How much does it cost to transfer $1 billion? An ungodly sum if you are using the traditional banking system but remarkably little if your medium of exchange is bitcoin.
Last week, a “whale” transferred 124,946.6 bitcoins – worth about $1.1 billion at the time – for $83 in just a few minutes.
The number of bitcoins moved between wallets accounts for roughly 0.7% of the total circulating supply, which is a little over 18.1 million bitcoins.
The details of the transaction, which happened late on Tuesday, can be seen on Blockchain. com.
The transfer caused a bit of a stir on Twitter.
124,946 bitcoin were just moved in a transaction.
That’s ~$1,100,000,000 transfered for an $80 fee.
No government, bank or third party had to verify the transaction, nor could they have stopped it if they wanted to.
The true power of bitcoin.
— Rhythm (@Rhythmtrader) January 14, 2020