$300 million transferred for 4 cents in fees!

tee-rex

hero member

Activity: 742

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Quote from: o_e_l_e_o on June 28, 2018, 09:07:07 AM

Have a look at this transaction: https://www.blockchain.com/btc/tx/39afcad6c4d0713ed291014315c4dcf2d81334275218c28fd354af45b7395c61.

$300 million transferred, fees of $0.04, confirmation in 4 minutes.

Now imagine the hoops you would have to jump through to transfer $300 million in fiat, the days of delays, the fees, the people you would have to discuss it with first, etc.

It is a cheap transaction by any measure. But with all that hassle that fiat transactions of that size bring on, you can be sure that your money will end up where you intend it to be. Besides, if we are talking about a contractual payment, the details of the transaction will help you tremendously in court if something goes wrong, for example, your counterparty fails to deliver. With crypto, it is still possible, but it will be a lot harder.

And I'm not talking that there is no way back to get the money if you send bitcoins to a wrong address. To err is human, and such things do happen, while with fiat it is not a big deal in the majority of cases. If you make a mistake, your payment just won't be processed. With bitcoin as well as other cryptocurrencies, you can easily send funds to a non-existing address, that is an address from which no one has the key yet, and you are instantly out of options. Yes, I know you can't use just an arbitrary combinations of characters in a bitcoin address, but this will be cold comfort if you are "lucky" to pass the checksum.

kimcuchospital

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You imagine that if it is fiat money, how can they transfer this money efficiently. Too much and too fast for a game, bitcoin is spectacular and easy to use and secure because 300 million moves do not need anything and can be viewed in block and anonymous in disturbed banks. When they asked the tourists they put the property they asked the government for the owner of the bank

Raggie

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Quote from: o_e_l_e_o on June 28, 2018, 09:07:07 AM

Have a look at this transaction: https://www.blockchain.com/btc/tx/39afcad6c4d0713ed291014315c4dcf2d81334275218c28fd354af45b7395c61.

$300 million transferred, fees of $0.04, confirmation in 4 minutes.

Now imagine the hoops you would have to jump through to transfer $300 million in fiat, the days of delays, the fees, the people you would have to discuss it with first, etc.

Well yes, crypto works like that. No matter how much you want to transfer coin, the fee will remain same.
This is one of the cryptocurrency advantage than fiat currency indeed. But sadly still not too much peoples who using crypto as a currency.

dimastegar

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Small Trader

Yes, this is crypto. Where we can save time and fees. And 300 million dollars is a big number. 4 cents transaction fees are something very cheap. Love it.

airdnasxela

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Activity: 728

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Quote from: o_e_l_e_o on June 28, 2018, 09:07:07 AM

Have a look at this transaction: https://www.blockchain.com/btc/tx/39afcad6c4d0713ed291014315c4dcf2d81334275218c28fd354af45b7395c61.

$300 million transferred, fees of $0.04, confirmation in 4 minutes.

Now imagine the hoops you would have to jump through to transfer $300 million in fiat, the days of delays, the fees, the people you would have to discuss it with first, etc.

Even I think that that is the fee because maybe the transaction has close ties with the pool operator that is why his fee is very small, this transaction only shows how convenient bitcoin is when it comes to transactions. It didn't need to much stops or checkpoints or intermediaries for it to happen. It only needed a fee to pay so you can do transactions. Imagine if you will try to do it but in the current payment methods, i think you will pay so much money here for transferring fee and it will take so much time to transfer that huge amount of money.

_crypto_moon_

newbie

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As far as I understand, this transaction was conducted through the network of Lightning Network and it's really amazing. I hope this technology will be implemented for public access very soon.

Clark05

sr. member

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$300 millions is very high amount and the fees is very low it's only 4 cents. I don't know if that really amount that only 1 wallet have big amount. Because millions of dollars is not easy to earn so what is that amount and that is very low chance to get.

In other online business if you cashout that amount the fees is millions of dollars I think.

Olayinka225

jr. member

Activity: 322

Merit: 1

Well....have been saying this, that low cost transaction fee can be achieved. And this is just the beginning of it. Can you imagine 300$ million sent with as low as 0.04$. That shows higher amount can even be sent with lower transaction fee and be confirmed with some minutes. Thanks to blockchain for this.

suzanne5223

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Want top-notch marketing for your project, Hire me

Quote from: o_e_l_e_o on June 30, 2018, 06:22:51 AM

To everyone in this thread who is complaining that their fees are still too high, you are doing something wrong.

