bitcoin rollecoasters memes.

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January 18, 2020, 06:16:16 PM
 #13

Such transaction is actually huge in my view. If you compare the value of that transaction to how much bitcoin it is, then you can appreciate that is high. I think that such transaction is showing us that the bitcoin business is really getting a huge attention.

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January 19, 2020, 12:39:43 AM
 #14

Actually it is a big of a deal if we will look at it. It would affect on how other people look at bitcoin, no banks can move that kind of money in hours not even by one day. Plus the low fee that you will pay comparing on how much you will do in bank transfers as some banks charge transfer fees this will surely convince other people that hey bitcoin is safe and convinient to use compared to banks.

Yes, this is a big deal if we are looking at it in comparison with the traditional banking industry. Even at a relative high fee of $80, that is still cheap if the same amount in fiat is going to be transferred with the bank-to-bank system. And this is telling us that indeed there is now more convenience, more safety and definitely cheaper way of transferring money via the Bitcoin way. The only challenge there is if an individual is doing it (not an exchange) and liquidating it with the market. One thing for sure is that Bitcoin can now easily perform the transfer with big amount of the coin but we have a big concern with the micro-transactions like buying a coffee or just doing the grocery because of the possibly higher (vis-a-vis the transaction amount) and the time it can take for the said transaction to be validated.
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January 19, 2020, 01:01:05 AM
 #15

Such transaction is actually huge in my view. If you compare the value of that transaction to how much bitcoin it is, then you can appreciate that is high. I think that such transaction is showing us that the bitcoin business is really getting a huge attention.
Bitcoin look get huge attention with many people want to make investment with bitcoin by higher amount, when bitcoin have been destination for investing many people will make bitcoin raise with higher price and look profitable way with investment. Bitcoin become most safety assets if you invest and make it as your way.

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January 19, 2020, 02:26:27 AM
 #16

Such transaction is actually huge in my view. If you compare the value of that transaction to how much bitcoin it is, then you can appreciate that is high. I think that such transaction is showing us that the bitcoin business is really getting a huge attention.
Bitcoin look get huge attention with many people want to make investment with bitcoin by higher amount, when bitcoin have been destination for investing many people will make bitcoin raise with higher price and look profitable way with investment. Bitcoin become most safety assets if you invest and make it as your way.

In fact, I have seen in the media that bitcoin transactions can reach trillions, it is true that bitcoin is already a lot of attention from large investments around the world because the value of the number of transactions is very large.
Bitcoin will be an asset that is used for future investments by large investors because they consider bitcoin to be a useful digital currency for themselves.

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January 19, 2020, 03:34:54 AM
 #17

Actually it is a big of a deal if we will look at it.
It would affect on how other people look at bitcoin, no banks can move that kind of money in hours not even by one day. Plus the low fee that you will pay comparing on how much you will do in bank transfers as some banks charge transfer fees this will surely convince other people that hey bitcoin is safe and convinient to use compared to banks.

Not only the worth of transactions but the many papers that are involved before you can transfer that huge amount, the banks will ask a lot of verification and they will be the one to decide if the transactions will push through, this is big business and big companies should think about if they are still doing bank to bank, it's now an open secret and we have all the proof.

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January 19, 2020, 03:57:17 AM
 #18

it is not a big dead and certainly there is no "alarming conclusions" to make about a big service that has been handling millions of dollars worth of transactions for many years moves some funds around. it is happening a lot more commonly than you know but usually they all move smaller amounts around so they don't make the news because they don't cause drama that much. otherwise bitcoin network is handling millions of dollars worth of transactions every single day.

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January 19, 2020, 04:09:12 AM
 #19

Yes, this is a big deal indeed in comparison to legacy financial infrastructure. It is virtually impossible to casually "move" $1.1B worth of monetary value on traditional banking rails. There are simply too many intermediaries, friction and reconciliations to permit the transfer of value for a mere $80 fee. This won't last for long as the world wakes up and sees the value in distributed, blockchain networks over traditional financial infrastructure.

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January 19, 2020, 04:18:43 AM
 #20

If that $1.1 Billion in Bitcoin is just moving from one wallet to another or to several wallets, I don't think there is much big deal to it. Bitcoin often jumps from one wallet to another in large amounts. But if that $1.1 Billion in Bitcoin is moved one time into an exchange wallet for possible or actual dumping, that is worrisome. An amount as big as that would definitely bring down the price.
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