very impressive. i cat imagine within few minutes you can send million dollars plus lower fees!!! this is the real advantage of blockchain over standard Fiat banks.
Topic: $300 million transferred for 4 cents in fees! - page 4. (Read 1126 times)
Yes the present low fee is some thing to be happy for compared to what we use to have in late last year and early this year. The amount that can easily be transferred with bitcoin from the comfort of you location can not be compare with the huddle one go through using the traditional financial system. Bitcoin have given us the total freedom.
This is a good read for those people who keep on saying and whining that transfer fees are the biggest problem of bitcoin.
And also another thing for the confirmation delay.
This is another great milestone for bitcoin, truly proven that it can be called as something cheap in transfers.
And also another thing for the confirmation delay.
This is another great milestone for bitcoin, truly proven that it can be called as something cheap in transfers.
The innovation of bitcoin exposed all the deficiencies of the traditional banking systems. The above transaction was a huge one, yet it cost near nothing and takes little or no stress to be received on the other end. Bitcoin is definitely the future and it will be a disruptive force to transitional banking systems.
and cheap charging the rate 4 cents if and less cumbersome and hard 4 minutes the truth that the bitcoin is spectacular and easy to use and safe because to move 300 million without anything and one can review it in the chain of blocks and is Anonymous in the banks are scandalized as they ask questions they put travas they charge a fortune they ask permission to the government to the owner of the bank durraria if it achieves it like 2 weeks or more so that they approve it while bitcoin fast and simple and totally safe to yegado to change the world and facilitate their transactions without borders without limits
These are the kind of demonstrated facts that make r/buttcoin cry at night.
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.
when good news come, people will support this. but the problem come when bitcoin have delay problem and high fees in past. some people have been pessimistic about bitcoin as a payment because of some of these problems. that it what need to solved $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 is very impressive, imagine such was done through traditional banks,it would have taken at least a week to process and takes several thousands or hundreds of thousands of dollars
And this is one of the many reasons Cryptocurrencies are superior.
If you have 300 million dollars to move I think it's pretty safe to say someone's going to do you a deal. And in the UK and most of Europe bank transfers are free and near instant. It's time the US and elsewhere got out of the stone age.
Well this probably shows that Bitcoin is better for transferring large amounts of money than traditional payment processors. But is it really a good thing? that is, is transferring that hugh amount of money for tiny amounts of fees good for Bitcoin? If that amount where in Physical value it would cost hundreds or even thousands of dollars to transfer. Shouldn't Bitcoin also be charging wealthy investors in %? well what do I know.
Thank you for the link of this transaction fees. I is quite low but still I don’t get why some people claim that the fees are high. This fees are very less if any want to transfer fiat they would have to pay more fees and waste of time.
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.
If you wanted to transfer $300 million between conventional bank accounts, you would have had to fill up a bunch of papers and, probably, to answer some tough questions about the origin of the money.$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 wonder who was the beneficiary of this very transaction and what was its eventual purpose..
Satoshi, is that you?
Wow! $ 300 million in only 4 minustes is way too quick. In traditional payment system, this transactions require so much time. The transaction fee is only 4 cents which is also very cheap.
This numbers give me the head turning as it seems so irrealistic ! Juste give better idea of the power of the block chain !
After invention of crypto market btc is leading the first position in the market based on this btc offers good facilities to their customers so many people invested money in here also they took less transaction fees here is the proof 300 million dollar transaction fee only 4 cent which is really amazing.
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.
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.
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.
Thats is blockchain technology works Fast and easy this also why the authority has doubt in cryptocurrency and bitcoin because of money laundering.$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 was very great though, obviously the Bitcoin network is not that congested anymore that resulted into this kind of good news and I hope it continues. This is the kind of example of no discrimination to everyone but it has still an advantage to those big payment senders and disadvantage to those small time payment senders as they tend to make micro transactions over time that will cost more fees but still it's way more cheaper compare outside the cryptocurrency world.
The moment when those bitcoins come in contact with the Fiat system, then you are stuck with the same problems and the high fees. If the owner can keep that within the Bitcoin ecosystem, then the fees will be applicable. Take for instance what would happen if those coins went through the regulated exchanges. A lot of exchanges ask roughly 1% in trading fees, so that person will have to pay $3000 in trading fees to move it around in an regulated exchange. 
So he or she is not out of the woods yet.
So he or she is not out of the woods yet.
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