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$ 447 million BTC transaction fee was less than $ 0.25

447-million-BTC-transaction-fee-less-than--0-25 $ 447 million BTC transaction fee was less than $ 0.25

51,511 BTC worth almost $ 450 million was sent on January 20, 2020 for a commission of less than $ 0.25.

The transaction was included in block 613 644. At the time of block mining, the price of Bitcoin was $ 8680.51, so the transfer amount was equivalent to $ 447 million.

The transaction fee was set at 0.0000268 BTC, or only $ 0.23 - the commission amount was only 0.00000005% of the transfer amount. According to the Blockstream browser, the commission could be even lower.  

"This transaction saved 30% on fees by upgrading to SegWit and could save 16% more by fully upgrading to native SegWit-Bech32"

by Blockstream browser

Most likely, the owner of BTC transferred them to himself and in fact, the cryptocurrency did not pass from hand to hand. Most often, such transfers use the wallet function "send the maximum amount" to transfer Bitcoins to a new wallet or account on the exchange.


So far, a similar percentage ratio of commissions and the transfer amount is available only when moving large volumes of BTC. Although the commission of $ 0.25 cents when transferring $ 100 also gives a good level of 0.25%. However, blockchain commissions still make microtransactions inaccessible, since a similar fee when transferring small amounts makes transactions unprofitable.


At the same time, the Lightning Network can provide a much more significant reduction in commissions and make micropayments available subject to the widespread support of LN. Several major industry players are working on the deployment and implementation of the Lightning Network at once, and it is quite possible that low transaction fees will become a reality in the near future. 

SOURCE

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