A whale transfers $310 millions worth bitcoins for a ridiculously low fee!!! - page 2.

boris2470

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Quote from: Juggy777 on November 24, 2019, 11:58:19 PM

Bitcoin Whales seems to be in action despite bitcoin prices going downwards, and this particular whale just transferred $310 Millions worth Bitcoins for 0.32 cents, and yes you’re reading it right just 0.32 cents. Now open your bank site or any other money transfer site and just input a few thousands or few lakhs of dollars you wish to transfer, the transfer fee will blow your mind out.

What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?.

What are your thoughts on the transfer fees, have you ever taken it up with your bank?. Lastly I believe the time has come for these corporations to stop looting us, and give us fair transfer rates don’t you’ll agree with this?.

https://thenextweb.com/hardfork/2019/11/24/bitcoin-whale-310-million-cryptocurrency-fortune-32-cent-fee/

This is a great example of how people suffer from banks and their corruption schemes. I’m incredibly glad that bitcoin gives us digital freedom and the opportunity not to be robbed by intermediaries.

joinfree

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Well how amazing it is to have such a huge amount of transfer being done for a fee less than a dollar! I wish the governments could see this truth and open up to the adoption of cryptocurrencies. But no the government would rather maintain the fiat currency so that they can keep looting us of such huge amount of fees. I don't even want to imagine the fees that would have been incurred if this transaction was made in my country.

yoseph

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No wonder the banks are so pissed, imagine transferring such a huge amount of money through a bank and you are going to see the amount of money that's one is going to spend with this kind of transaction. And I don't know why whales have been so active this time around, Maybe they seek to drive the value even lower now.

bhabygrim

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Quote from: Juggy777 on November 24, 2019, 11:58:19 PM

Bitcoin Whales seems to be in action despite bitcoin prices going downwards, and this particular whale just transferred $310 Millions worth Bitcoins for 0.32 cents, and yes you’re reading it right just 0.32 cents. Now open your bank site or any other money transfer site and just input a few thousands or few lakhs of dollars you wish to transfer, the transfer fee will blow your mind out.

What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?.

What are your thoughts on the transfer fees, have you ever taken it up with your bank?. Lastly I believe the time has come for these corporations to stop looting us, and give us fair transfer rates don’t you’ll agree with this?.

https://thenextweb.com/hardfork/2019/11/24/bitcoin-whale-310-million-cryptocurrency-fortune-32-cent-fee/

I think that this person is really happy about Bitcoin just imagine how much would it cost if this whale would do it on fiat the tax or fee that he/she would need to pay.
Bitcoin really helps a lot specially in these type's of case this is why crypto is the cheapest way to send money to all over the world.
Small transaction fee and the transaction is so fast I think it is currently the best way to send money abroad.

coin-investor

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Quote from: Juggy777 on November 24, 2019, 11:58:19 PM

Bitcoin Whales seems to be in action despite bitcoin prices going downwards, and this particular whale just transferred $310 Millions worth Bitcoins for 0.32 cents, and yes you’re reading it right just 0.32 cents. Now open your bank site or any other money transfer site and just input a few thousands or few lakhs of dollars you wish to transfer, the transfer fee will blow your mind out.

What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?.

What are your thoughts on the transfer fees, have you ever taken it up with your bank?. Lastly I believe the time has come for these corporations to stop looting us, and give us fair transfer rates don’t you’ll agree with this?.

https://thenextweb.com/hardfork/2019/11/24/bitcoin-whale-310-million-cryptocurrency-fortune-32-cent-fee/

That's really mind-blowing, for the first time, things will get easy transferring a very huge amount, this is one of the reasons why I left my banks and discontinue using my Paypal, the transfer fee is just mind-blowing, this is not the first time it happens, it happens to all traders holder and investors in Cryptocurrency, and this is one of the best features of Cryptocurrency that's worth promoting.

Kyraishi

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Quote from: Juggy777 on November 24, 2019, 11:58:19 PM

Bitcoin Whales seems to be in action despite bitcoin prices going downwards, and this particular whale just transferred $310 Millions worth Bitcoins for 0.32 cents, and yes you’re reading it right just 0.32 cents. Now open your bank site or any other money transfer site and just input a few thousands or few lakhs of dollars you wish to transfer, the transfer fee will blow your mind out.

That's really impressive. It still surprises me that millions of dollars can be moved for literally no fee when banks and any other payment processor would be charging a huge fee, even more if it's an overseas transfer.

Quote from: Juggy777 on November 24, 2019, 11:58:19 PM

What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?.

