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Bitcoin (BTC) Fixes This: Here's How Dutch Bank Spent Weeks on Regular Transfer

Tue, 05/16/2023 - 16:45
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Vladislav Sopov
Crypto enthusiasts are discussing crazy story of single transaction in The Netherlands that took over four weeks
Bitcoin (BTC) Fixes This: Here's How Dutch Bank Spent Weeks on Regular Transfer
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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.

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.

Bitcoin Carbon Emission 50 Times Lower Than That of Aviation: Coinshares

However, according to a recent study by CoinShares, Bitcoin (BTC) consumes less electricity than tumble dryers, and only 50% of that of data centers.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)