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Bitcoin transfer fee: $367 million moved for a fee of just $0.63

TL;DR

The Bitcoin network has again succeeded in transferring BTC worth hundreds of millions of dollars at the cost of only cents. Such a negligible bitcoin transfer fee is not viable through any other network across the world.

On April 24, BTC amounting to $367 million was moved at the cost of just $0.63. This massive transfer joins other past alike incidents where high values have been transferred at the expense of minor fees through the bitcoin network.

No other system can match the bitcoin transfer fee

In the latest instance, Bitcoin displayed one of its powerful value concepts by facilitating the transfer of a hefty 48,741 BTC for under a dollar, according to cryptocurrency industry analyst The Moon (@TheMoonCarl) through a Twitter poll.

As at press-time, the identity of the transfer is still anonymous. The sending and receiving addresses are yet to be singled out. The transfer marks another bitcoin milestone that would be unfeasible through any other financial network in the world. The movement of such a massive figure would cost significantly higher than $0.63 through any other platform.

The use of digital currencies such as BTC or any other is quite economical since there are no middlemen or central authorities that are looking to benefit from the transfer. With that said, the subject of transaction costs has been a disputed issue in the digital currency sector. Some members of the cryptocurrency community argue that a $0.63 bitcoin transfer fee is still a significant amount for the many possible applications of virtual currencies.

Bitcoin streets ahead of other cryptocurrencies

Advocates of other digital currencies are always eager to prompt that bitcoin transfer fees are cheaper in other networks than bitcoin transaction fees. However, the fact remains that the Bitcoin network has facilitated the majority of considerable shipments in the digital currency industry. 

So far, bitcoin has a higher hash rate than all the other cryptocurrency networks. Besides, it provides the most reliable security to users against network attacks and hackers. Due to these facts, BTC represents the only safest way to move 50,000 BTC without worries and at a low cost. 

 

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Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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