Bitcoin worth $2 billion is only 78 cents

Blockage data Data from shows that a huge Bitcoin (Bitcoin) A $2 billion worth of transactions were processed on Monday night. Despite its huge financial value, the unknown wallet holder only paid a fee of 0.00001713 BTC, which is equivalent to 78 cents.

Although it is not clear what the purpose of this transfer is, or which individual or entity formulated it, it has clearly demonstrated the huge potential of using cryptocurrency and blockchain technology for financial transactions.

However, this is not the first time a transaction of this size has been reported at the lowest fee. As early as August 2020, Bitcoin transactions worth $1 billion are recorded with only a nominal fee of $4.

Attempts to transfer funds of this value in the traditional statutory market are futile. Based on an out-of-date model, the financial ecosystem is an obvious anomaly of an instant, broadly inclusive modern information service experience.

International legal currency transfers usually take one to four business days to process and include high transaction fees of 1-3%. For a transaction valued at US$2 billion, this will cost US$20-60 million.

In addition, unlike Bitcoin, banks and governments have a core influence on the activities of financial infrastructure, so it can be said that they threaten the privacy, autonomy and principles of the free market.

According to BitInfoChart, the average price of the transaction cost It is 0.000058 BTC (US$2.67) on Bitcoin’s base layer blockchain. This has been a consistent lowest level in the past two months, but it hasn’t happened since the market started to be bullish in October 2020.

For contextual purposes, the average transaction cost Ethereum, the second largest cryptocurrency by market value, is still several times higher (770%), at 0.0061 ETH (20.44 USD).

Related: BTC price is close to 46,000 USD, Bitcoin foreign exchange reserves are lower than November 2020

Technical data from Cointelegraph Markets Pro It shows that Bitcoin has overcome the challenge and re-established $46,000 on Tuesday morning after setting a low of $43,380 on Bitstamp after major volatility in the market.

This bullish sentiment is consistent with another data point that the Bitcoin reserves of major cryptocurrency exchanges this week hit a multi-year low — similar to transaction fees — levels that have not been seen since the bullish beginning in October 2020.