BTC Proposes a Greater Value Than Gold; $670M Transferred For 26 Cents Within Its Network

Try Moving Gold For Less.

Bitcoin’s value proposition in fund transfers is so far one of the most cost-friendly avenues to send money globally. A recent transaction within its ecosystem recorded a low of 26 cents in fees to transfer $670 million worth of BTC. Given the prevailing market rates in banking and International payment networks, this BTC transaction rate poses quite a threat to the existing financial institutions.

A number of cryptocurrencies have come up since Bitcoin’s launch a decade ago. Some of these projects present better use cases and cheaper rates than BTC but the pioneer crypto has maintained a strong market dominance. According to CoinMarketCap data, Bitcoin’s market share stands at $127 million which translates to 65% of the total cryptocurrency market capitalization.

Some analysts in the space have attributed this success to the coin’s security and liquidity in a volatile and young market.

The latest cost-friendly BTC transfer according to a tweet by one crypto enthusiast (@sunnydecree) suggests that this digital asset may actually compete against bullion markets dynamics favorably;

This transaction took place on April 1 where an unknown sender transferred 106,857.24571944 BTC to two digital wallets. It, therefore, follows that Bitcoin provides a convenient transaction option compared to Gold as per the analyst views. As it stands, the whole world is uncertain given the Coronavirus pandemic, this situation only makes it harder to transfer a physical asset such as gold whose logistic costs is beyond most bullion market enthusiasts.

Despite Bitcoin’s market dominance, other altcoins are on the rise to displace this number 1 digital asset as of press date. The fruits of these innovations are however yet to be significantly felt within the crypto market given BTC’s popularity. This network’s value proposition in fundamental functions such as hash rates and security are yet to be fully challenged by one comprehensive digital currency ecosystem.

Bitcoin (BTC) Live Price

1 BTC/USD =$9,577.2561 change ~ 0.31%

Coin Market Cap

$176.13 Billion

24 Hour Volume

$5.74 Billion

24 Hour VWAP

$9.56 K

24 Hour Change

$29.7741

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Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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