Costly Mistake… Someone Paid $80,000 Transfer Fee For $1 Bitcoin
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Answer Costly Mistake… Someone Paid $80,000 Transfer Fee For $1 Bitcoin
The fees on the Bitcoin blockchain have gone up recently and have reached over $10 per transaction.
But someone seems to have paid many times more than that.
A user spent more than $80,000 (approximately 3.5 BTC) in 1 Bitcoin transfer fee.
Fee of 80 thousand dollars to transfer 1.16 dollars!
Bitcoin was established as a peer-to-peer electronic cash system, and therefore it allows online money transfers regardless of geographical location.
In addition, Bitcoin transfers are cheap and have very little fees compared to the fees of traditional financial institutions.
But this person seems to be unlucky about $1 worth of Bitcoin with an estimated fee of $80,000.
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This unknown user made this strange transaction on December 19 where he transferred 0.00005000 BTC with a fee of 3.4908950 BTC.
hung Jimmy Song about this transaction by saying:
It is definitely a human error.
It appears that this user used the “Coinjoin” service that makes tracking transactions very difficult and is often used by those referring money laundering and making it difficult to trace.
Coinjoin enables different parties to combine multiple bitcoin transactions from different spenders into a single transaction.
Meaning that all participants get in and out of the same amount of bitcoin as initially planned, but the addresses are mixed, making it difficult to trace the origin of the cryptocurrency.
Not the first wrong transaction:
While the transaction mentioned in this article does incur unusually high fees, there are other similar examples.
In early January 2017, a user paid a fee of 50 bitcoins, which was then trading bitcoin at $900 – $1,000 at the time, which means that he paid a fee of $45,000 ($50,000).
Song explained:
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There can be a way for people in such situations to get a refund if they act quickly.
Especially if the transaction is detected early enough and publicized enough, there is a chance that you will return it [مجمعات التعدين] Since they do not pay the money for at least a few days, so there is a possibility to contact them before they distribute the money.
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