Unknown Crypto Wallet Transfers $469 Million in Bitcoin For Less Than $400 In Fees
Popular Twitter account that reports on big crypto transaction Whale Alert reported about a huge transaction of $468.5 Million of BTC.
What’s interesting is that the account had to pay less than $400 to make the transaction that was worth almost half a billion.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 49,756 #BTC (468,491,827 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) July 29, 2019
To be specific the Bitcoin network charged the account holder $374.98 to facilitate the transfer and this happened without any KYC. A total of 49,756 Bitcoin was transferred. To put this in perspective a wire transaction for the lowest cost would be at least 0.36% in fees. This would be worth $1,684,800.
There is a notable class of blockchain stakeholders and observers who seem to be completely vested in this innovative product’s awesome potential and are unable to entertain a deviating opinion.
Bitcoin transactions are irreversible and can only be refunded by the receiving party, a key difference from credit card transactions that can be canceled. This means there are no charge-backs for merchants when taking payment via bitcoin.
However, the transaction costs of the account holder (Owner 26) was way more than the transaction costs of similar size. This big gap in payment as due to the fact the $212 million Segregated Witness (SegWit) address.
— Antoine Le Calvez (@khannib) May 1, 2019
Cross-border payments currently have certain restraints. They usually take more than a day and are restricted to business hours.
At the point of initiation, the exchange rate and transaction fees can be unknown. The funds can move through many banks before entering their destination, oftentimes incurring delays and additional fees.