The value of Bitcoin is not based only on the scarcity of the currency, but also on the value of the advantages that this digital currency carries, including the ability to transfer huge amounts of money in a short period of time, with very small fees, and without geographic considerations.

Recently someone moved 106,000 bitcoins worth $700 million for an incredibly low fee of $0.26.

The Bitcoin network has been criticized in the past for its inefficiency as a payment system but in terms of low transfer fees, the major cryptocurrency takes the whole cake when compared to traditional payment systems.

A bitcoin whale moved a staggering amount of bitcoin worth around $700,000,000 and paid less than $1 for the transfer.

Read:What are the predictions for the upcoming movement of Bitcoin?

Transferring $700 million for just 26 cents:

The massive conversion process was pointed out by a cryptocurrency analyst on Twitter:

Fabulous! Someone just sent 106000 BTC dollars worth $700,000,000 through # bitcoin network.

The fee was an incredible $0.26!

Amazing.

– Moon (TheMoonCarl) April 2, 2020

He notes that at least 106,000 bitcoins worth about $700 million have been transferred for just $0.26.

According to the data transmitted by Blockchain.com, the owner paid exact 0.00003935 BTC, which translated to 26 cents in US dollars at the time.

Needless to say, the owner would have incurred a much higher fee for transferring money if he had used a traditional payment system, for example ‘Western Union’ or ‘a bank’.

Additionally, bitcoin transfers are smooth and less time consuming as there are no personally identifiable details required and the owner is not expected to wait days before a transaction is approved by a financial supervisor.

Incoming dump process?

To be sure, such a massive transfer often raises fears of a possible dump if the cryptocurrency ends up on an exchange.

Read:“TronDAO” representatives: there is no separation of the stablecoin USDD below $0.97

Crypto watchers have been quick to speculate that a pullback in the Bitcoin price will be on the cards once such a conversion is made, however, this possibility appears slim.

It is worth noting that “Whale Alert”, a Twitter account for large cryptocurrency transactions, also highlighted this huge deal yesterday.

After noticing that the transaction sparked a bit of confusion about where all that huge amount came from, the Whale Alert account clarified that it was an internal transfer made by Xapo Holdings Limited, a Hong Kong company that provides crypto custodial services. Cryptocurrency wallet most likely reorganizes its funds.

Read:Bitcoin price drop below $50,000 caused $100 million to be liquidated in 10 minutes

Therefore, the amount of 106,000 Bitcoins will not end up on any exchange as the Bitcoin value indicated above has been transferred between Xapo addresses only.

Bitcoin is trading at $6,919 at the time of this post, a 4% increase over the adjusted 24-hour time frame.

In conclusion, the low fees on the Bitcoin network are undoubtedly a commendable financial marvel.

Read also:

Here is the transfer fee for transferring $1.26 billion worth of Bitcoin (BTC)

A person paid a fee of $82,000 for a single transaction on the Ethereum network