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Changpeng Zhao: $ 1 billion cryptocurrency transaction shows bank failure

Monday, 09 September 2019

Binance cryptocurrency exchange CEO Changpeng Zhao said a recent $ 1 billion cryptocurrency transaction shows bank failure.

He expressed his opinion on the social network Twitter in a commentary on the post of cryptocurrency enthusiast and entrepreneur Charlie Shrem. Shrem noted that the people who conducted the transaction paid $ 600 for the transfer of $ 1 billion in Bitcoin and, in his opinion, greatly overpaid.

"[The billion dollar Bitcoin transaction is] super cheap. Imagine walking into a bank and saying 'I need to transfer $1b, I want it processed in the next 10 minutes, and I am willing to pay $700 in fees,'"
Zhao objected.

$600 to move $1B within minutes. The funny thing is, they overpaid by a large margin 😂. This is #bitcoin https://t.co/mrGJSk0sdU
— Charlie Shrem (@CharlieShrem) September 6, 2019

Of course, traditional bank transfers cannot compete in speed with bitcoin transactions. Such a transfer in a bank would take at least a couple of days, and commissions would be much higher.

"If you walk into a bank saying you need $1b processed in the next 10 minutes, the police will be there before anything else,"
the official Binance account responded to the statement of its CEO.

Recently, Changpeng Zhao expressed confidence that the altcoin growth season will come sooner or later, and it will be much more stable than in 2017.