The biggest #Bitcoin transaction in history was sent literally just now!

[mickaelmosse.cryptoadvise]

The biggest Bitcoin transaction in history was sent literally just now!

88,857 $BTC worth $1,15 billion!
(https://www.blockchain.com/btc/tx/d486aeb0e59181fd1addb4aa69ce04d638188fc1125c424899267e8ed6a8af24)

The ridiculously low fee was $3,54

In comparison, fees charged for this transaction would be:
• Paypal, if international: $50,737,750.32
• Paypal, if domestic: $33,440,790.09
• Stripe: $34,439,536.65

Yeah, this makes the $BTC hype A LOT more tangible.

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[lifeforcepools]

Why did they pay such low fees? How did they do it?

[hatshepsut93]

In comparison, fees charged for this transaction would be:
• Paypal, if international: $50,737,750.32
• Paypal, if domestic: $33,440,790.09
• Stripe: $34,439,536.65

I'm pretty sure that PayPal doesn't allow its users to send billions of dollars, and that no one in PayPal's system even holds anything close to such large sum. PayPal was created for average consumer transactions on the Internet, not for billionaires.

Why did they pay such low fees? How did they do it?

In case you didn't know, Bitcoin fees aren't tied to the amount of bitcoins send, they depend on how much data you use, so the amount of inputs and outputs you use, and address type. If you have all 88,857 BTC sitting on one address and you send to only one address, the fee will be minimal.

Yeah, this makes the $BTC hype A LOT more tangible.

That's a pretty bad selling point for mass adoption, regular people don't send billions to each other.

[fiulpro]

I am really surprised looking at the transaction fee, but I do believe that the people might have used segWit but what I am doubtful about is : How did it get confirmed so fast when since days we are experiencing network congestion ?
Since many SegWit address starts from 3, I think it went form SegWit from SegWit maybe ? But then again the reason why people are always worried about the fee is because in comparison to the transaction they are sending it generally occupies a big fraction..
Have we found the solution ? Maybe we should start adopting segWit more ?
Then again it's amazing , if the person would have transferred that amount of money from bank account , he would have to take days , answer ridiculous questions, it could even take days ..... But this genuinely was so fast and at the same time they didn't have to pay much fee.

[BIT-BENDER]

That's a pretty bad selling point for mass adoption, regular people don't send billions to each other.

To be a billionaire/ have that rear opportunity to be able to transfer funds/amount/fiat/crypto-coin that turns up to billions is not regular, but the facts that transferring such amounts in bitcoins we can take some positives from it in the aspect of adoption in :
+ trust: if billions worth of bitcoins can be transferred those having mis-trust or something as fear can get more confident.

+easy: I have not transferred billions before Bitcoin or fiat but transferring billions in fiat is not a regular transfer and some slight fever -difficulty from the ordinary- may come-in. But in Bitcoin it should be easier transferring that amount.

[stompix]

I am really surprised looking at the transaction fee, but I do believe that the people might have used segWit but what I am doubtful about is : How did it get confirmed so fast when since days we are experiencing network congestion ?

Because right now is actually 2020-10-26 17:06 and we already have a topic and an explanation for it

[The Cryptovator]

The ridiculously low fee was $3,54

Why it should be ridiculous? Wasn't it the goal of Bitcoin technology? The fees would even lower, depends on the current transaction pressure. You can't compare bitcoin fees with any centralized payment method. There is no third party involved in Bitcoin transactions, and that's the advantage of Bitcoin. Transfer your money worldwide with low fees.

Why did they pay such low fees? How did they do it?

Rediclius, even a Sr. Member don't know how works Bitcoin transaction fees.

[jrrsparkles]

Bitcoin is for millionaires? That will be a question arises from this thread because people who wanted to use Bitcoin for something like for payments the fee is getting ridiculously high due to congested network but it's so easier for a whale to transact billions worth of BTC in few hiurs and as well as with less fee.

[LeGaulois]

...

For your information, it's not "the biggest transaction in history" as you say. Here is another one for you with over 112,000BTC sent last year

- https://blockchair.com/bitcoin/transaction/b94f609164177acd3451ee445447fb85eb66efefff4c3f324cc28ec5ff78d48b

Or
- https://blockchair.com/bitcoin/transaction/c9a96aad2b8fb2b65c2c124d1c6c4d2d795492e8baaeab8bc555c61a244b3cb5

Or
- https://blockchair.com/bitcoin/transaction/c9a96aad2b8fb2b65c2c124d1c6c4d2d795492e8baaeab8bc555c61a244b3cb5

Did you notice in the TX link posted in the original post the amount has been split in 2 wallets with an equal amount?
See also https://www.blockchain.com/btc/tx/03628ca33fd1304811c03122b865c202a6a404c7843a8c4a317b511c99333b0f
and the mempool spam

[Haunebu]

It's a great time to sell right before the holidays especially with BTC and other popular cryptocurrencies steadily rising in recent times. A billion dollar transaction with such insanely low fees did surprised me.

