Bitcoin worth $2 billion is only $0.78

Blockage data Data from shows that a huge Bitcoin (Bitcoin) A $2 billion worth of transactions were processed on Monday night. Despite its huge financial value, the unknown wallet holder only paid 0.000001713 BTC, which is equivalent to US$0.78.

Although it is not clear what the purpose of this transfer is, or which individual or entity formulated it, it has clearly demonstrated the huge potential of using cryptocurrency and blockchain technology for financial transactions.

However, this is not the first time such a large-scale transaction has been conducted with the lowest fees.As early as August 2020, Bitcoin transactions worth $1 billion Only charge a nominal fee of $4.

Attempts to transfer funds of this value in the traditional statutory market are futile. Based on an out-of-date model, the financial ecosystem is an obvious exception to the instant, extensive and inclusive modern information service experience.

International legal currency transfers usually take one to four business days to process and include high transaction fees of 1% to 3%. For a transaction valued at US$2 billion, this will cost US$20 million to US$60 million.

In addition, unlike Bitcoin, banks and governments have a core influence on the activities of financial infrastructure, so it can be said that they threaten the privacy, autonomy and principles of the free market.

According to BitInfoChart, the average price of the transaction cost It is 0.000058 BTC (US$2.67) on Bitcoin’s base layer blockchain. This has been a consistent lowest level for the past two months, but it hasn’t happened since the market started bullish in October 2020.

For contextual purposes, the average transaction cost For the second largest cryptocurrency by market capitalization, Ether (Ethereum), which is still a multiple (770%) of 0.0061 ETH (20.44 USD).

related: The price of BTC is close to US$46,000, and Bitcoin foreign exchange reserves are lower than in November 2020

Technical data from Cointelegraph Markets Pro It shows that Bitcoin has overcome the challenge, after setting a low price of $43,380 on Bitstamp on Tuesday morning, it re-established $46,000 after significant market volatility.

This bullish sentiment is consistent with another data point that the Bitcoin reserves of major cryptocurrency exchanges this week hit a multi-year low-similar to transaction fees-at levels not seen since the bullish beginning in October 2020.