Proofs surrounding the extreme efficiency offered by digital assets are showcased on a regular basis. A 161,500BTC transfer, valued at over $1.1 billion at the time of the transaction was made for a fee never seen in the banking industry worth only 0.00010019 BTC or $0.72 only.
The transaction was claimed almost immediately by Bitfinex, explaining that they had used 15,000BTC from the amount to refill their hot wallets.
Yep, we refilled hot wallet with 15k, rest went back to original address
— Paolo Ardoino (@paoloardoino) April 10, 2020
The fiat value of the transfer exceeded that of the previous record of $1.018 billion which incurred a very large fee of $700 at the time and hence set a new record.
Comparison with Fintech solution
While the latter shows an unfortunate overcharge, due to stress on the network, lets compare these charges to currently adopted solutions. After taking into consideration multiple possibilities, TransferWise came out to be one of the cheapest options for transfers. Their fees range between 0.5% and 2% which they claim is 9x cheaper on average than high street banks.
By favouring, TransferWise and taking the lower end of the spectrum at 0.5% only, that same Bitcoin record transaction would have cost a staggering $5,500,000! That is while ignoring the fact that their maximum transfer amount is only $1 million.
Digital Asset efficiency
Bitcoin, considered to be an expensive choice for cryptocurrency transfers when compared to its peers such as XRP, charged the client a $700 for $1 billion that was considered extravagant by this industry’s standards.
Additionally, there can be no errors on the blockchain unless made by the client himself with a wrong recipient address for example. This industry is setting a new standard and it isn’t going away.
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