Bitcoin user pays more $7000 on a trade of less than $1

man pays 7000 for 1 dollar bitcoin transaction

Bitcoin and cryptocurrencies, in general, advertise their ability to conduct transactions with a very small transaction fee. This fact makes it much more surprising to believe that a particular user paid more than seven thousand dollars ($7000) for a transfer of amount less than a dollar ($1).

The user had to pay huge fees for trading Bitcoin. Initially, the trade conducted on the network was considered a technical mistake but as the same user faced another similar incident other theories started lining up.

In the second transaction on March 11, the user transferred 0.0002 Bitcoin and had to pay a fee of 1.99 Bitcoin. This move followed a deposit made in the account ten minutes before the said transaction.

Both incidents occurred with the same account and there has been no activity with it since. This makes it incredibly difficult to state whether it was a mistake or that the whole ordeal was committed hiding ulterior motives.

The account was highly active before the incident as a total of four hundred million dollars has been traded through the account. This makes it highly possible that the anomaly was a result of internal movements in the exchange or the huge sum was withdrawn through an exchange.

However, in case the anomaly is not a result of human there are two possible reasons behind it. The first one is that the incredible trade fee may be due to a trading bot malfunction that resulted in improper coding.

The second theory is that the ordeal is a complex scheme for laundering money. It is important to check your transaction details thoroughly as there are no intermediaries and you have to do it yourself.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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