The Bitcoin network has recently recorded the largest dollar value transaction in the history of the network with a record $1.18 billion moved in a single move. The transaction also set a record for low transaction cost and proves the useful nature of the Bitcoin network against contemporary payment systems.
This block will now be part of the history books of Bitcoin network as it has the largest dollar equivalent transaction till date. While it is expected that the largest crypto will eventually beat this dollar amount in the near future, but it is expected to sit pretty on top of the charts for a little while. This kind of big money move is normally not seen in the cryptocurrency world as most of the transactions are smaller in size. Even if someone wants to transfer an amount of this size, it is a convention to break it into smaller ones to reduce any risk. However, bigger and bigger payments are becoming the norm in the bitcoin world and show its willingness to be taken seriously.
The total BTC amount transferred in this move was 88,857 BTC which comes out to be around $1.2 Billion at press time. It overtook a previous transaction in dollar amount that was carried out by Bitfinex back in April this year that moved around 161,500 BTC which is close to double the BTC amount in the latest transaction. However, the dollar equivalent was $1.1 billion owing to much lower Bitcoin prices which were hovering between $6000 and $7000 at that time. The total transaction cost for this mammoth move was only 0.00027847 BTC or just $3.6 at press time. This is an exceptionally low fee for such a big amount and it shows the utility and power of the Bitcoin network, especially when it comes to bigger transactions.
The biggest transaction is history vis-a-vis BTC amount was carried out back in 2011. Mt Gox, the biggest cryptocurrency exchange at the time carried out this massive transaction of worth 550,000 BTC on November 26, 2011. Interestingly, this transaction was worth only $1.1 million back at that time when Bitcoin was below $10 at that time. If latest valuation of Bitcoin is taken into account, 550,000 BTC amount to a whopping $7 billion. However, it will take some effort to break this BTC record transaction. The dollar amount will probably be overtaken in the near future as Bitcoin keeps appreciating.
Image source: CafeCredit.com
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
How about some social? Follow us on Twitter!