BTC User Sent Nearly $200M Paying $0.1 Transaction Fee

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It is reasonable to think that a fee from $0.1 to $1 for a $5 or $10 transaction is very inefficient and expensive. However, if the transaction is about millions of dollars, this transaction makes a very little difference. This gives blockchain an impeccable advantage over the traditional money transfer.

Yesterday, on October 16, Bitcoin user transferred 29,999 BTC ($194 million) and paid only $0.1 as a fee; such a transaction fee would cost tens of thousands of dollars of held through traditional banks.

BTC and ETH are often criticized for too expensive transaction fees. Nevertheless, the blockchain network of Bitcoin possesses a huge potential for the global optimization of international transfers. Currently, users who wish to save on fees during their money transfers address to such platforms as Transferwise since fees on these platforms are significantly lower than that in banks.

However, even such platforms take more than $7,500 for transferring the sums above $1 million. In percent, this sum is even less than 1% of $1M, and that is why the sum is not considered high. However, the transaction with $194M in the Bitcoin network shows that the system is way more efficient than many think it is - the transaction fee was lower than 10 cents.

BTC antagonists continue criticizing the platform for taking exceedingly high fees. For instance, a remarkable economist and cryptocurrency critic Nouriel Roubini argued that transaction fee in Bitcoin network costs $60 regardless of the transaction size. That said, Roubini noted, to buy a cup of coffee for $3, one would need to pay $63. He added that the brilliance of the new technology for drastically cutting transaction fees is a myth and a complete fiction.

In an answer to the critic’s claim, the cryptocurrency investor and Blocktower founder Ari Paul pointed out on those transactions, fees of which do not exceed $0.1, adding that they may be easily checked and proved. “If the truth matters for [mr. Roubini], they should change their claim,” Paul advocates.

It is reasonable to think that a fee from $0.1 to $1 for a $5 or $10 transaction is very inefficient and expensive. However, if the transaction is about millions of dollars, this transaction makes a very little difference. This gives blockchain an impeccable advantage over the traditional money transfer.

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