Bitcoin transaction value $500M value $0.80 in charges

The Bitcoin community facilitated a transaction value over $500 million on Oct. 27, transferring round 24,530 BTC. Your entire transaction was despatched, processed, and confirmed for a charge of simply $0.83.

In accordance with data from mempool.area, the 24.5 sat/vB charge was considerably overpaid, as solely round 10 sat/vB would have been sufficient to incorporate the transaction within the ongoing block. The transaction was confirmed and executed inside minutes, the information confirmed.

CryptoSlate evaluation confirmed that the $500 million transaction, whereas definitely an outlier by way of worth, follows an ongoing pattern of upper quantity and quantity of transactions on the Bitcoin community.

Graph displaying the overall quantity of cash ready within the Bitcoin mempool (Supply: Glassnode)

The tip of October introduced on a big spike within the complete variety of transactions ready within the Bitcoin mempool and the overall quantity of cash ready to be despatched.

Graph displaying the overall variety of transactions ready within the Bitcoin mempool (Supply: Glassnode)

The price of sending the $500 million transaction stands as a stark reminder of the velocity and effectivity of the Bitcoin community. If such a transaction was despatched by way of the SWIFT community, banks facilitating the transaction would have taken a 3% to five% trade fee charge on prime of a typical transaction charge.

An ordinary SWIFT transaction takes as much as 4 working days to finish. A 3% trade fee charge on a $500 million transaction is $15 million.

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