While the number of low-volume transactions on the Bitcoin network arguably exceeds the high-volumes, it is safe to say that it is the large scale transactions that serve up the perfect reminder of why many have elected to ditch fiat currency for crypto.
In the hours leading up to press time, large-scale transaction tracker, WhaleAlert reported the transfer of 9,649.879 BTC (appr. $84,409,384 USD) from this address 3MY5SvGSNtAF1CBZAUfnqreof6BsZWTfpo to this address 3DSvHKbMDoddx8MtvzwJx9xZAC3qni6nCw.
A closer look at the transaction information revealed that this $84.4 million was bundled alongside a 107.4 BTC ($939,181) transfer to address 36xqqCM2S2Ykc6k6kx3VaEjyUfiRs4anAq, bringing the total transacted volume to 9757.2 BTC ($85.2 million).
The Transaction Fee
What undoubtedly catches the eye in the $85.2 million transfer is that the sender only had to pay a paltry fee of 0.00004368 BTC (worth $0.34 at press time) to execute the transaction.
Beyond the fast settlement time for the transfer (appr. 13 mins), it is safe to assume that no traditional payment system could facilitate the movement of such significant value with the same efficiency, low cost, and flexibility as the Bitcoin network.
Evidently, the convenience of cryptocurrency networks will remain one of their strongest propositions going forward, a fact further highlighted by the recent increase in the number of central banks looking to release digital currencies in the coming months.
Meanwhile, in a development similar to the $85.3 million move today, Coinfomania reported in August that 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.