Once again, Bitcoin shows that it is number one when it comes to moving large amounts of money from A to B and paying hardly any fees for it.
Hardly any fees for transactions in the millions
On 24 November, about 44,000 Bitcoin worth 310 million US dollars were moved by a wallet. The amount itself is not the only remarkable thing, but also the fees paid for the transaction. They were at 0.00004551 BTC, which is about 0.32 US dollars.
Every transaction has to be paid for. The fees for this go directly to the miners who also receive the network. Normally, miners prioritize transactions for which higher fees are paid. How high this fee is depends on various factors. On the one hand, it depends on what others pay. If demand is high, this can even be up to 1 US dollar. In rare cases, when the network is heavily loaded, it can range from $5 to $10, which is required to confirm the block. In recent weeks, however, the network has been running very efficiently, with average charges well below $1.
Such a transaction shows that the Bitcoin is the cheapest way to move such amounts of money. In addition, the BTC enables instant and secure payments that cannot be frozen or reversed, which can be the case with fiat-based payment methods. In addition, fiat currencies are centralized and can be reversed, are often not immediately available and the fees are very expensive for such quantities.
For example, $310 million in remittances are subject to charges ranging from 0.5 percent to 2 percent. This is equivalent to $1.55 million to $6.2 million. By comparison, the percentage in BTC from the wallet is 0.00000010327 percent.
As you can see, these transactions have saved the whale millions in fees, once again showing that the Bitcoin network is much more efficient and affordable than Fiat payment methods.