$300 million transferred for 4 cents in fees! - page 2.

ravijadon12jan

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Quote from: o_e_l_e_o on June 28, 2018, 08:07:07 AM

Have a look at this transaction: /btc/tx/39afcad6c4d0713ed291014315c4dcf2d81334275218c28fd354af45b7395c61]https://www.[Suspicious link removed]/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.

Woah, lightning strikes

That's really cheap, I guess transferring $300 million through banks or currently existing medium will cost you few thousand dollars easily. In comparison to that, BTC transaction cost only $0.04, a very strong case to put in front of these banks

Even though now BTC fees are at it's lowest, don't know why these exchanges charges so hefty fees while transferring, not acceptable at all.

FXTradingPro

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This should be the reason that institutions should adopt BTC and cryptos. The amount of money that can be moved that fast and that cheap could save large companies millions in fees.

Herbys

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Quote from: o_e_l_e_o on June 28, 2018, 08:07:07 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.

I myself am trying to imagine more of a person who has transactions at 48,500BTC, at least once a month. Shocked

o_e_l_e_o

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Quote from: LoyceV on July 04, 2018, 05:14:31 AM

And that's why I argue it didn't even happen. It's more like Scrooge McDuck moving a pile of cash from one corner of his safe to another corner. That doesn't give any delays, fees or people to negotiate with.

True, but this transaction proves it's possible to send that much money essentially for free, even if it didn't actually happen.

Quote from: LoyceV on July 04, 2018, 05:14:31 AM

On the other hand, if you do really make a transaction for $300 million, whether it's Bitcoin or fiat, it's very likely the deal needs to be negotiated anyway, which takes much more time than transfering the fiat. On a global scale, I don't think $300 million is an rare thing in fiat transactions anyway.

I would agree, but the point about fees still stands. I very much doubt there is a traditional financial institution anywhere in the world that would let you transfer $300 million for what is 0.00000001% in fees.

LoyceV

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Quote from: o_e_l_e_o on July 04, 2018, 04:49:30 AM

Quote from: LoyceV on July 03, 2018, 03:23:22 PM

The rest of the transacion (45,500BTC)/$300 million) is just the change that stays in his own wallet.

That's certainly a possibility, but we don't know for sure.

I think it's much more likely to pay 0.1BTC, than to pay a weird amount and keep 0.1BTC as change.

Quote from: o_e_l_e_o on June 28, 2018, 08:07:07 AM

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.

And that's why I argue it didn't even happen. It's more like Scrooge McDuck moving a pile of cash from one corner of his safe to another corner. That doesn't give any delays, fees or people to negotiate with.

On the other hand, if you do really make a transaction for $300 million, whether it's Bitcoin or fiat, it's very likely the deal needs to be negotiated anyway, which takes much more time than transfering the fiat. On a global scale, I don't think $300 million is an rare thing in fiat transactions anyway.

gerasimo

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lol i can only imagine the hassle if it was fiat money

Siren

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Quote from: eternalgloom on June 28, 2018, 08:12:45 AM

And I still see people complaining about having to pay too much fees. You can check the Bitcoin Technical Support board to see some examples.
Probably people who are using a wallet that incorrectly calculates the best fees or exchanges that are charging additional transaction fees.

And they dont know how much fees they paid ,they only complaining about something they dont really understand,the fees and speed about transactions are something we must be thankful this is what i have seen from my past withdrawals meaning nothing to complain now

Quote from: mmo4me.2016 on July 04, 2018, 04:54:12 AM

Transaction costs are impressive, if the BTC price is stable then this is a great way to transfer money!
I hope Bitcoin and altcoin after development time will be stable to be able to use other purposes than investment!

Bitcoin pricei will never be stable because this is volatile,but if youre saying is about the regular movement of price will i agreed on you then

mmo4me.2016

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Transaction costs are impressive, if the BTC price is stable then this is a great way to transfer money!
I hope Bitcoin and altcoin after development time will be stable to be able to use other purposes than investment!

o_e_l_e_o

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Quote from: LoyceV on July 03, 2018, 03:23:22 PM

The rest of the transacion (45,500BTC)/$300 million) is just the change that stays in his own wallet.

That's certainly a possibility, but we don't know for sure. However, I don't think it matters. Now, please correct me if I'm wrong here, as I'm a relative newcomer and you are one of the senior members whose opinion I have come to value/trust, but my understanding is as follows:

It doesn't matter if the 48,500 moved to an address in the same wallet or a different wallet, or to an address owned by the same person or someone on the other side of the world. All that matters as far as the blockchain is concerned is that it moved to a new address - the owner of that address is irrelevant.

sakamaku

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Is it a transaction fee too cheap for a transaction, it is the same, Perhaps they want the transaction to be unnoticed so they slip in for a low fee, perhaps for a charge attack. double then. However, this transaction fully demonstrates the potential of Bitcoin

LoyceV

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Quote from: o_e_l_e_o on June 28, 2018, 08:07:07 AM

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.

