11,230 BTC (~ 430M) transaction with fee at 0.00218 BTC ~$82.

hd49728

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Not your keys, not your coins!

Quote from: hatshepsut93 on August 05, 2021, 05:31:53 PM

Quote from: hd49728 on August 05, 2021, 08:24:06 AM

The transaction cost is very cheap and it was finished by several clicks.

The ability to send money in one click is both strength and weakness. This means that you could send millions of dollars by mistake and hackers could also steal them without any obstacles. With banks you would be contacted by them if someone tried to move a large sum of your money.

You can make a few clicks carelessly and lose your money with bank transfers or with Bitcoin.

With Bitcoin, the pros are you have your keys and you don't have to rely on governments, banks to broadcast your transactions. If there are miners on Earth, you can choose fee to include your transactions at tip of mempool. Your transactions will be confirmed by miners if the fee you give them is on tip of mempool.

Nobody can seize your Bitcoin if you don't leak your private key.

2double0

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Quote from: hatshepsut93 on August 05, 2021, 05:31:53 PM

Quote from: hd49728 on August 05, 2021, 08:24:06 AM

The transaction cost is very cheap and it was finished by several clicks.

The ability to send money in one click is both strength and weakness. This means that you could send millions of dollars by mistake and hackers could also steal them without any obstacles. With banks you would be contacted by them if someone tried to move a large sum of your money.

I have also seen banks lying down their services when such circumstances occur while their servers get hacked and some rich man's 'piggybank' gets stolen. The smartness of hackers is praiseworthy while also challenging for the 'traditional' and even modern banks whereas sometimes the bank's internal staff members are also involved in those thefts which makes this more disgusting, which cannot be the scenario in btc hacks in most cases and btc's network is so strong, a user cannot easily lose money except if they mistakenly send their coins to someone and that person denies to return them their coins.

hatshepsut93

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Quote from: hd49728 on August 05, 2021, 08:24:06 AM

The transaction cost is very cheap and it was finished by several clicks.

The ability to send money in one click is both strength and weakness. This means that you could send millions of dollars by mistake and hackers could also steal them without any obstacles. With banks you would be contacted by them if someone tried to move a large sum of your money.

Quote from: hd49728 on August 05, 2021, 08:24:06 AM

By the way, you can see how secured the Bitcoin network and its transactions are, if you compare it to altcoin networks & altcoin transactions.

Cost of 51% attack: https://www.crypto51.app/
6 confirmations on Bitcoin network have power of hundred of confirmations on altcoin networks: https://howmanyconfs.com/

Unfortunately people don't realize how bad altcoin security is, because most of the crypto investors don't understand the technology and just invest in whatever is trending on twitter.

2double0

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Activity: 2618

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This is why bitcoin's network is the best when sending your money the other side because it maintains the high level security which is unmatched if compared to any other altcoins as well as their transactions. Some altcoins are very cheap and fast, but that also means that a 51% attack is quite easily possible to happen on those networks. If scalability is taken care of, nothing could beat bitcoin and its security level.

dothebeats

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Cashback 15%

Quote from: stomachgrowls on August 05, 2021, 04:40:54 PM

Same goes for this.
$194 Million was Moved Using Bitcoin With $0.1 Fee, True Potential of Crypto

Source: https://finance.yahoo.com/news/194-million-moved-using-bitcoin-223521877.html

This is the advantage on using up crypto on where you can move multimillions with just a very small amount of bucks deducted and this one is just 1 cent.

That's why most banks hate it. Crypto has the potential to replace banks' absurd transfer fees that are based on the amount sent. This is not the case for crypto. It doesn't care how much you are transferring, so long as you are paying the minimum amount the network suggests at the time of the transaction, you're good and it will push through.

Quote from: DeathAngel on August 05, 2021, 04:12:24 PM

Imagine even trying to move that much $ worth of physical precious metals Cheesy

Bitcoin really is the future of finance, nothing compares. I dread to think of the fees if you were to move that much in a fiat bank transfer abroad & the waiting time etc.

You would already have spent a fortune trying to perfect the logistics and security of moving such amount of precious metals. They have their intrinsic value, yes, but they still take up lots of resources, too.

stomachgrowls

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Same goes for this.
$194 Million was Moved Using Bitcoin With $0.1 Fee, True Potential of Crypto

Source: https://finance.yahoo.com/news/194-million-moved-using-bitcoin-223521877.html

This is the advantage on using up crypto on where you can move multimillions with just a very small amount of bucks deducted and this one is just 1 cent.

sunsilk

hero member

Activity: 3038

Merit: 634

They could have lessened the fees but with that amount of the fee and its transaction, that's nothing if ever I own that amount. Tongue

Sending that amount is worry less and ease so I guess the banks knew this fact about sending millions per transaction and the fees are only taking that amount which is valued at sat per byte and confirmations are quick.

