RATE Group | Bitcoin Network Transfers $1 Billion ‘For Price of a Cup of Coffee’
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Bitcoin Network Transfers $1 Billion ‘For Price of a Cup of Coffee’

15 Oct Bitcoin Network Transfers $1 Billion ‘For Price of a Cup of Coffee’

Posted at 09:49h in Bitcoin News by

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The CEO of cryptocurrency exchange Bitstamp has highlighted Bitcoin’s (BTC) utility after funds worth almost $1 billion changed hands for less than $4 in fees.

Bitcoin fees too small to comprehend

As blockchain monitoring resource BitInfoCharts confirmed on Oct. 14, the transaction at wallet and storage provider Xapo involved a total of 112,027.29 BTC.

Previously, Bitstamp had transferred around 107,800 BTC of its funds to Xapo, paying a fee of 0.0234 BTC — or 0.0000217%.

The subsequent transaction, handled by Xapo itself, saw an even more microscopic amount paid to miners to approve the funds’ transfer. At $3.89, the fee rate was equivalent to 4.1724762780401154e-7% — too small to write sensibly using standard decimals.

As Bitstamp CEO Nejc Kodrics summarized, the funds “transferred in a single transaction for the price of a cup of coffee.”

73 million Bitcoin Days Destroyed

When the first transaction took place, other commentators noted how easy it was to use Bitcoin for…

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