The benefit of using cryptocurrency for cross-border payments, due to relatively low fees, has just recorded another stunning feat. Data on Etherscan showed that someone sent a total of 600,000 Ethereum (ETH) worth around $1.2 billion for a meager fee of $0.60 within a minute.
The transaction, which took place in the early hours of Friday, saw the funds moved from a Binance associated address to a private wallet. The transaction is likely an internal transfer from one Binance address to a newly created one not tracked by Etherscan.
Market Crash – A Blessing in Disguise for Ethereum?
Perhaps the most eye-catching metric of the transaction is the relatively low fee and time it took to move the funds between wallets, which may come as a surprise to the cryptocurrency community. Prior to this time, Ethereum transactions were mostly accompanied by high fees due to the high network congestion.
However, recent events that have caused the crypto market to shred over $1 trillion since May have forced the congestion to reduce to a significant level, thus making Ethereum transactions faster and cheaper.
Many people who suffered significant losses as a result of the market dip have chosen to hold the asset in various storage platforms, with the hope of seeing the market bounce back in the near future. If the crypto market was still on a high note, perhaps it would have been impossible to move the funds at such a low fee and time.
Bitcoin Has Seen a Similar Feat
While this may seem unusual for Ethereum transactions, an almost similar feat has been recorded for the world’s largest cryptocurrency Bitcoin (BTC).
In April this year, Coinfomania reported that someone moved 22,806 BTC, which was worth $1.3 billion at the time for an insignificant fee of less than $11.
The crypto space continues to showcase its superiority in transaction processing over its fiat counterpart.
It is worth noting that there is absolutely no way a transaction of such magnitude will be completed within a minute or at such relatively high fees in traditional finance. Traditional financial institutions will most likely complete the transaction within 3 to 5 working days with a high fee to follow.
This constraint has seen several people opt for cryptocurrencies over fiat to eliminate the delay in transaction processing and the ridiculous fees charged.
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