1 year ago
The Bitcoin web facilitated a transaction worthy implicit $500 cardinal connected Oct. 27, transferring astir 24,530 BTC. The full transaction was sent, processed, and confirmed for a interest of conscionable $0.83.
According to data from mempool.space, the 24.5 sat/vB interest was importantly overpaid, arsenic lone astir 10 sat/vB would person been capable to see the transaction successful the ongoing block. The transaction was confirmed and executed wrong minutes, the information showed.
CryptoSlate investigation showed that the $500 cardinal transaction, portion surely an outlier successful presumption of value, follows an ongoing inclination of higher fig and measurement of transactions connected the Bitcoin network.
Graph showing the full magnitude of coins waiting successful the Bitcoin mempool (Source: Glassnode)The extremity of October brought connected a important spike successful the full fig of transactions waiting successful the Bitcoin mempool and the full magnitude of coins waiting to beryllium sent.
Graph showing the full fig of transactions waiting successful the Bitcoin mempool (Source: Glassnode)The outgo of sending the $500 cardinal transaction stands arsenic a stark reminder of the velocity and ratio of the Bitcoin network. If specified a transaction was sent done the SWIFT network, banks facilitating the transaction would person taken a 3% to 5% speech complaint interest connected apical of a modular transaction fee.
A modular SWIFT transaction takes up to 4 moving days to complete. A 3% speech complaint interest connected a $500 cardinal transaction is $15 million.
The station Bitcoin transaction worthy $500M outgo $0.80 successful fees appeared archetypal connected CryptoSlate.
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