Bitcoin: a billion dollar transaction with a $0.49 fee
Bitcoin: a billion dollar transaction with a $0.49 fee

Bitcoin: a billion dollar transaction with a $0.49 fee

By Stefania Stimolo - 16 Jan 2020

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Today, Twitter’s Whale Alert account showed a billion-dollar Bitcoin transaction with a very small fee. It was 123,447 BTC equal to $1,097,343,503 confirmed on the Bitcoin blockchain, for which a fee of only 0.00005578 BTC equal to $0.49 was paid. 

Adding right after that:

In fact, according to Whale Alert, it would be a transaction involving an anonymous Bitfinex outbound account to another anonymous incoming account

Analyzing the same transaction directly on the Bitcoin blockchain it is also possible to verify the amount of fees paid for this transaction and the result is in fact a fee equal to a value lower than 50 cents of US dollars.  

The involvement of Bitfinex then saw comments on Twitter requesting explanations directly from the CTO of Bitfinex, Paolo Ardoino. 

Ardoino has thus commented on the matter:

“It’s a 1.5k BTC refill of hot wallet and resulting change address movement. @whale_alert anyway this can be improved”.

Immediately afterwards, another tweet from Ardoino says:

“We have proof that moving 1B on BTC does not cost much”.

Whale Alert is famous for warning the crypto community about the movements of the so-called “whales”, i.e. those accounts that, given the size of their crypto movements, could end up manipulating the market, sometimes managing to remain anonymous.

Thanks to the use of special APIs to track significant crypto movements, Whale Alert had provided support to the Binance exchange in May 2019 following the 7,000 BTC hacker attack

This has nothing to do with the current situation: thanks to the transparency of Bitcoin’s blockchain and Bitfinex’s CTO, it was possible to receive direct comments about it, while at the same time noting the very low fees on high-value BTC transactions

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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