A Bitcoin Whale Moves Bitcoin Worth $414M For Just $0.68 Fee
Another huge amount of Bitcoins have been moved by a whale on the Bitcoin network. 47,452 Bitcoins worth $414 million has been withdrawn from Bittrex. The transfer fee is only $0.68, showing the cheapness of transferring Bitcoin.
The movement of the huge amount of Bitcoin was recorded by Whale Alert earlier today. The address that received the Bitcoins was quick to move the funds to another address.
It appears that SegWit is trying to bring down fees. As reported earlier this year, Bitcoin started 2020 at a fresh all-time high in SegWit adoption. Currently, a minimum of 50% of all transactions are carried out through SegWit’s help, thereby reducing fees remarkably.
In Dec. 2017, Bitcoin’s average fees was $20 but it is currently about $0.50. It is now cheaper to send transactions with Bitcoin whereas Bitcoin’s demand did not change, according to on-chain metrics.
Some Bitcoin critics are amazed at the decline in Bitcoin’s fees. For instance, in recent times, Roger Ver said that Bitcoin is unfairly cheap and such will disincentivize the mining network. However, he had previously said it was “too expensive.” Naysayers always seem to be unsatisfied.
Despite the hope that the whale’s withdrawal of Bitcoin valued at $414M from Bittrex was to HODL, the crypto markets have been bearish.
Market participants have blamed coronavirus fears for the market dips as it has likewise impacted the world’s economy. Bitcoin’s response in the midst of these fears is awaited.