On October 26, 88,857 bitcoins were transferred from one digital wallet to another, for ridiculous transaction fees.
The price of bitcoin soars and, with it, the amount of transactions carried out. This October 26, 88,857 bitcoins were transferred, or $ 1.15 billion. According to several industry observers, this is the largest transaction to date with this cryptocurrency, in value.
BITCOINS: A BILLION DOLLAR TRANSACTION JUST BEEN COMPLETED, A RECORD
3 dollars fee
The transaction in question, as well as the respective addresses of the wallets involved, can be viewed online. Transactions carried out in cryptocurrencies have the particularity of being traceable. Also included are the transaction fees of 3.54 dollars, which are ridiculous for such a sum.
These fees would have been nearly $ 50 million if the transfer had been made via the PayPal service from one country to another, and nearly 33 million for a country-to-country transfer, believes Chris Messina, the one of the eminent figures of Silicon Valley and also inventor of the hashtag.
BITCOINS: A BILLION DOLLAR TRANSACTION JUST BEEN COMPLETED, A RECORD
This three dollar fee is actually more than the commission that should have been charged. The latter is currently around $ 1.75, regardless of the amount of the transaction. The author of a transaction of ten dollars in bitcoins will also be paid this amount. This is one of the limits of bitcoin for everyday payments.
This cryptocurrency is essentially interesting as a store of value, or for making transfers of a large amount, cross-border or not. On the other hand, paying a slightly higher than average commission can speed up the completion of a transaction on the network.
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The identity of the authors of this transfer of funds is not known. But the addresses used allow it to be attributed to Xapo, a company based in Hong Kong and specializing in Bitcoin wallets.
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One of the most important bitcoin transactions to date dates back to November 2011. Nearly 550,000 bitcoins had been sent, or just over $ 1 million at the time. The price of this digital currency has since increased significantly. It is now around $ 13,000 for a bitcoin.