The best part is that even with "exit fees", when you convert your crypto to fiat because your local market doesn't accept
crypto, you just wait for the ETH price to increase and leverage your "exit fee" taken by exchanges.
Topic: $35 million worth of ETH for a ridiculous $0.07 transfer fee? (Read 263 times)
That's why we all love crypto. It's the best in business for the best in the world
The best part is that even with "exit fees", when you convert your crypto to fiat because your local market doesn't accept
crypto, you just wait for the ETH price to increase and leverage your "exit fee" taken by exchanges.
The best part is that even with "exit fees", when you convert your crypto to fiat because your local market doesn't accept
crypto, you just wait for the ETH price to increase and leverage your "exit fee" taken by exchanges.
November 28, 2019, 05:43:29 AM
That is why crypto is hated by banks, especially those who have direct connections to the government. They will certainly suppress and inhibit crypto, because crypto is a real threat to their business.
Talking about low transaction fee, then yesterday's upbit hackers only needed $3 to move the proceeds of crime worth $48 million, how crazy.
Talking about low transaction fee, then yesterday's upbit hackers only needed $3 to move the proceeds of crime worth $48 million, how crazy.
November 27, 2019, 02:36:33 PM
This and many more is the reasons why Cryptocurrencies are uniquely positioned to be the future of payments, no middle-man, no ridiculously high fees, no stupid laws that prevents you from peeking into destination accounts to know if the funds you have sent has arrived or not, no delays in the execution of transactions and the best part is that you don't have to fill any single paper work, all you need is an internet enabled device and that's all.
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November 27, 2019, 12:03:53 PM
We are seeing the true power of cryptocurrencies. You can transfer your funds in a very safe way, globally + with very low fees. Also Bitcoin was mentioned before when some whale transfered thousands of dollars an the transaction fee was around 1USD. The future is real! So who is still missing the real potential of cryptocurrencies?
November 27, 2019, 11:30:42 AM
For publicity purposes... such news can be good. But for the ordinary user, it is of hardly any use. The vast majority of the cryptocurrency users move less than $100 worth of coins at a time. For them, this feature will not be useful. What the average user wants is a stable low fees, compared to the highly volatile system we have right now. And this is applicable to all the cryptocurrencies.
November 27, 2019, 11:28:13 AM
Yes, that's the great thing that makes the cryptocurrencies community so big right now, transaction fees are almost fixed for any amount of money, and the ability to transfer money across borders. That is also why governments are seeking to control or ban crypto.
November 27, 2019, 11:16:12 AM
XRP army be like "yo we can do that for one tenth of a penny and in 3 seconds" 
In this specific case it helps that there is not much network congestion, otherwise the fee would have been higher, but it just shows that we don't need to pay financial institutions $50-$100 to move value from one account to another.
Maybe that these developments within crypto will reduce the cost of the legacy banking system, but I have my doubts. If there was an incentive for them to do so banks would have done it already, but they are fine letting people overpay big time.
In this specific case it helps that there is not much network congestion, otherwise the fee would have been higher, but it just shows that we don't need to pay financial institutions $50-$100 to move value from one account to another.
Maybe that these developments within crypto will reduce the cost of the legacy banking system, but I have my doubts. If there was an incentive for them to do so banks would have done it already, but they are fine letting people overpay big time.
November 27, 2019, 10:05:04 AM
Because of that convenience, governments have struggled to control cryptocurrencies and banks want blockchain technology.
Banks are aware of the transparency of transactions on Blockchain of bitcoin, ethereum ... Saving money transfer time is saving money. Banks can increase transaction fees to make a profit, but in exchange for blockchain technology, they can make more transactions, which means they will have more customers.
For governments through banks they control large transactions and seek to investigate owners and tax or confiscate the money they have for failing to guarantee the rules of that country.
Banks are aware of the transparency of transactions on Blockchain of bitcoin, ethereum ... Saving money transfer time is saving money. Banks can increase transaction fees to make a profit, but in exchange for blockchain technology, they can make more transactions, which means they will have more customers.
For governments through banks they control large transactions and seek to investigate owners and tax or confiscate the money they have for failing to guarantee the rules of that country.
November 27, 2019, 09:53:21 AM
With this transaction fee hopefully it could attract international trader or giant company that usually use fiat in their transaction swith their payment system to cryptocurrency. Their transaction amount were very big , and if its siwtched and they use bitcoin or other coins , it could make huge money come to market. Major cryptk price will increase extremely , and ofcourse they could reduce their fee in each transaction.
