Cryptocurrency news

The Commission for a BTC transaction worth almost $ 450 million was less than $0.25

The Commission for a BTC transaction worth almost $ 450 million was less than $0.25

This morning, a 51,511 BTC transaction worth almost $450 million was sent for a Commission of less than $0.25.

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

The transaction fee was set at 0.0000268 BTC, or just $0.23 – the Commission amount was only 0.00000005% of the transfer amount. By data
according to the Blockstream browser, the Commission amount could be even lower.

“This transaction saved 30% on Commission by upgrading to SegWit and could have saved 16% more by completely upgrading to SegWit-Bech32.”

Most likely, the owner of BTC transferred them to himself and in fact the cryptocurrency did not change hands. Most often, for such transfers, the wallet function “send the maximum amount” is used to transfer bitcoins to a new wallet or account on the exchange.

For now, this percentage of commissions and transfer amount is only available when moving large amounts 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 unavailable, since the same fee for transferring small amounts makes transactions unprofitable.

At the same time, the Lightning Network can provide a much more significant reduction in fees and make micropayments available, provided that LN is widely supported. We are working on deploying and implementing the Lightning Network
there are several major players in the industry and it is possible that low transaction fees will become a reality in the near future.