Bitcoin Whale Moves 47,835 BTC for $1.78 Fee

News
Tue, 05/12/2020 - 10:03
Yuri Molchan
A gargantuan amount of cash has been moved in Bitcoin for a tiny fee of slightly less than two US dollars
Cover image via stock.adobe.com

One of the reasons the community loves Bitcoin and crypto in general is the opportunity of moving great lumps of money from absolutely any part of the world to any destination without having to hassle with the banking infrastructure necessary for wiring money.

The Bitcoin Block Bot has reported that a short while ago, someone transferred 47,835 BTC. That totals $419,433,065.

Image via blockchain.com

The transaction required five confirmations from miners and the fee taken for the transaction was only $1.78 (0.00020160 BTC).

Now, that the major Bitcoin event took place on Monday, May 11, and miners’ rewards total 6.25 BTC instead of 12.5 BTC, new Bitcoins will be injected into the market at half of the speed they were before the event, making BTC more scarce.

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The demand, however, remains and many crypto and financial experts expect it to continue growing. This is expected to push the BTC price up from the modest level of $50,000 to as much as $250,000 over the next two-tree years.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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