November 27, 2019, 08:41:55 AM
One major player in the cryptocurrency industry has just moved 257,491 ETH — valued at almost $35M at the time of writing. The total fee for the Ethereum transaction was just $0.07.
One Ethereum whale in the market seems to be consolidating its funds in a major move that set off alarm bells. Whale Alert (@whale_alert) picked up on a $35M transfer earlier today, which entailed the movement of a whopping 257,491 ETH.
Check the full news here
I have read a news lately about a Bitcoin whale transferring millions of dollars worth of BTC to another wallet for just $0.40. It is a ridiculous low fee indeed, compare to banks that would cost us thousands of dollars.
Moreover, banks are controlling our funds and may require us to submit additional documents before approving the transfer. Unlike Bitcoin and other cryptocurrencies, there is no central authority or government who can halt our transactions.
As for transferring $35 million worth of Ethereum, it’s even much more ridiculous than Bitcoin. For only $0.07, this is truly a super insane low transaction fee!
This is why Bitcoin, Ethereum and the others are the future, which causes fear to banks that people may move their savings from them to their respective cold wallets.
Well that was not surprise me at all. since that was one of the many advantages of the crypto-currency industry, more faster transaction,secure with lesser fees, comparing to the traditional payment options and banking services. that's why banks are threatened by the rising popularity of crypto-currency and it was unstoppable that's why banks must choose the two available options adopt or be disrupted. One Ethereum whale in the market seems to be consolidating its funds in a major move that set off alarm bells. Whale Alert (@whale_alert) picked up on a $35M transfer earlier today, which entailed the movement of a whopping 257,491 ETH.
Check the full news here
I have read a news lately about a Bitcoin whale transferring millions of dollars worth of BTC to another wallet for just $0.40. It is a ridiculous low fee indeed, compare to banks that would cost us thousands of dollars.
Moreover, banks are controlling our funds and may require us to submit additional documents before approving the transfer. Unlike Bitcoin and other cryptocurrencies, there is no central authority or government who can halt our transactions.
As for transferring $35 million worth of Ethereum, it’s even much more ridiculous than Bitcoin. For only $0.07, this is truly a super insane low transaction fee!
This is why Bitcoin, Ethereum and the others are the future, which causes fear to banks that people may move their savings from them to their respective cold wallets.
November 27, 2019, 08:28:29 AM
This is just amazing and one of the main reasons because I believe in bright future of crypto currencies. You cannot compare such low fees with commissions that a regular bank is offering for such a huge transaction.
November 26, 2019, 07:19:58 AM
You can adjust your TX fees and this is the advantage when you are transferring use crypto and remember if that doesn't need a lot of verification process.
And if I'm the guy that will transfer huge amount to other I will make it sure that the fee won't be that low. I even spent a huge fee just to get a small amount during the all-time high days because of the network spam.But we're all good today and the network isn't so congested that's why fees aren't that much. This is one of the greatest feature of sending cryptocurrencies, you can set it to low priority, medium or high priority.
The beauty of dealing with crypto. If you have your own bitcoin core wallet running, you will surely spend a very small amount of fee. And if in terms of eth, it depends on the priority you want. But yeah, definitely if you are talking millions of dollars, you will not bother the amount that you will spend even selecting the high priority. It is just like a dust of what you are about to transfer. And for me, I will surely choose the highest amount of transfer fee so I know it will not get stuck somewhere.
But yes, if you will do that via bank and other remittance center, I don't think you will incur that amount of fee at a short period of time and they might even put your account on hold for further verification and investigation. A great advantage of crypto indeed!
This kind of transaction will make you pay thousands of dollars up to hundreds of thousands.
November 26, 2019, 07:00:48 AM
That's about 10 times less the dollar amount of Bitcoin moved just the day before I believe, but NOT 10 times less the fee;) In fact it was only a few weeks ago we had 200k txs in bitcoin mempool and all cleared for 1 sat/byte.
That's not even taking into account Lightning Network txs yet!
That's not even taking into account Lightning Network txs yet!
