How to transfer $1 billion for basically free: Bitcoin whale watching

Cointelegraph

Published Nov 04, 2022 01:45PM ET

Updated Nov 05, 2022 04:00PM ET

Billionaires, take note. It's one million times cheaper to send huge sums of money on the Bitcoin (BTC) blockchain.

A Bitcoin user sent over 50,562 BTC ($1 billion) to an address on the blockchain, paying a fee of just 2,513 satoshis, or sats (the smallest denomination of a Bitcoin), equivalent to half a dollar, for the pleasure.

Transaction sankey diagram showing fees, value and time. Source: mempool
Experimenting sending vast sums of money with legacy financial tools. Source: Wise

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