$35 million worth of ETH for a ridiculous $0.07 transfer fee? - page 2.

jossiel

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Quote from: asriloni on November 26, 2019, 02:46:45 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.

Strongkored

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For a couple things crypto is simpler than bank transfers, for example crypto does not require additional documents if transferring large amounts is different from bank transfers. For security, our funds on bank secure by their system differ with crypto the security of cyrpto is depending on crypto owner knowledge.
Transfer fee of that size is not ridiculous because if the transfer fee is large, crypto is no different from other financial systems.

asriloni

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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. if the network was not getting a lot of traffic and that means if the fees to get the priority should be lower. That's why when you are even sending million dollars worth of coins with just put less than 10 cents as tx fees and the network will always still confirm it consider about your transaction is still placed on the high priority due to the not so many traffic in the network.
This is why crypto is a threat to the centralized economic crap system that owned by the regulators.

tinyteapot

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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!

One of the core reason blockchain was invented is to challenge excessive bank transactions charges, nothing surprised me about this transaction fees because that is the network charges per transactions however the amount transferred shocked me.

Yaunfitda

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I guess it just shows the usefulness of crypto as compare to banking system. You can simply moved your funds around with almost nothing. And if you do this using banking system, it will take days before the transfer is clear + the fees are going to be exorbitant because it will have to go through several passes.

This is just one advantage of crypto, we are own bank and we control everything. And if these whales uses Ethereum network, then it will be very quick and transfer fees are ridiculously low.

Raflesia

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Quote from: cheezcarls on November 26, 2019, 01:42:57 AM

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.

That is the advantage of cryptocurrency many are used by the pope because in easier shipping without having to wait for a third process and also a low cost I think it's ridiculous too with a million dollar transaction costs just under $ 1 hmm.
If the transaction was done through a bank, it might take a long time and cost a lot.

binhvo1505

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We always know that blockchain technology is really appreciated and widely applied in many large businesses in Europe and North America. Blockchain technology is being expanded in many countries and in the future it will be available in all banks. Transnational depositors will no longer have to worry about fees and waiting times.

TastyChillySauce00

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Well blockchain system determines the fee based on the size of a transaction and if the transaction happen to have minimal output and input it will have really small size and thus low fee, the amount of money doesn't matter that much actually.

That's why I've figured some people who use their address to gather pennies from aidrops always tend to have bigger transaction size and higher required fees and always recommend them to create a new address. I can be wrong but atleast that's what I've experienced and this kind of ridiculously low fee for a big money transactions actually happen frequently you just need to take a look into the blockchain explorer and see the recently created transaction then try to observe their fee one by one.

cheezcarls

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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.

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