$300 million transferred for 4 cents in fees! - page 5.

Pursuer

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Where is my ring of blades...

Quote from: spiker777 on June 28, 2018, 04:03:04 PM

Amazing. I'm actually surprised they didn't put a higher transaction fee though, I mean 4 cents is just risky! This is $300 million we're playing with, not 5 bucks. Maybe they wanted the transaction to go unnoticed so they slipped in a low fee, perhaps for a double spend attack afterwards.

what are you talking about, what risk?!!

the network does not care about how much you are transferring. it only cares about the size of your transaction in bytes. you can transfer a tiny amount of money or millions of dollars with the same size of transaction and pay the same amount of fee.
and the fee they paid was a high priority fee which makes the transaction high priority and mineable in the next block.
additionally anybody who knows the basics of bitcoin (meaning they have read the first page of bitcoin.org/start-here) knows well enough that they need to wait for confirmation. and when a transaction is confirmed you can not double spend it anymore specially when it has the recommended number of confirmation.

cryptoasis

newbie

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That is the beauty of bitcoin and blockchain and it is still on developmental stage. And the people are still complaining of high fees and more time for confirmation. I know blockchain will rock.

hassan2654

newbie

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that's correct . maybe it seems impossible to the most of the new arrivals but it's true. we know this place is user friendly so they try to maintain very less amount of fee as their transaction charge and the best part is these fee prices remain same for all countries.

cryptotaste007

newbie

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One of the advantages of using crypto currency over fiat currency is transferring large unit of currency without much hassle. As it is not monitored by the government, large sum of coin can be transferred overseas with very little transferring fees. Moreover, the time required to transfer is very as few or no third party authorization is involved.

reflectcrypto

newbie

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This is really a great news for the industry. The fee is really so low. And people should not raise any issue the regarding the charge anymore. I hope people will get back the trust on BTC with time .

DunnDy

member

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That's the point! The essence of Bitcoin is the incredible convenience and speed of making transactions from anywhere in the world at what time we want. It's unbelieveble how Bitcoin is modernist and what technologies it offers. Furthermore, such a low transaction price is simply fantastic. Compared to $ 300 million, what are 4 cents? Nothing to me. I hope that this will be a proof for those who doubt the idea of using Bitcoin.

spiker777

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Amazing. I'm actually surprised they didn't put a higher transaction fee though, I mean 4 cents is just risky! This is $300 million we're playing with, not 5 bucks. Maybe they wanted the transaction to go unnoticed so they slipped in a low fee, perhaps for a double spend attack afterwards. But either way, this transaction does completely demonstrate the potential of Bitcoin, it would be an absolute circus trying to move $300m between countries, particularly if those two countries are not exactly on friendly terms with one another, e.g. North Korea and the U.S.

jak3

legendary

Activity: 1274

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Wow, this really made my day, I am surely going to spread this information with a lot of users and I am 100% sure many people are going to feel the power of bitcoin with this single transaction. I mean literally, no banks cannot transfer this much funds in a short amount of time with this low fees. But for bitcoin is just some strings and it puts that into a ledger and showed everyone in the blockchain so no one can change these details. Now, this is an awesome concept.

victorski

member

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Wow... This is just amazing. People 10 years ago could not even imagine this amount of money transferred so easily, and 50 years ago people would drive crazy if they would hear about something like that.

bkrobottc1

newbie

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I think problem is we have to pay high fees when trading on the exchange. Usually calculated as a percentage of trading volume

BelieveInBTC

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A lot of people still think that Bitcoin transaction fees are extremely high. Thanks to the growing SegWit adoption and Lightning Network this problem is slowly being slowed. There are less people who use Bitcoin of course but I doubt that it would be the only thing that affected the fees. Bank would charge enormous amount of money for such transaction and it wouldn't be confirmed in less than an hour.

BrewMaster

legendary

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There is trouble abrewing

Quote from: CashMercenary on June 28, 2018, 09:18:52 AM

Wow! I didn't know that it is possible?! Im not familiar with that wallet and I rarely used BTC blockchain. Well, I always used my BTC wallet here on my country where I can buy it using our fiat money and their charge for transaction fee is super unfavorable. Is that somewhat depending on the miner who will process your transaction?

it is somewhat depending on the bitcoin transaction fees but it is not all there is. these places where you buy bitcoin from (the third party services such as exchanges) always charge more fees. it is both because they want to cover the transaction fees and also have some revenue. it may not seem like much but considering the number of withdrawals some of them have per day it is a lot of money.

you can always check the transaction to see how much actual fee they paid. so you can see how much extra they charged you. for instance they pay 500 satoshi fee and charge you 100,000 satoshi fee.

sakahayang

full member

Activity: 414

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Actually if we are smart, we can make the cost of bitcoin transaction becomes the cheapest. need good information to get cheap transaction costs.
people who say the cost of expensive bitcoin transactions is that people directly send the bitcoin without any calculation first.

ovcijisir

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🐪

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

Delays would be because the bank would have to do security checks, especially after money laundering and anti terrorism laws.

Also transfer this big would have impact on bank, because I doubt all banks have so much cash lying around to be transferred in so short period of time.

Cryprocurrency monetary system is, from your example, more efficient then bank monetary system, because it uses only necessary things that system needs to function.

Gaurav11kb

newbie

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Crypocurrency is in its beginning phase, there would be a lot of improvements in the coming future and it would be better than it is today and I'm telling you that it is already many times better than banking transactions at present time. You control everything, no one except you can do anything to your funds. This is really great. There is a bright future ahead.

robertobracceschi

newbie

Activity: 31

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this thing is really fantastic. I can not wait for bitcoin to be used worldwide by the entire industrialized population. It would really be a great revolution.
It will take at least 10 years and the most used unit of measure will be satoshi

VitKoyn

full member

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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 not surprising anymore, and this is why Bitcoin is better to use than bank transfer when sending money to someone internationally, it will not be an instant transfer but you will not have to wait days for the receiver to receive the money because it will just take minutes, especially now that mempool is not congested anymore. You also don't need to pay a lot for the transfer even it is small or huge amount. And lastly there is no law to follow or legal documents that you will need to provide when transferring large sum of money using Bitcoin because it is not controlled by the government.

goldade

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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 and many more are the advantages of using bitcoin over fiat. Having to transfer that sum of money in fiat will take nothing less than $50000 as transaction fees, take almost 5 days to complete the transaction and you'll have to meet tonnes of people all because of a single transaction.
I even read on this forum where a member said he transferred $20000 and the bank charged him $700 over just a single transaction. https://bitcointalksearch.org/topic/just-transfered-20k-usd-and-bank-charged-me-700-3203640
I just don't get why some people still complain that bitcoin transaction fees are high.

ikilledcobain

sr. member

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Very cool example of how this technology can and will revolutionize the banking industry (among other things). A wire transfer for that amount would probably take a month to clear all the hurdles it would need to go through. The fundamental technology is revolutionary; once the masses realize this, the price will follow.

dothebeats

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This is the beauty of bitcoin: you can literally send millions of dollars without a huge transaction fee or any intermediaries questioning where would you send the money. As for this transaction, probably the one who sent the transaction is in close ties with the pool operator that's why they let it pass with only a fraction of a fee, or it's the exchange operator himself who made the transfer. Things like this doesn't amaze me anymore since I've seen numerous transactions with the similar nature. Now, if anyone tells me that WU and other intermediary money transfer concierges are still better, I'll show them this transaction just for reference.

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