A transaction involving a staggering $210 million worth of Bitcoin has caught the tech community’s attention due to its remarkably low transaction fee of just $2.02.
The transaction, with hash ID 0bd5d2716486edfe78398fe54d14cfdd854ca970f18a12092d815bc717e7dc51, was broadcast on Friday and has already accumulated 21 confirmations within the network, at the time of writing.
The transaction involed a SegWit-Bech32 address format.
With inputs and outputs aligned to minimize space usage, the transaction processed 2000.06 BTC, a weight of 832 weight units, and a fee set at 0.00001916 BTC, translating to 5.178 sat/B (sat per Byte).
The low fees stand in stark contrast to traditional financial services like SWIFT or those involving Visa or Mastercard, where processing fees can range from 1-3% of the transaction value.
When you scale that percentage to a $210 million transaction, the cost savings of using Bitcoin become exorbitantly clear.
Bitcoin’s SegWit-Bech32 addresses capitalize on reducing data size, subsequently minimizing fee burdens. Unlike conventional transactions that can become bogged down in network congestion, this form of Bitcoin transaction ensures that users are not only making economic savings but also enjoying swifter processing times.
The blockchain solution is particularly advantageous for large transactions, where traditional financial systems would impose hefty fees to accommodate such sizable financial movements. By making this transfer, the user paid only a scant 0.000009 BTC in transaction fees.
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