In terms of how fast and convenient it is to move large amounts of money around the world, no asset class beats Bitcoin. Recently, a "giant" only had to pay 0.26 USD to transfer a huge amount of 670 million USD, without using a banking information system or paying any other transaction fees.
Supporters of Altcoins (cryptocurrency other than Bitcoin) often decry that Bitcoin's transaction fees are too high. It is recognized that the transaction fee of Bitcoin is higher than other virtual currencies on the real Blockchain. However, thanks to that, users can be assured of the security of Bitcoin.
There is no second method so safe and so economical
There used to be precedents of huge Bitcoin transactions but very little transaction fees. Last February on prime xbt also had a transaction of 424 million USD with a transaction fee of 0.68 USD.
Bitcoin tycoon today beat the above record. Cryptocurrency analyst sunnydecree has discovered a Bitcoin user has just deposited $670 million worth of assets for just $0.26!
670 million USD transaction with 0.26 USD fee
Has anyone seen someone send 670,000,000 USD worth of gold around the world for only 0.26 USD? I do not. Buy Bitcoins!
That mysterious figure sent a total of 106,857,24571944 Bitcoins between the two wallets at around 3:55 a.m. on April 2, Vietnam time. The expert also pointed out that the asset class often compared to Bitcoin – gold – cannot do the same.
The recent gold withdrawals make it clear how much money it costs to send large amounts of gold. In recent years, the Netherlands, Turkey, Germany and Poland have implemented huge transport projects to bring gold back home.
Such projects not only cost billions but also last for years. Because it is a tangible asset, after arriving, gold needs to be guarded around the clock, which is also a significant expense.
See more: Bitcoin and Visa transactions plummet, but Pizza deliveries soar
What about other cryptocurrencies?
The Altcoin community always thinks that their chosen virtual currency is superior to Bitcoin because the transaction fees for that currency are lower. However, they do not understand the problem.
Those currencies are not as secure as Bitcoin. Bitcoin's operating principle is that miners validate transactions in the process of racing to find a solution (hash) for the algorithm to receive Bitcoin. In other words, the higher the hashrate, the higher the level of security. Since the hashrate of the Bitcoin network is much higher than that of all other cryptocurrencies combined, there is no safer way to transfer such a large amount at such a small cost.
Altcoins vs Bitcoin
Not that other networks don't usually have such large transactions. People simply have less confidence in the security of Altcoins.
Although there are currently no records on the Bitcoin network in terms of transaction volume, low transaction fees during such high value sessions is still a positive sign for scaling. . Lower transaction fees mean that the network provides users with more convenience, even if more new members want to join. The important thing is that Bitcoin has the ability to transact as it is without giving up decentralization.
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