Any day you start thinking that Bitcoin (BTC) or the entire concept behind cryptocurrencies will fail, then remember their potential to facilitate censorship-free transactions in real-time and for an incredibly low fee.
Today, August 20, a total of 8,156 BTC worth approximately $86,769,440 USD at the time of the transaction was moved for a fee less than $17 and settled in less than five minutes according to data on Blockchain Explorer.
Understandably, while the entity which owned the wallet could speculatively be a crypto exchange paying out dividends to token holders or a mixer looking to obfuscate funds by sending out little quantity between $1-$2 within a short interval, the transaction reminds everyone of Bitcoin’s potential.
It will arguably be very challenging or even impossible for a person or organization to move such an amount of value across borders within a few minutes if they tried to use the legacy financial system.
The transaction fee also will be on a far higher side, making moving value a daunting task for any individual or business.
However, the crypto revolution has made it easier for anyone to get such access to censorship-free money.
Although this freedom may also become a tool for bad actors in the same way as fiat can, it is one that has attracted many people to the crypto space and will likely continue to do so into the foreseeable future.