$194 million was recently moved using Bitcoin - costing $.10
The potential of crypto in one headline.
On October 16th, $194 million was moved from a bitcoin wallet. The transfer is said to have incurred a fee of $.10 to complete.
That means that the bitcoin fee accounted for just fractions of a percent of the total transfer value.
A feat that is not accomplished by legacy financial systems.
Dr. Doom recently stated that it costs $60 in fees in order to buy a cup of coffee using bitcoin.
Not only was he wrong, but he wasn't even close.
A quick google search refutes his claims:
(Source: https://www.ccn.com/debunked-how-nouriel-roubini-failed-to-attack-crypto-with-cherrypicked-data/)
As you can see, bitcoin transaction fees have been hovering around $.10-$.20 for some time now. Basically ever since many of the largest exchanges started all supporting segwit.
Ari Paul of BlockTower responded publicly to Dr. Doom saying:
“BTC fees are less than $0.10, easily verifiable. If you value truth, you’d provide a public correction. If your goal is to mislead people with simply false statements, carry on. There’s nothing to research. Fees are publicly viewable from many sources (googling it works.) I find it better not to provide a specific source because then regardless of source, the source gets attacked."
(Source: https://www.ccn.com/194-million-was-moved-using-bitcoin-with-0-1-fee-true-potential-of-crypto/)
Dr. Doom is yet to retract his claim.
More about Dr. Doom and his outrageous claims can be seen here:
https://steemit.com/bitcoin/@jrcornel/best-way-to-unite-the-crypto-community-bash-bitcoin
Legacy financial systems would costs tens of thousands more to perform that same transaction.
Transferwise is a UK based financial firm that routinely sends large sums of money.
They are considered one of the cheapest around yet their fees are $7,500 to send $1 million USD.
You can do the math to get an idea of what sending $194 million might cost.
We won't even go into detail about how long it would take compared to the bitcoin transfer.
This is a perfect example of how bitcoin can be useful today, even in its current form, for cross border transfers involving large sums of money.
Stay informed my friends.
Image Source:
https://www.ccn.com/194-million-was-moved-using-bitcoin-with-0-1-fee-true-potential-of-crypto/
Follow me: @jrcornel
Dr Doom is a Douche! 🧐🤓🧐
Well said.
I'm pretty impressed with the cheap Bitcoin fees, and they're not even the cheapest.
I have no idea who this “Dr. Doom” character is but I'm assuming he's either a euphemism, a toilet inspector, or both.
Haha he sure acts like it. He is a well known economist who made a lot of headlines by calling the housing crisis and its potential effects back in 2006. He called for a double dip recession in 2010 or 2012 though that never came.
Yes - The fees are low and transaction speed is Quick. This formula is not profitable for the big banks - thus they will fall.
Correct. Those complaining about 20 minute transfers haven't sent a wire or moved money overseas lately. It's not quick for buying small items, but very speedy for large transactions.
With Steem is even cheaper.
Yet, almost no one knows that or seems to care, and that is mostly due to a total lack of marketing and advertising.
Agree 100% and I wonder why?
Haha that has been the age old question uttered by just about every single person on steemit. My hope was that they were waiting until steem was ready. However, it may be that they are just waiting until they launch a better product (like the one Ned is supposedly building) before they really try to launch it to the masses. It's a shame that they couldn't turn steemit into something though.
Dr. Dums never die out. Thanks for sharing.
Yes, Dr. Doom is a dud. Clearly he is trying to mislead people at this point. He still won't retract his $60 fees statements.
I believe it was closer to 3500 dollars but the wallet held over 30000 bitcoin and so the rest went to a new address in their wallet.
Doesn't make for quite as good of a headline though ;) Also, even taking that into account, the fee (which it wouldn't technically have been a few if the owner still owns it) would still be magnitudes smaller than sending $194 million using legacy/traditional financial systems.
I totally agree with these advantages over traditional financial transfer but lets also be unbiased in that technology is not ready for the volumes thatbare handled by the traditional systems at the moment. If only a portion would move over to bitcoin, the blockchain would clog up and increase it fees exponentially. However, I am sure it will still be less than the fees paid today on the traditional side. This signals the importance of scaling for the networks thatbare further along the adoption process.
That is a very good point. Though if just some of that money moved over and it did so gradually things will continue to operate smoothly. However, like you mentioned, the current tech can't scale. That likely changes in the next 2 years though.
Sooner or later people will transfer their fiat currency through bitcoins.
What hurt me the most the news is still saying bad people use bitcoins.
Can't believe my eyes.
By far, and it's not even close, the vast majority of illicit activities are still carried out using dollars. Bitcoin isn't even close.
This is a perfect example of how Steem can be used. Much cheap such wow!
Posted using Partiko Android
Correct, just need a whole lot more people using it.
@jrcornel, you are interested in reading, maybe you read me too
Thanks, which part did you like best?
He probably likes the “read me” part 😏.
Posted using Partiko iOS