A crypto whale recently moved around $1.1 billion worth of BTC for just $83. The transaction took place on January 14 and the whale was able to move 124,946.6 BTC at a network fee of just 0.0096 BTC. One person took the opportunity to note the benefits of using crypto. In a tweet, he noted that someone was able to move $1.2 billion worth of BTC at a fee of around $80. He noted that no government could have interfered with the deal and no government could have stopped the deal even if they had wanted to.
Who Moved that Much Weight?
While it is not possible to know with certainty the person that moved that much weight, one user on Reddit claims that it came from the Bitfinex cold storage address. Thus, it could be just a crypto exchange moving its funds around for security purposes.
This is not the first time that such a huge transaction has been seen. However, such moves are rare in the crypto sector. In most cases, those transactions are usually by institutions and not individuals. It is quite rare for one person to shift that much BTC. For instance, most experts have noted that Satoshi Nakamoto has never shifted the original BTC he mined early on in the creation of BTC. Those coins are in a single wallet and have never been move. He is either good at hodling or he lost control of the coins. It is also worth noting that those moving a lot of BTC have been able to pay very little network fees.
Good Sign for BTC
While BTC has not yet gained mass adoption, it is quite exciting to see such a huge transaction take place in one go. Any government or centralized body could not have stopped this transaction. It is a good demonstration of the independence and power that crypto places in the hands of the masses. It is also worth noting the speed at which the transaction took place. In normal circumstances, moving a billion dollars will take a few days or even weeks to finalize. However, this transaction took place in just minutes and it was concluded.