A Bitcoin whale recently transferred $369 million with a fee of just $1, confirming Bitcoin’s superiority over traditional remittances.

An anonymous bitcoin whale transferred 39,635 bitcoins, the equivalent of $369 million, for a fee as small as $1.

This transferred money is superior to bank transfers, including the “Swift” service and others.

Bitcoin is also decentralized and puts the funds entirely in the hands of its owner without the need for a third party.

Bitcoin payments are untraceable and cheap as described in the transaction mentioned in this article.

Compared to the “Swift” service, which is a group of financial institutions responsible for many global transactions, it offers cross-border money transfers, but it has high transaction fees.

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The recent emergence of blockchain technology and its use by Bitcoin and Ripple confirmed that blockchain technology has the upper hand in the financial world more than the old technical means used.

Major banks around the world are looking to use the technology behind Bitcoin, also to be on a par with the development of financial technology.

Rather, financial institutions such as JPMorgan Chase created the JPM coin for this purpose.

While blockchain technology is being adopted by financial institutions, the likes of those behind Swift do not believe in Bitcoin. Reports Media outlets indicated that Mr. Gottfried Leibbrandt, CEO of Swift, once compared Bitcoin to the “tulip bubble” that occurred in the seventeenth century.

According to to report Posted by FXStreet, a Swift representative underestimated everything about cryptocurrency, saying it was useless, unstable, and empty like a yo-yo.

However, things on the ground differ greatly from permits, as “Swift” takes 12 hours to achieve a transaction, not to mention the fees associated with the amount transferred, but the blockchain technology allows the same transfer in a very fast time and with a nominal fee.

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According to many analysts, the blockchain technology, since its appearance, has raised Swift’s concern and a high probability that it will replace it at any time in the future.

Ripple is also efficiently using the blockchain technology in interbank financial transfers, with the issuance of several products that serve this purpose, such as the use of on-demand liquidity (ODL).

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One of the largest remittance companies in Latin America joins the Ripple network to use the currency (XRP)

Ripple joins a group of financial institutions to compete with “Swift”