I'm disappointed. In 4 pages, literally nobody noticed what's really going on!
He (whoever he is) didn't transfer $300 million, he transfered $618 (0.1BTC) to 1K7y31fJidER3XdcPTPHjNZeUTrisKbvqz . This scenario is much more likely than assuming someone just transfered $300 million in Bitcoin to someone else. The rest of the transacion (45,500BTC)/$300 million) is just the change that stays in his own wallet.

Now, if you want to compare this to fiat, it's just a multi-millionaire who buys a cheap new TV. If he would have paid in fiat, nobody would bat an eye. But he didn't, he paid with Bitcoin! And now the seller knows that he owns $300 million. That's not only a huge risk for his privacy, but also for his safety.

I can only assume most Bitcoin multi-millionairs use more than one wallet, and wouldn't be so dumb to pay a small amount from a very large balance.

deepgyl

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Quote from: Juggy777 on July 01, 2018, 10:01:12 AM

Where're the Bch advocates saying btc will die due to fees, seems like the people who complained about fees have suddenly disappeared lol. This is the power of bitcoins and this is what makes it such a popular option for all to invest and trade into it. I'm though surprised 4 cents at least 40 cents would have been nice lol. Looks like btc is back in action lol.

Bitcoin Cash will be die a miserable death in future if they dont stop calling it real bitcoin and just promoting their own agenda . rather than showing bitcoin less worthy , they should spend more time on their own project and let it grow like any other altcoin project .
But they know that bitcoin cash is just a fork with no real benefits apart from fees , neither they trying to make it unique . so they have no other option to show bitcoin inferior to bitcoin cash

McDee

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A M E P A Y

Quote from: o_e_l_e_o on June 28, 2018, 08:07:07 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 love cryptocurrencies. Such technologies offer incredible business opportunities. You can carry out transactions simply by having the phone in your hand. Any person on the planet wherever he is.

_Crypto_Space_

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This way of transferring money clearly shows how unique the Blockchain technology is and what is its advantage for people. Now everyone who is indignant and says that bitcoin is useless read the message above.

deepgyl

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Quote from: o_e_l_e_o on June 28, 2018, 08:07:07 AM

Have a look at this transaction: /btc/tx/39afcad6c4d0713ed291014315c4dcf2d81334275218c28fd354af45b7395c61]https://www.[Suspicious link removed]/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.

thats the beauty of bitcoin , but it hurts most when fees are much high even upto 30 usd which i noticed in december last year . for $300m you can justify 30 usd but for small transactions not at all bearable . waiting for lightening network so that fees can be in control throughout the year .

tranduc2101

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Lifestyle & Wellness Platform

Quote from: o_e_l_e_o on June 28, 2018, 08:07:07 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 is the advantage of the blockchain technology. The speed of transaction processing is fast and anonymous. perhaps for anonymous transaction reasons, the government is afraid that some people will launder money with cryptocurrency

o_e_l_e_o

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Quote from: NewCenturyBTC on July 01, 2018, 06:21:55 PM

I actually almost pay 1k-2k satoshies when make transactions. And i see they always have confirmation during 25 minutes. Is it ok?

Although in the past you have had to pay way more than this, with the current state of the mempool you could pay less and still have quick confirmations, although at such low prices it would hardly make a difference to you.

Have a read of my previous post here for links to help you calculate appropriate fees.

NewCenturyBTC

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Quote from: eternalgloom on June 28, 2018, 08:12:45 AM

And I still see people complaining about having to pay too much fees. You can check the Bitcoin Technical Support board to see some examples.
Probably people who are using a wallet that incorrectly calculates the best fees or exchanges that are charging additional transaction fees.

I actually almost pay 1k-2k satoshies when make transactions. And i see they always have confirmation during 25 minutes. Is it ok?

Prince Malik

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Thanks for this topic...people must know really what is the bitcoin and Its benefits instead of the stupide fake news

Shenzou

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Quote from: o_e_l_e_o on June 28, 2018, 08:07:07 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.

I mean at this point i am surprised it has not been adapted yet, with bitcoin we can send and receive money instantly with low fees which is an option that every investor and oversea business dream off, if only they would accept it the whole world will advance and all the financial problems will improve, but i guess adopting it does not serve the benefits of people who have the power, but hopefully one day we will be able to see it accepted and being used internationally.

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