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In a significant demonstration of the efficiency of blockchain technology, a Bitcoin transaction worth nearly $200 million was completed with an astonishingly low fee of just $1.89. The transaction, which involved 2000.05830161 BTC valued at approximately $197.63 million, was broadcast on the Bitcoin network on Friday.
According to data from blockchain.com, the average transaction fee on the Bitcoin blockchain recently dropped to about $1.42, further underscoring the cost-effectiveness of cryptocurrency transfers. This transaction is not an isolated incident, as in May 2024, a transfer exceeding one billion dollars in Bitcoin incurred a mere $7.30 in fees.
The advantages of cryptocurrency over traditional fiat systems are notable. Previous analyses from Coinbase indicate that international cryptocurrency transfers can be up to 96% cheaper than standard foreign wire transfers, which often have fees starting at $25, along with potential receiving charges. Additionally, cryptocurrency transactions are processed almost instantly, contrasting with typical international wire transfers that may take several days.
As the world shifts towards digital currencies, such examples illustrate the growing appeal of cryptocurrencies for large-scale financial transactions.