If one day buying bitcoins could become a common transaction at ATMs, one thing is certain: the transfer is not very expensive! In either case, this indicates a record transaction. 88,857 bitcoins were transferred from one digital wallet to another for just $ 3 in fees.
A record bitcoin transaction
A Hong Kong-based user moved 88,857 bitcoins, or $ 1.15 billion, in two transactions. This would be the largest transfer amount so far with this cryptocurrency.
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Since transactions made with this cryptocurrency can be traced, information on transactions is visible online. We therefore know that the authors of the transactions have an address that was most likely assigned to Xapo. The latter is a Hong Kong-based company specializing in bitcoins.
While we don’t know the purpose of this transaction, there are several options. The first wants this transfer to be an easy transition of funds from one portfolio to another. On the other hand, this transfer is linked to the takeover of Xapo by Coinbase. The latter acquired the company’s Hong Kong institutional operations in 2019.
The last largest Bitcoin transaction was made in 2011 with 550,000 Bitcoins. At the time, the deal was worth a million dollars.
Minimal transfer fees
$ 3.54 is the exact amount of the cost of the two transfers. This is a ridiculous amount compared to what a transfer through PayPal, for example, could have cost. In this case, it would have cost around $ 50 million if the transfer had been to a country other than the issuer. An internal transfer in the country would have lowered the fees, according to estimates by Chris Messina, to 33 million US dollars.
Finally, the commission fees charged by Bitcoin seem to be an interesting solution for transferring large amounts.