DeathAngel

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#1 VIP Crypto Casino

Imagine even trying to move that much $ worth of physical precious metals Cheesy

Bitcoin really is the future of finance, nothing compares. I dread to think of the fees if you were to move that much in a fiat bank transfer abroad & the waiting time etc.

worldofcoins

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Telegram: @worldofcoinss

Quote from: hd49728 on August 05, 2021, 08:24:06 AM

The transaction cost is very cheap and it was finished by several clicks. It does not take too long to get 3 confirmations.

Cost of 51% attack: https://www.crypto51.app/
6 confirmations on Bitcoin network have power of hundred of confirmations on altcoin networks: https://howmanyconfs.com/

I'm surprised that the transaction was executed at 96 sat/WB and took only 82$.
edit: Wait it's from a single input.

Quote from: hd49728 on August 05, 2021, 08:24:06 AM

By the way, you can see how secured the Bitcoin network and its transactions are, if you compare it to altcoin networks & altcoin transactions.

Just now in the forum's ad space, it was written about the double spend and security of bitcoin and now I'm reading your reply, what a coincidence.
Bitcoin is actually very secure unless there's a double spend, which is still a possibility.

dkbit98

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Quote from: hd49728 on August 05, 2021, 08:24:06 AM

6 confirmations on Bitcoin network have power of hundred of confirmations on altcoin networks: https://howmanyconfs.com/

I don't understand in what way exactly are 6 Bitcoin confirmations equivalent to all other altcoin confirmations...

EDIT:
I found explanation on github page but I don't think blockchains can properly be compared like that.
I understand if we compare Bitcoin with Bcash or other coins with same algo, but it's a bit more complicated with other algorithms.
https://github.com/lukechilds/howmanyconfs.com

hd49728

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Merit: 1018

Not your keys, not your coins!

Quote from: mocacinno on August 05, 2021, 08:29:23 AM

Well... Cheap, yes, but still they managed to overpay (by a lot)
Today, the maximum fee that should have gotten him into the next possible block should be around ~7 sat/byte, with dips of 1-2 sat/byte being ok.
For a 2263 bytes transaction, a 20.000 sat fee should have been overpaying, but they payed 200.000, so a ~$8 fee should have been more than enough but they chose to pay $80.... Not that it matters if you're transferring that much of value... They probably wouldn't have cared if they payed a $800 fee, i'm just saying that even that tiny fee (in comparison the the value tranferred) was grossly overpaying and not necessary by a longshot.

Perhaps they are rich and don't care about less than $100 in transaction fee.

Probably the guy who moved that transaction is unknowledgeable about Bitcoin transaction fee, don't know how to check mempool.

If the guy know this one https://jochen-hoenicke.de/queue/#1,24h, the cost will be considerable lower than $82 as you explained. Mempool in last 24 hours drops to 1 sat/vbyte many times.

Thank you.

Yogee

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Activity: 1554

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Quote from: hd49728 on August 05, 2021, 08:24:06 AM

...The transaction cost is very cheap and it was finished by several clicks. It does not take too long to get 3 confirmations.

What's more important is there's no middle man to interfere or financial institutions to block it.

Quote

By the way, you can see how secured the Bitcoin network and its transactions are, if you compare it to altcoin networks & altcoin transactions.

Cost of 51% attack: https://www.crypto51.app/

Is this a shot to the fork that was recently attacked? I don't mind if it is. Hehe

Quote

6 confirmations on Bitcoin network have power of hundred of confirmations on altcoin networks: https://howmanyconfs.com/

Proponents of the Bitcoin forks are still complaining at centralized exchanges for longer confirmation on deposits despite this data.

mocacinno

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https://merel.mobi => buy facemasks with BTC/LTC

Well... Cheap, yes, but still they managed to overpay (by a lot)
Today, the maximum fee that should have gotten him into the next possible block should be around ~7 sat/byte, with dips of 1-2 sat/byte being ok.
For a 2263 bytes transaction, a 20.000 sat fee should have been overpaying, but they payed 200.000, so a ~$8 fee should have been more than enough but they chose to pay $80.... Not that it matters if you're transferring that much of value... They probably wouldn't have cared if they payed a $800 fee, i'm just saying that even that tiny fee (in comparison the the value tranferred) was grossly overpaying and not necessary by a longshot.

hd49728

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

Source: https://twitter.com/BitcoinMagazine/status/1423231303307206656
The transaction cost is very cheap and it was finished by several clicks. It does not take too long to get 3 confirmations.

By the way, you can see how secured the Bitcoin network and its transactions are, if you compare it to altcoin networks & altcoin transactions.

Cost of 51% attack: https://www.crypto51.app/
6 confirmations on Bitcoin network have power of hundred of confirmations on altcoin networks: https://howmanyconfs.com/

Topic: 11,230 BTC (~ 430M) transaction with fee at 0.00218 BTC ~$82. (Read 196 times)