Being able to transfer large amounts of money around the world instantly using cryptocurrencies is one of the reasons to agree that they might be the future of money as predicted by many, including Twitter co-founder Jack Dorsey.
Transactions with digital currencies are not only faster, but it also costs a meager amount to process, as was the case reported today by Whale Alert, a global live cryptocurrency transactions monitor.
As per the alert, a total of 49,922 Bitcoin (BTC) worth $458,100,287 was transferred on Tuesday, 04 February 2020, 10:11:59 UTC, from three different wallets Bittrex cryptocurrency exchange.
What catches the eye in this transaction is the fee paid to transfer all the funds. According to data on the blockchain, it only caused the senders a total of 0.00006280 BTC (a mere $0.58 at the time of writing), not minding the millions of dollars involved in the transaction.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 49,922 #BTC (458,100,287 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) February 4, 2020
Are cryptocurrencies the future of money?
For one thing, traditional payment networks are not only slow when processing cross border transactions, but they also charge incredibly high fees compared to cryptocurrencies. This, perhaps, makes crypto a strong opposition for banks and other payment systems around the world.
These properties associated with Bitcoin and cryptocurrencies, in general, are inherent; therefore, it is likely that we will continue to see more of a faster and efficient network for payments.
Coinfomania has reported several whale transactions worth millions and billions of dollars involving cryptocurrencies like Bitcoin and XRP. Most recently, we reported the transfer of 9,649.879 BTC (appr. $84,409,384 at that time) from a single address, which cost the sender a fee of just $0.34 to execute the transaction.