Either you are using an exchange or online services that charges ridiculous withdrawal fees and is making a large profit off you, you are using a wallet that does not let you set the appropriate fees, you are using a wallet that DOES let you set fees but you are setting them incorrectly, or your funds are made up of nothing but dust and so your transactions have 50+ inputs (unlikely, and still wouldn't push your fees up above a few thousand satoshi).

I would recommend you have a look at the following two sites:

https://core.jochen-hoenicke.de/queue/#2d gives you a nice graphical representation of how full the mempool is currently

https://coinb.in/#fees gives a very easy to use calculator to work out how much you should be paying in fees to have your transaction confirmed within a couple of blocks.

Wow! I can't believe my eye but I'm a kind if person that believe knowledge is power and I will try up the scoop you said cause watching the transaction I already knew there's a means applied by the transaction sender.

cryptotrade007

newbie

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That is pretty amazing. It would be interesting to see an actual breakdown of what the cost would be vs traditional banking avenues.

iotarocket

newbie

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This is great news and shows that Segwit has been a success. With the implementation of the Lightning Network, we can see that fee reduced to a fraction of the four cents paid. Contrary to what the naysayers claim, bitcoin is on the path to scaling.

nguoicandam

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That is a remarkable thing

DoublerHunter

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Quote from: Johnyz on July 07, 2018, 07:37:38 PM

Quote from: ?? on ??

That's great to know. This is surely help me to engage in bitcoin. At first I thought the price is high! But, it's not that high for who invest to a large amount.

Exactly, but sometime the fees are getting higher but this is much more covenient comapare on making transactions with the banks. Blockchain technology really make this possible and this is why people loves cryptocurrency.

That will become the key in the future why cryptocurrency will have a huge growth in the future. Cryptocurrencies will continue be improving and more people will prefer the cryptocurrency to be used as a mode of payment rather than an investment because of its cheaper fees than the regular ways like transacting in banks.

Johnyz

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Quote from: ?? on ??

That's great to know. This is surely help me to engage in bitcoin. At first I thought the price is high! But, it's not that high for who invest to a large amount.

Exactly, but sometime the fees are getting higher but this is much more covenient comapare on making transactions with the banks. Blockchain technology really make this possible and this is why people loves cryptocurrency.

Grayy

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Activity: 322

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Liberation at its peak. Can you imagine how poor people are overburdened with charges for any financial transactions they make to their relatives or business partners? This is the message everyone should see. Nobody deserves to cheat you on your hard earned money. Use bitcoin!

pehatas

newbie

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Imagine now what speed Bitcoin will have after implementing the Lightning Network technology. Btikin will become the main means of payment, I am sure of it.

bloodyvio

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Quote from: o_e_l_e_o on June 28, 2018, 09:07:07 AM

Have a look at this transaction: https://www.blockchain.com/btc/tx/39afcad6c4d0713ed291014315c4dcf2d81334275218c28fd354af45b7395c61.

$300 million transferred, fees of $0.04, confirmation in 4 minutes.

Now imagine the hoops you would have to jump through to transfer $300 million in fiat, the days of delays, the fees, the people you would have to discuss it with first, etc.

that's why i believe cryptocurrency will replace the banking system
with crypto we do not need bank approval for transfering money
be your own bank

spartanrules

sr. member

Activity: 700

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Quote from: o_e_l_e_o on June 28, 2018, 09:07:07 AM

Have a look at this transaction: https://www.blockchain.com/btc/tx/39afcad6c4d0713ed291014315c4dcf2d81334275218c28fd354af45b7395c61.

$300 million transferred, fees of $0.04, confirmation in 4 minutes.

Now imagine the hoops you would have to jump through to transfer $300 million in fiat, the days of delays, the fees, the people you would have to discuss it with first, etc.

This event really shows strong sides and advantages of blockchain technology and cryptocurrencies. But also it shows that this sphere is real competitor to bank system.

katulana

newbie

Activity: 42

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Too much and too fast for a game, bitcoin is breathtaking and easy to use and safe because of the 300 million move that does not need anything and can be viewed in block chunks and is anonymous in disturbed banks as they ask the traveller they put a property they ask the government for the owner of the bank

shashkova

newbie

Activity: 41

Merit: 0

imagine if that was fiat money, how they could transfer that money this efficient. so much hassle for the fiat money

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