Bitcoin Whale Moves $165 Million Bitcoin with Just $1.20

Another significant advantage with the leading cryptocurrency Bitcoin (BTC), is the fact that many deep-pocketed investors can be able to transfer a large amount of money with a negligible transaction fee. Recently, a whale address was spotted moving millions of dollars worth of Bitcoin with fee banks and other traditional payment platforms won’t be willing to offer. Not just for Bitcoin, cheap transactions are inherent qualities with cryptocurrencies.

Millions transferred in Bitcoin with cheap fees

As CoinBeast shared earlier today, an unknown Bitcoin investor moved about US$165 million in a single transaction with the cryptocurrency. Besides the quick transaction, the user only paid a fee of 0.00006520BTC, which equaled US$1.20 following the crypto’s price at the time of the transaction. 

Although Bitcoin may not be the faster cryptocurrency, the fact that it can handle such a single huge transaction at a cheap fee turned to be a winning point for it, especially when compared with other payment methods.

Bitcoin vs Traditional payment method

It’s worth noting that there are many traditional payment networks that can process more transactions [faster] than Bitcoin within a particular time. The number of transactions in Bitcoin is limited – about 4.6 transactions per second. When it calls for the fee structure, however, the cryptocurrency is a lot better compared to other traditional payment networks, as seen in the development today.

Aside from the fee structure, Bitcoin users have full access and control of their funds anytime, anywhere. They can conveniently travel and spend their Bitcoin, unlike holding fiat currency that will require a fiat-to-fiat currency conversion, which would attract exchange fees. Also, there is literally no limit to how much a Bitcoin investor can transfer daily, weekly, or monthly – except if fixed by exchanges, or wallet providers.

Bitcoin price update

The leading cryptocurrency has been changing hands below and slightly above the US$19,000 level. Per Coinmarkecap, Bitcoin is trading at $18,964 at the time of writing. It saw a -1.4 percent price change on a 24 hours chart, and a 2.58 percent increase within the past seven days. Bitcoin market valuation is US$351 billion.