44,000 Bitcoin (Worth Over $300 Million) Moves for a Minimal Transaction Fee of $0.37 Cents
Bitcoin, the pioneer of the crypto space has become a hot investment option in the past decade, which is evident from the rise in interest of institutional investors in recent times. The king cryptocurrency has often been pegged as the future of money with its ability to transact a high volume of digital currencies almost instantly with minimal transaction fees.
The king coin over the past week has seen a continued decline in its market value, where its price fell below the key support level of $7,000, reaching a 6-month low. In light of the degrading market value, many whales have been active and moving a large sum of Bitcoin from one place to another. One such movement of Bitcoin caught the eye of everyone, where a whale moved almost 46,000 Bitcoin worth $337 million for a mere $0.37 cents in transaction fees.
Whale Alert, one of the prominent crypto Twitter handles which monitors the movement of large crypto transactions alerted the public regarding the transaction of $337 million worth of Bitcoin.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 46,000 #BTC (337,889,361 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) November 22, 2019
While whales are known for moving a large sum of cryptocurrencies, and there have been transactions valued in billions as well, what caught the eye of everyone was the paltry sum of the $0.37 cent transaction fee. While there have been several debates on whether Bitcoin can prove to be a daily use of currency given the scalability issues it has faced in the recent past.
The scalability of the Bitcoin blockchain has often been its archives heel, where over the years the network use has increased significantly, making the network more congested. This has led to slow transaction speed and high transaction fees. There have been several attempts at creating a second layer solution on top of the main blockchain to counter scalability issues like the lightning network, but all those solutions seemed to be technically complicated for public use.
The Transaction Details
The recipient address for the $337 million worth of Bitcoin looked new, as there have been a total of only three transactions from that wallet address, including a test transaction of 0.391 BTC. Both the sending and the receiving addresses remain unidentified. However there have been speculations that the transactions were either initiated by a whale for security reasons, or it might be the work of a custodial firm.
While the move of such large amounts of Bitcoin is often seen during a steep price movement either on green or red, but whatever may be the cause of the move, one thing is clear that Bitcoin does provide a secure and cost-effective way of moving money from one point to another.