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$300 Million Dollars Sent in Bitcoin for Just $0.04 USD

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Cryptocurrencies are helping an important number of individuals and enterprises reduce costs and send and receive payments in a very easy way. A specific wallet moved 48,500.188 BTC paying around 675 Satoshi, which at that moment were valued at $0.04 USD.

$300 Million Dollars and 4 Cents of Fees

Those who are behind this account were able to send almost $300 million dollars ($285 million at current prices) in just a few minutes, through the blockchain and paying $0.04 cents of fees. This is very promising, if we compare that with regular transfers, it is much cheaper, faster and safer.  

These kind of transactions may be a good sign for cryptocurrencies. Financial transactions are sometimes not efficient, and using virtual currencies may reduce costs and make the industry much more profitable, thus, reducing costs for enterprises and customers.

It is important to mark that the fees paid by this user shows that the implementation of SegWit has been effective helping reducing fees. Additionally, bitcoin developers are working in order to implement a second layer scaling solution known as Lightning Network (LN). With it, it would be possible to reduce even more the fees and transaction times experienced by the users.

At the moment, the problem of the Lightning Network is that it cannot handle big amounts of money. Currently, the whole network is only able to process over 26 BTC.

Back in April, an important Litecoin owner transferred $99 million dollars in LTC. The interesting thing is that it only needed to pay $0.4 cents and took 2.5 minutes to settle. At the moment, the identity of the parties involved in the transactions is not known.

Indeed, the Litecoin subreddit was very happy about this transaction. The Reddit user b30 wrote:

“Worth surfacing up here that $99 million transactions cost just $0.40 and took 2.5 mins. Holy moly.”

Litecoin is a very similar virtual currency to Bitcoin. The main intention of it is to be the ‘currency for transactions’ while Bitcoin the one for storing and saving.

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