The Bitcoin network is known for many things, and low transaction fees are undoubtedly one of them.
During this week, another example in this regard has occurred. Just over US $1 billion in BTC was transferred from one address to another, with a fee of US $4.
Over 90 Bitcoins transferred
Whale transactions are not uncommon in the cryptocurrency field and Whale Alert, a Twitter account, tracks them.
According to one publication, a whale transferred 92,857 BTC (more than $ 1 billion) for a fee of just $ 4.
? ? ? ? ? ? ? ? ? ? 92,857 #BTC (1,092,603,630 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) August 6, 2020
Despite being particularly low compared to what traditional financial institutions would charge, the rate is still substantially higher than last month.
Transaction fees increased
Although, after halving, rates are 91% cheaper, they have not remained so. In fact, Bitcoin transaction fees have increased, especially in the past 30 days.
Bitinfocharts data shows that, on July 5th, the average transaction fee was around R $ 4.53. Exactly one month later, the fee was R $ 28.53.
This is an increase of more than 520%.
An example of this increase could be seen when, in early July, CriptoFácil reported that someone had moved around 101,860 BTC for around $1.18.
The amount moved represents about 0.5% of the total Bitcoin offer.
The transfer (just over $1 billion in BTC) was made for a transaction fee of $0,49. It is worth mentioning that the value in Reais of this transaction is from July.
The big deal was first identified by Bitcoin Block Bot, which noted that an address moved 101,857 BTC.
The transaction had a fee of 13 satoshis / byte, totaling 0.00005271 BTC, or $0.48.
The amount of Bitcoin handled is, at the time of writing this story in July, equivalent to $ 932.59 million.