A new Bitcoin whale address emerged a few hours to press time after the crypto tracking tool, WhaleAlert reported the transfer of 94,504 BTC ($1,018,147,900).
The transaction which took place at precisely 03:30:05 UTC saw the transfer of the large volume of BTC from multiple addresses to the single address which by holding that amount has become a whale address.
For the basics, a Bitcoin whale is an address that holds a large amount of Bitcoin to the extent that a sell-off of the asset can trigger fear among other smallholders and thus a market decline.
$697.74 Transaction Fees to Move $1 Billion
Impressively, the massive Bitcoin transaction catches the eye for yet another reason.
Data from Blockchain.com shows that only a mere 0.065 BTC (appr. $674.74) transaction fee was charged for the movement of the significant holdings, a feat that no legacy financial payment system can boast of at the moment.
Also, the fact that the transaction likely did not require a government’s permission or filing of paper after paper to validate reminds every crypto enthusiast of the reason why the revolution is real.
Of course, it would also be near impossible for any legacy financial payment system to beat the 34 minutes settlement time for such a large scale transaction.
Meanwhile, as Coinfomania has pointed out in the past, the promise of lower transaction fees on other blockchain systems has not stopped the Bitcoin network from being home to the largest movement of value using cryptocurrency.
Less than a month ago, we reported a similar transaction that saw the movement of $1.26 Billion worth of Bitcoin for a mere $124.6 transaction fee.
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