The Bitcoin community facilitated a transaction value over $500 million on Oct. 27, transferring round 24,530 BTC. Your entire transaction was despatched, processed, and confirmed for a price of simply $0.83.
In line with knowledge from mempool.area, the 24.5 sat/vB price was considerably overpaid, as solely round 10 sat/vB would have been sufficient to incorporate the transaction within the ongoing block. The transaction was confirmed and executed inside minutes, the info confirmed.
CryptoSlate evaluation confirmed that the $500 million transaction, whereas actually an outlier by way of worth, follows an ongoing pattern of upper quantity and quantity of transactions on the Bitcoin community.
The tip of October introduced on a major spike within the complete variety of transactions ready within the Bitcoin mempool and the whole quantity of cash ready to be despatched.
The price of sending the $500 million transaction stands as a stark reminder of the velocity and effectivity of the Bitcoin community. If such a transaction was despatched by way of the SWIFT community, banks facilitating the transaction would have taken a 3% to five% change charge price on prime of a normal transaction price.
A normal SWIFT transaction takes as much as 4 working days to finish. A 3% change charge price on a $500 million transaction is $15 million.