Banks don't need to charge a lot of money of transactions - it takes very little actual effort nowadays with their new systems, they charge these fees in order to make money, but bitcoin doesn't and it's a pretty good reflection of how much computing power is required for transactions.

piebeyb

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that's why bitcoin is far better than BANK, I have said about this repeatedly to my community, when you make large transactions from BANK to another BANK or make money transfers between countries, I think it will be complicated by submitting our important data and others it will look complicated taking care of it, bitcoin is much easier to make large transactions to all countries at lower costs, as long as people don't use bitcoin for micro payments will certainly look transaction costs look bigger, so in my opinion bitcoin should be used to make large transactions between all countries will be better, although there are LN but not yet evenly distributed as a whole who use it

Quote from: Astvile on November 25, 2019, 03:58:48 AM

The question is how they've done that? Is it exclusive to them because most of us send an average of a couple of hundred dollars at a time and pay more than 2 or 3 dollars Is there any clear explanation on why this "whales" pays such low fees while sending millions of dollars of bitcoins.

when you want to make a large transaction, pay attention and see the number of unconfirmed transactions whether more than 10k, if YES you should wait until the transaction has not been confirmed around 3k, because each block will confirm at least about 2k to 3k transactions so that your transaction can also be in confirmation even at low cost, it's easy and I do it often

Astvile

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The question is how they've done that? Is it exclusive to them because most of us send an average of a couple of hundred dollars at a time and pay more than 2 or 3 dollars Is there any clear explanation on why this "whales" pays such low fees while sending millions of dollars of bitcoins.

hugeblack

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The issue is a mathematical question and not related to the value of these currencies in dollars.
You can send one million dollars using a 1 dollar fee and you can send 100 dollars by 10 fees.
Calculate the number of inputs, outputs, and some other variables. You will then be able to calculate your fees at the lowest possible cost.

adjed

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This is one oft he reasons why Cryptocurrencies is the logical next step in the evolution of money, the same currency can be used worldwide, you can send money in the form of Cryptocurrencies from anywhere and to anywhere in the world, even from the comforts of your home, you can trace your transactions on the blockchain and ensure that it reaches it's final destination safely and all without the interference of a single centralised authority and most importantly, all with a fee that's so tiny that it's negligible, Just imagine how much a bank would have charged to make that transfer of $300 million.

BrewMaster

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Quote from: Kemarit on November 25, 2019, 01:56:50 AM

I think this is not the first time that we have heard whale transferring huge amount with ridiculous low fee:

exactly! people usually don't hear about it unless some drama starts (mostly involving price) and hear about it in news sites. otherwise big transfers aren't as rare as some people may think.
you can always use a block explorer like blockchair.com that allows you to sort transactions based on value to see all the gigantic transfers!

Quote

Maybe those whales doesn't care if there could be delayed in transactions as long as they know that the BTC are going to their wallet anyways that's why the fees are so low. As compare to us mere mortals here who always pay high amounts because we are eager to see it goes into our wallet in less than an hour.

the fees nowadays are low so it shouldn't take that long to confirm and most 1 satoshi/byte transactions are being confirmed in the next block (so right away). and most of these big transfers are from big services consolidating inputs so they don't care about how long it could take.

Kemarit

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I think this is not the first time that we have heard whale transferring huge amount with ridiculous low fee:

Bitcoin Whale Transfers $468 Million for ‘Low Dollar Fee
Bitcoin Whale Transfer Worth $1 Billion Paid $4 In Transaction Fees

Maybe those whales doesn't care if there could be delayed in transactions as long as they know that the BTC are going to their wallet anyways that's why the fees are so low. As compare to us mere mortals here who always pay high amounts because we are eager to see it goes into our wallet in less than an hour.

Kakmakr

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Banks have for many years had a monopoly on the storing and transfer of people's wealth, so they could make the rules and over change people as much as they wanted to. This has suddenly changed, because the new kid on the block called Bitcoin, allowed for inexpensive money transfers and zero fees to store your wealth.

People like Mike Hearn and the R3 Banking consortium are already working on technologies, similar to the Blockchain to make Bank transfers faster and cheaper, but the consumers might only benefit a little from that, because the shareholders will take the largest portion of those savings. Roll Eyes

avikz

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I really wonder how they manage to do it? I usualy transfer few hundred dollars somewhat frequently to exchanges almost every weekend, and the fees I pay is around $0.25 - $0.45 per transaction. I use Segwit enabled wallet and the wallet calculates the fees for me! I have tried inputtig manual fees but that usually delays the confirmation. Is there anything that we don't know?

AB de Royse777

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Quote from: Juggy777 on November 24, 2019, 11:58:19 PM

What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?

Okay:
Have you imagined how many humen involved in the transfer process of your money in a bank to bank? Let's say international transfer.
Have you wondered how many times they need to have permissions from the government?
Have you wondered the paperworks needed to make the transfer?
And all this cost money. How are bank is going to get that money?
Fees!!! Put x% of $310 m and that becomes a lot to pay the salary of the staffs.

Now with Blockchain, since there are no middlemen except the miner. So you are just paying shit low amount as fees. We need bitcoin adoption for freedom.

Juggy777

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Bitcoin Whales seems to be in action despite bitcoin prices going downwards, and this particular whale just transferred $310 Millions worth Bitcoins for 0.32 cents, and yes you’re reading it right just 0.32 cents. Now open your bank site or any other money transfer site and just input a few thousands or few lakhs of dollars you wish to transfer, the transfer fee will blow your mind out.

What I’m failing to understand is why are we subjected to higher transfer fees when we transfer with fiat, why can’t our banks charge us lower transfer fees? Is it not possible for banks to create their own tokens using blockchain, and allow us to transfer using those tokens and thereby allowing us to have the lower fees advantage?.

What are your thoughts on the transfer fees, have you ever taken it up with your bank?. Lastly I believe the time has come for these corporations to stop looting us, and give us fair transfer rates don’t you’ll agree with this?.

https://thenextweb.com/hardfork/2019/11/24/bitcoin-whale-310-million-cryptocurrency-fortune-32-cent-fee/

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