$212 Million in Bitcoin Moved for Just $4, Do We Still Need Banks?
The crypto world is always buzzing with activities. Latest reports reveal that an infamous Bitcoin ‘whale’ has moved a large amount of cryptocurrency in a single transaction. The wh…
$212 Million in Bitcoin Moved for Just $4, Do We Still Need Banks?
The crypto world is always buzzing with activities. Latest reports reveal that an infamous Bitcoin ‘whale’ has moved a large amount of cryptocurrency in a single transaction. The whale, known as ‘Loaded’ is an old-school investor. They are famous for their posts on mainstay forum BitcoinTalk. The investor has held 40,000 BTC for years and they move it around often.
This time, Loaded paid the Bitcoin blockchain just 0.00074227 BTC ($3.93) to send $211.9 million worth of censorship-resistant digital money. In January 2018, Loaded moved 40,000 BTC ($435 million) for a fee of a mere 0.0001 BTC ($1.09). We also reported another instance in October 2018 where a user moved $194M in BTC with $0.1 fee.
Until now, fierce debates revolve around the capacity of Bitcoin and altcoins to serve as a route for multi-million transactions. Some naysayers doubt the ability of digital currencies to ultimately replace the conventional banking system with seamless blockchain. The latest transaction has again proved that any crypto user can transfer any amount cheaply, directly, and without prior approval requirements.
Some members of the crypto community state that nobody can prove that it is Loader who moved the money this time. However, analysts and commentators believe that it is ‘Loaded’ since nobody else is known to have held that same amount of bitcoins for years.
Loaded prefers ‘SegWit’ Bitcoin address for cheap fees
Back in January 2018, the price of bitcoin was still above $11,000. At that time, Loaded moved their 40,000 BTC ($435 million) and paid a smaller fee of 0.0001 BTC ($1.09) for the transaction. Apparently, it is evident that transaction fees have increased since last year. In the instance of bitcoin, the users come up with their own network fees.
On the other hand, other major payment networks like MasterCard and Visa charge set amounts to use their centralized infrastructure. Loaded’s..
