Bitcoin (BTC) blockchain enthusiasts are discussing the story of what is probably the least cost-effective internal money transaction we are aware of. Sometimes single value transfer between two towns in Europe requires collaboration between the central bank, the army and police units.
It costs $3 for Bitcoin (BTC); how much does it cost the central bank?
As noticed by pseudonymous Bitcoin (BTC) activist who goes by @VandelayBTC on Twitter, De Nederlandsche Bank (DNB) carried out a sophisticated operation to simply move funds between two storage locations.
The Dutch Central Bank today revealed it spent months executing an operation to move $15 billion including 200,000 kg of bars and coins, requiring police and military support.
— Vandelay ₿TC Industries ⚡ (@VandelayBTC) May 15, 2023
This would have been 10 minutes+$3.02 on the #Bitcoin Standard. #GovEfficiencyhttps://t.co/Rg00HHDcmK pic.twitter.com/J3oPREyToS
Local business media outlet NOS reported that the Central Bank of The Netherlands spend about one full month to transfer the assets from Haarlem to Zeist.
The operation was organized without much fanfare, but military units and police were responsible for the security of this massive transaction.
Almost $15 billion in equialent were moved; 200 tons of bars and coins were moved to a new cash storage center.
The Bitcoiner recalled that in the largest cryptocurrency, such a transfer would only take 10 minutes to be finalized. Net transactional fees would barely surpass $3. He mocked governments and central banks for spending so many public resources:
Total costs to taxpayers were not revealed.
Is Bitcoin (BTC) that bad for environment?
The Bitcoiner's audience agreed and added that, besides cost-efficiency and speed, transfer via the Bitcoin (BTC) network would be much safer and more confidential.
As covered by U.Today previously, Bitcoin (BTC) skeptics repreatedly accused the orange coin of being too inefficient in terms of the environment and electricity consumption.
However, according to a recent study by CoinShares, Bitcoin (BTC) consumes less electricity than tumble dryers, and only 50% of that of data centers.
Alex Dovbnya
Denys Serhiichuk