Bitcoin Whale transfers $1 billion in bitcoin and pays $3.54 in fees? - page 2.

goldade

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Quote from: Juggy777 on October 29, 2020, 04:57:36 AM

I don’t need to tell you’ll how painful it is to see such high fees for transferring our bitcoins, and on top of that the number of unconfirmed transactions has also gone up.

While we are struggling with the fees, this Bitcoin whale managed to transfer $1 billion in bitcoins, and he only paid a measly fee of $3.54, and therefore I’m curious to know why wasn’t he also subjected to the high fees that we’re currently being forced to pay?.

Sources:

https://decrypt.co/46346/someone-just-sent-1-billion-in-bitcoin-paid-only-3-in-fees

https://cointelegraph.com/news/bitcoin-fees-spike-198-but-ethereum-still-more-profitable

https://cointelegraph.com/news/unconfirmed-transactions-on-bitcoin-network-at-highest-level-since-2017

Why are you complaining because bitcoin is serving its purpose. We'd all agree one of the very reasons many of us use bitcoin is because of the very low transaction fees as compared to banks. If someone sent that huge amount of money with such low transaction fee, then good for him because he's making the most of the advantages of bitcoin.
Secondly, you should know that transaction fees are not determined by the amount of money transferred but the size of the transaction itself.
You should be patient enough to wait longer for your transactions to be successful if you don't want to pay high transaction fee that are required for instant transfer.

serjent05

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Those who write the news either don't know or pretend don't know how Bitcoin transaction fee works.

I bet the author knows about Bitcoin but pretending to be surprised since his intent is to sensationalize things about the Bitcoin fee being cheap nullifying whiners on BTC fee being high. Well, this is not new to us but I bet his (author) target are people out there that will be interested especially those who transfer huge amounts of money and wanted to be discounted on transferring/transaction fees.

NeuroticFish

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Quote from: Juggy777 on October 29, 2020, 04:57:36 AM

While we are struggling with the fees, this Bitcoin whale managed to transfer $1 billion in bitcoins, and he only paid a measly fee of $3.54, and therefore I’m curious to know why wasn’t he also subjected to the high fees that we’re currently being forced to pay?

I've checked two charts for 26 October and I think that the difference may be caused by timezone.
One chart tells that average fee was 3.44$ that day, another one tells 5.74$.
I tend to believe the smaller fee since it was week-end.

So imho "the whale" has paid basically the normal fee for the moment he sent the transaction.

Obviously the news tell nothing. The news is insisting on the fee vs total value transacted, which is stupid (but of course, it can surprise the newbies). A Bitcoin transaction fee depends on its (virtual) size in bytes (so the number of inputs and outputs, the address type), not the value (or price) of what's transacted.

bL4nkcode

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Quote from: Juggy777 on October 29, 2020, 04:57:36 AM

While we are struggling with the fees, this Bitcoin whale managed to transfer $1 billion in bitcoins, and he only paid a measly fee of $3.54, and therefore I’m curious to know why wasn’t he also subjected to the high fees that we’re currently being forced to pay?.

Simply, the sender sends from a single input, that's why he only paid merely 0.00027ish btc due to lower transaction size regardless the number of bitcoins sent.

Though we can call them bitcoin whale, but that's from Xapo, an exchange, which probably they as a company makes fund transfer either to its cold wallet or vault for security reasons.

Coin_trader

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Considering the amount of money he was holding. It's either from a group of individual or a single whale that has a connection/have own mining farm that prioritize his transaction block. The owner is confident that his transaction will be complete even though there are tons of pending transaction on mem pool. There is no way that this guy didn't know what he is doing by sending huge amount of money using small amount of fee.

Oshosondy

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You are right, the issue of congested mempool is the issue we are facing now, but later on, it will be over. I can see many of my transactions not getting confirmed in time but in this case, we can pump the fee, electrum wallet is good at pumping fee, and also some other wallets like bitcoin core can also pump bitcoin fee which will be an alternative in case the bitcoin is needed in time.

Juggy777

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I don’t need to tell you’ll how painful it is to see such high fees for transferring our bitcoins, and on top of that the number of unconfirmed transactions has also gone up.

While we are struggling with the fees, this Bitcoin whale managed to transfer $1 billion in bitcoins, and he only paid a measly fee of $3.54, and therefore I’m curious to know why wasn’t he also subjected to the high fees that we’re currently being forced to pay?.

Sources:

https://decrypt.co/46346/someone-just-sent-1-billion-in-bitcoin-paid-only-3-in-fees

https://cointelegraph.com/news/bitcoin-fees-spike-198-but-ethereum-still-more-profitable

https://cointelegraph.com/news/unconfirmed-transactions-on-bitcoin-network-at-highest-level-since-2017

Topic: Bitcoin Whale transfers $1 billion in bitcoin and pays $3.54 in fees? - page 2. (Read 325 times)