My green wallet suggests paying $10-11 for a $110 transaction at medium-high speed which is around 10%. Meanwhile, this guy paid a negligible amount for a billion dollar transaction. He sure knows how to save money.

Could be an early adopter or some extremely rich dude. However, calling this the biggest BTC TX is wrong as the poster above suggested though it certain qualifies as one of the biggest ones.

[Mahanton]

It's a great time to sell right before the holidays especially with BTC and other popular cryptocurrencies steadily rising in recent times. A billion dollar transaction with such insanely low fees did surprised me.

My green wallet suggests paying $10-11 for a $110 transaction at medium-high speed which is around 10%. Meanwhile, this guy paid a negligible amount for a billion dollar transaction. He sure knows how to save money.

Could be an early adopter or some extremely rich dude. However, calling this the biggest BTC TX is wrong as the poster above suggested though it certain qualifies as one of the biggest ones.

This is the beauty of using up btc where you can send up multi millions or billions without having those ridiculous deduction on where a traditional platform that we have known and this is what it makes different among the rest but somehow this do affect on mini transactions but well this is just an another topic. Its just great to see this one where sending out a billion with less than 5 bucks fees. This one is no doubt a whale or an early adopter.

[AjithBtc]

This is why lot of large scale firms getting into cryptocurrency investment and usage. It is hard to process and transact such a huge volume of fund through traditional payment system. Bitcoin makes the impossible thing possible providing cent percent transparency with the end users unknown to the world. With all this features, once again the fee makes bitcoin the best.

[Poker Player]

I'm pretty sure that PayPal doesn't allow its users to send billions of dollars,

If someone tried to transfer that amount by Paypal or by a bank, the problem would not only be the commissions. With the international anti-money laundering laws in place, he would have to give an explanation of what he wants to transfer those funds for. With bitcoin, he can transfer them whenever he wants without giving explanations to anyone.

[Little Mouse]

Why did they pay such low fees? How did they do it?

The tx include one input and two outputs only which is the reason behind the low fee. In case, inputs and outputs were high, the fee for lower amount of BTC would increase. For example, I had a tx this week worth of $200 which had a fee of $10 almost due to the high number of inputs.

[cryptomaniac_xxx]

I think we have this topic before, Bitcoin Whale transfers $1 billion in bitcoin and pays $3.54 in fees?.

[TedMosby]

Since I used perfect money before,
I will add that payment system, for the comparison too.

Perfect money fee for transferring money is 0.5 - 1.99%.
So it will be around $5,750,000 - $22,885,000 for that transaction.

I'm pretty
-snip-
sure that PayPal doesn't allow its users to send billions of dollars, and that no one in PayPal's system even holds anything close to such large sum. PayPal was created for average consumer transactions on the Internet, not for billionaires.
-snip-

Even if they allow it, they will immediately limit our account and ask for many documents 

[pixie85]

Bitcoin is for millionaires? That will be a question arises from this thread because people who wanted to use Bitcoin for something like for payments the fee is getting ridiculously high due to congested network but it's so easier for a whale to transact billions worth of BTC in few hiurs and as well as with less fee.

Do you have to be a millionaire to pay $3 fee?

Currently it's not something you'd use to buy a beer or a burger but people weren't and aren't buying it for that reason. Most buyers feel like its recent decoupling from stocks combined with lack of inflation makes it a hedge investment and they're right. One day you'll be able to pay without sending coins throuhj a blockchain and the transactions will get processed in batches which will make the fee small enough for everyday payments.

[tbterryboy]

Wow and that’s something to talk about right there, a fee of $3,54?

I couldn’t really believe that until I clicked the block explorer link and checked it for myself, the transaction took place on the 26th of this October and that’s five days ago!

The amount is worth $1.2 billion from what I have seen on the blockchain.com and the fees worth $3.78 that’s some unbelievable shiii we have right there! This would be completely impossible to do if they chose to use PayPal, because nobody would agree to pay up to 2.9% for an amount as huge as that.

[plast555]

I am wondering who did this transaction? is this a move from some hackers or a legal trade?
BTW the sending wallet has received the same amount a few days back with an even lower fee: https://www.blockchain.com/btc/tx/c9a96aad2b8fb2b65c2c124d1c6c4d2d795492e8baaeab8bc555c61a244b3cb5

and this transaction is bigger than the one OP mentioned. so obviously that is not the biggest bitcoin transaction.

[hd49728]

The fee will be cheaper if that sender uses a 1 satoshi per byte as transaction fee for it. It will be cheaper more than 60 times. Sender is a whale so it is not a financial math or trouble to accept a few dollars as transaction fee.

I simply contribute to this discussion that with bitcoin, the fee for that amount can be cheaper.

Whether privacy can be protected if a sender uses tx accelerator? It is not worthy to sacrifice privacy because of a few dollars.