November 26, 2019, 05:02:57 AM
this is why there is no need to ask about who was the mastermind of the FUD that was created during the crypto currency, I am not accusing the BANK, because only the BANK is worried about the development of the global crypto currency in a few years, I think it frightens the world BANK also about this technology , where everyone can move money at any time without the hassle of taking care of something complicated from BANK to BANK when transferring big money, I don't blame BANK and BANK should be able to work together using this crypto currency and this technology without having to compete, everything will It's fine without having to get rid of one another, I've also done transactions with ETH using a low fee and that's great
November 26, 2019, 05:00:26 AM
Actually, I'm not too surprised by this. That is why many people are very supportive of businesses using blockchain technology to reduce the cost of transactions between banks. Besides, time is also very important and it could be one of the tools that can change the whole economy in the future. We should have a positive faith for this blockchain technology.
November 26, 2019, 04:58:37 AM
Paying a small fee for transferring 257,491 ETH worth $35mln is an insane idea if you say the mentioned numbers to the random bank employee. The banking system is outdated and new innovations replace the old solutions for P2P transfers. The lowest transaction fees are the big advantage of digital money assets, even Nano and similar projects have a zero fee for moving funds from one wallet to another.
November 26, 2019, 04:52:16 AM
That is one of the benefits using cryptocurrency. It's no surprise if the fee is very cheap despite how big the amount you're trying to transfer out.
You could also adjust the fees as you like as long as it's on a standard minimum fees. The higher your fees was, the faster your transactions. As a side not that the network is not on overload by another transactions. When the system is full of people sending here and there, you're gonna need a higher fees. I personally would use a higher fees than the minimum one, in case if it gets more time on the way.
If you're using a fiat bank to send out that big of money, you'll gonna have to go through some complicated conditions, papers to fill out and many more.
You could also adjust the fees as you like as long as it's on a standard minimum fees. The higher your fees was, the faster your transactions. As a side not that the network is not on overload by another transactions. When the system is full of people sending here and there, you're gonna need a higher fees. I personally would use a higher fees than the minimum one, in case if it gets more time on the way.
If you're using a fiat bank to send out that big of money, you'll gonna have to go through some complicated conditions, papers to fill out and many more.
November 26, 2019, 04:39:36 AM
Why this become a debate? I mean the value of a crypto is market dependent whereas transaction fees are being decided by size of the transaction. The size of a transaction is heavily based on number of input addresses. So, there will be no wonder to see 7 cents to cost to transfer 35 million dollars. When more number of miners in hunting for tx fees, who knows just one cent also will be enough to transact 100 million dollars in above scenario.
In coming days, when more people join in crypto mining and size of the blocks get bigger somehow, we may see tx fees goes reduced exponentially. This must be a biggest advantage of cryptos. but, it is highly expected one hence we do not need to get surprised on seeing such events.
In coming days, when more people join in crypto mining and size of the blocks get bigger somehow, we may see tx fees goes reduced exponentially. This must be a biggest advantage of cryptos. but, it is highly expected one hence we do not need to get surprised on seeing such events.
November 26, 2019, 04:27:42 AM
You can adjust your TX fees and this is the advantage when you are transferring use crypto and remember if that doesn't need a lot of verification process.
And if I'm the guy that will transfer huge amount to other I will make it sure that the fee won't be that low. I even spent a huge fee just to get a small amount during the all-time high days because of the network spam.But we're all good today and the network isn't so congested that's why fees aren't that much. This is one of the greatest feature of sending cryptocurrencies, you can set it to low priority, medium or high priority.
The beauty of dealing with crypto. If you have your own bitcoin core wallet running, you will surely spend a very small amount of fee. And if in terms of eth, it depends on the priority you want. But yeah, definitely if you are talking millions of dollars, you will not bother the amount that you will spend even selecting the high priority. It is just like a dust of what you are about to transfer. And for me, I will surely choose the highest amount of transfer fee so I know it will not get stuck somewhere.
But yes, if you will do that via bank and other remittance center, I don't think you will incur that amount of fee at a short period of time and they might even put your account on hold for further verification and investigation. A great advantage of crypto indeed!
November 26, 2019, 04:26:34 AM
That's right, this is the advantage of bitcoin, ethereum and other coins. Faster and cheaper shipping costs without a third party.
But surely there will always be those who oppose this, especially banks. Because they don't want their business to just die. But even if people choose, smart people will definitely choose crypto as a cross-border money transfer at a low cost.
I hope that there will be many people who use crypto in the future. Because we don't need a complicated administration fee.
But surely there will always be those who oppose this, especially banks. Because they don't want their business to just die. But even if people choose, smart people will definitely choose crypto as a cross-border money transfer at a low cost.
I hope that there will be many people who use crypto in the future. Because we don't need a complicated administration fee.
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