LOGO_CRYPTO_SIGHT

$1 Billion Worth of Bitcoin Moved with Only $4, “The Price of a Cup of Coffee”

By Chris Torres | October 16, 2019

Head of crypto exchange firm Bitstamp has emphasized the utility of Bitcoin (BTC), following the incident of roughly $1 billion funds moved to another account with process fee lower than $4. 

Confirmed by BitInfoCharts on October 14, a transaction has been facilitated by wallet and storage provider Xapo, which witnessed an amount equivalent to 112,027.29 BTC moved. 

Prior to that, Bitstamp has changed the storage of approximately 107,800 BTC to Xapo, which comes with a process fee at 0.0234 BTC — or 0.0000217%.

The latter transaction, conducted by Xapo, has experienced an even smaller sum of process fee, paid to miners, to finalize the move. At $3.89, the fee rate equals 4.1724762780401154e-7% – a number too small to be numerically presented with the use of standard decimals.

As comparatively described by Bitstamp CEO Nejc Kodrics, the funds “transferred in a single transaction for the price of a cup of coffee.”

Upon the occurrence of the first transaction, the simplicity Bitcoin provided has caught other commentators’ eyes, regarding huge wealth transfers without the need for government approval or trusting middlemen. 

However, another factor has led to the suspicions revolving Bitstamp-Xapo coin transferring, the transaction saw 73 million Bitcoin days destroyed (BDD). 

The metric implies the time it supposed to take to move the funds into Bitstamp wallet was substantially shorter than expected.

Tags: , ,

Comments