Bitcoin Whale transfers $1 billion in bitcoin and pays $3.54 in fees?

[okyeresam]

One day a transaction fee will cost not less than $10

[DarkDays]

Considering the amount of money he was holding. It's either from a group of individual or a single whale that has a connection/have own mining farm that prioritize his transaction block. The owner is confident that his transaction will be complete even though there are tons of pending transaction on mem pool. There is no way that this guy didn't know what he is doing by sending huge amount of money using small amount of fee.

I agree with the above. There is no way the whale was able to bypass the transaction network fee without having some sort of alliance with the mining community.

This either being something he controls like the idea above where the guy has his own mining infrastructure or indeed knowing somebody who does mining and somehow transferred to their node.

I am ware some of this may come across as sounding ridiculous but there is no way in heaven this was done legitimately, without the advantage/s described above.

[Debonaire217]

That is the benefit of bitcoin among the many people who are complaining about their transaction fees. It doesn't depend on how much bitcoin we are transferring but with the current market condition whether if it is congested or good to transfer. The good thing about bitcoin is that you don't need to calculate the percentage of the amount you want to transfer to consider the transaction fees. Though, it limits the microtransactions to bitcoin that is why many are still preferring to use altcoins. Pretty soon, cryptocurrency enthusiasts and those who support bitcoin at a technical level could develop a solution to this problem of lowering transaction fees.

[daarul50]

Considering the amount of money he was holding. It's either from a group of individual or a single whale that has a connection/have own mining farm that prioritize his transaction block. The owner is confident that his transaction will be complete even though there are tons of pending transaction on mem pool. There is no way that this guy didn't know what he is doing by sending huge amount of money using small amount of fee.

I agree with the above. There is no way the whale was able to bypass the transaction network fee without having some sort of alliance with the mining community.

This either being something he controls like the idea above where the guy has his own mining infrastructure or indeed knowing somebody who does mining and somehow transferred to their node.

I am ware some of this may come across as sounding ridiculous but there is no way in heaven this was done legitimately, without the advantage/s described above.

If then what you are saying true , there is a vulnerability i guess in the transaction mechanism
I mean for those people who looking to avoid high fee while they will have to move the bitcoin pretty often , they could make a deal with certain mining farm / miners to make it have a low fee periodically.
You think it is possible and makes sense guys?
Is there any other way doing this fee adjustment in legit way and risk-free? I mean a low fee sometimes makes your transaction pending for hours even days.

[stompix]

If then what you are saying true , there is a vulnerability i guess in the transaction mechanism

There is no vulnerability.
As I said before the transaction happened well before the spike in fees, they just paid the average at that time, but people don't read anymore..

I mean for those people who looking to avoid high fee while they will have to move the bitcoin pretty often , they could make a deal with certain mining farm / miners to make it have a low fee periodically.
You think it is possible and makes sense guys?

Yes, it is possible, yeah it would make a little sense for an exchange that owns a huge chunk of a mining farm to make sure that their huge consolidation transaction gets top priority and the competition is forced to pay more. But, digging deeper, why would a miner accept a lower fee? If they accept lower fees for certain transactions it must be because they are paid extra over the counter, and then we're at a point where you're paying a miner more to prioritize your low transaction fee when you could simply increase the fee and not have to go through deals and other stuff, not even mentioning you won't have to wait for that certain miner to mine a block.

Besides, we're talking about millions and 10$ in fees, common..

[Leviathan.007]

Can't be sure about the information of the coin and who actually own these coins. But, since we had paypal thingy a few days ago, this can be related to paypal itself. Definitely, not the normal users. The other theory can be the old story about these huge transactions where exchanges transfer their bitcoins, so maybe these bitcoins belong to some exchange. But the more interesting part of the story is the transaction fee, as you said. That's the magic of bitcoin, you can easily send over one billion dollars and pay less than four dollars for the transaction fee, which is incredible.

PS: I see another topic explaining about this transaction and should be archived, maybe: https://bitcointalk.org/index.php?topic=5285450.0

[ChrisPop]

I don’t need to tell you’ll how painful it is to see such high fees for transferring our bitcoins, and on top of that the number of unconfirmed transactions has also gone up.

While we are struggling with the fees, this Bitcoin whale managed to transfer $1 billion in bitcoins, and he only paid a measly fee of $3.54, and therefore I’m curious to know why wasn’t he also subjected to the high fees that we’re currently being forced to pay?.

When you hold such incredible amounts you can use a tx accelerator for sure or talk to a friend at a mining pool to include the tx in the batch.
Anyway this transaction should bring some publicity to Bitcoin. Paying a coffee worth to transfer 1 billion dollar worth is cool.