- All-time high Bitcoin transaction recorded
- Transaction beats Bitfinex record transaction set in April
The record making Bitcoin transaction was recorded on Saturday and it only attracted a paltry charge of $1.32. The transaction was completed within 20 minutes of its initiation, with the recipient confirming the payment.
The efficiency, speed of delivery and the meagre transaction fee this transaction attracted has brought more focus on why individuals, organizations and countries were working towards adopting bitcoin transactions.
Initially, this Bitcoin transaction had gone completely under the radar but it was spotted after another huge transaction that was worth $1.15 billion was recorded on the recipient account. This new transaction was thought to be the highest ever transaction in Bitcoin’s history, until a closer look at the wallets showed an even bigger transaction.
Both transactions attracted a transaction fee that was less than $5. Both transactions were also promptly delivered in a matter of minutes. And both transactions were delivered in an efficient, safe and secured manner.
This transaction breaks the Bitfinex record of the biggest Bitcoin transaction of $1.1 billion, which it previously set in April, 2020.
Bitcoin transactions are faster and cheaper
One of the biggest plus on the side of Bitcoin is the fact that its transactions are faster, cheaper, efficient and more convenient especially when it is compared to the traditional system of transactions.
Bitcoin transactions of this nature also helps to protect the parties involved in the transaction. If this transaction had been carried out using the traditional bank transfer method, certain information would have been required which might entail how the money was acquired, what the purpose of the transaction is and some other form of interview which the users might be unwilling to drop.
Not only that, the transaction would have taken hours, if not days, to deliver and it would have attracted a much higher transaction fee in comparison to the miserly fee that was charged by Bitcoin.