6 ms·
$82,982,977 USD: $ 0.04 Transaction Fee
- greenleafjacob 12y agoIf it was a credit card transaction, it'd be 2,406,506.
- stonogo 12y agoIf it were a credit card transaction, money would have changed hands.
- thisjepisje 12y agoCare to elaborate?
- ryanthejuggler 12y agoThe implication is that Bitcoin isn't "real" money. Never mind that money is a social construct and is useful whenever two parties agree on a common value.
- furyofantares 12y agoI think the implication is actually that the person sending this transaction was also the recipient.
- ryanthejuggler 12y agoGood point; your explanation makes more sense. I pretty much only use Bitcoin to buy lunch and laptop stickers, so I forget that people with significant amounts of it have to shuffle it like this.
- stonogo 12y agoThis was pretty obviously some internal accounting shuffling and not some kind of payment processing. If your bank charges a fee to move funds between accounts your bank sucks.
- murbard2 12y agoProbably not, it would have likely been netted between the banks without requirement a settlement.
- ceejayoz 12y agoAnyone doing that volume in credit card transactions isn't paying a 2.9% rate like you and I would selling trinkets... and the fee's paying for a variety of protections not present in a Bitcoin transaction.
- serve_yay 12y agoIf grandma had balls she'd be grampa. Nobody moves 82 million with a credit card, that's not even what they're for.
- bhouston 12y agoWho has $82M in Bitcoins?
- thisjepisje 12y agoLots of early adopters (used to) have thousands of btc.
- sp332 12y agoAt least one of the earlier transactions I found browsing around was involved in the BitStamp audit.
- wmf 12y agoKeep in mind that some companies keep all their customers' BTC in one big "account".
- Tech1 12y agoAny guesses if this is related to the Silk Road coins the feds auctioned off not too long ago? Or the even more recent second auction?
- Alupis 12y agounlikely since the bidding is still going/just-started.
- vectorpush 12y agoI hope that the recipient intends to use those funds on the darknet or overstock.com, otherwise the fees for converting even a fraction of that sum into usable money will greatly exceed $0.04.
- debacle 12y agoDoes bitcoin have the kind of volume/liquidity to make that kind of exchange without causing a significant disturbance in the exchange rate?
- nhayden 12y agoNo, it would cause a pretty big swing. Large sums like this are unlikely to be put on an exchange, though - they'd be done through a private sale.
- mrb 12y agoYou are misinformed. 217k BTC is only a fraction of the monthly volume traded on some of the largest exchanges: they trade 3-6 million BTC per month (http://bitcoinity.org/markets/list?currency=ALL&span=30d http://bitcoinity.org/markets/list?currency=ALL&span=30d), so one could trade 217k spread over 30 days without causing swings. (Only if you did the trade at once, it would cause one sudden swing.)
- nhayden 12y agoDumping it all at once is what I had in mind.
- vectorpush 12y agoWell, I wouldn't expect someone to try cashing out such a large sum at once. I assume they'd just cash out a few thousand here and there as needed.
- scintill76 12y agoIn other words, dollars weren't actually moved, 217.5k BTC were. I like Bitcoin, but you're right, and I'm getting annoyed with Bitcoiners' self-congratulation over things like this. Moving millions isn't exactly an every-day problem for most people, and even in more realistic scenarios, network transaction fees aren't the only cost and are much smaller than the other costs.
- MCRed 12y agoThis is great. I think the downside, though, is the $0.04 transaction that incurs a $0.04 transaction fee. For instance, there's this transaction for .02 BTC that incurred a $0.19 fee. https://blockchain.info/tx/a2933a1dc53361a7770c2a9d998c1fe30165609717e820f82668839091a2fc94 https://blockchain.info/tx/a2933a1dc53361a7770c2a9d998c1fe30... I'm not sure why this tiny transaction cost so much more than the huge one, but being able to support 0.00045 BTC transactions at reasonable cost is the challenge. This isn't just a fee challenge, but a blockchain-bloat challenge as well. But if it can be solved, I think it would be a turning point for BTC.
- williamcotton 12y agoTransactions without fees will eventually be processed and normally within 24 hours in my experience. On top of that miners are currently processing transactions with fees of 1000 satoshis with no delay. That's about $0.004 with the current exchange.
- hobo_mark 12y agoIs this an artifact of current network dynamics or is it explicit in the protocol? In other words, can I, today, send zero-fee transactions and reasonably (99.99% of the time or something) expect them to be processed by some _known_ deadline? (Be it 24 hours or a week or whatever)
- williamcotton 12y agoIt is just current network dynamics. Confirmation times in general are unknown as blocks are produced on an arbitrary timescale that the software attempts to trend to a 10 minute average by actively changing the difficulty of the proof-of-work mechanism to match the entire hash power of the network. For transactions without fees there is no way to guarantee anything.
- diego 12y agoIt's not that transactions "incur" a fee. You pay the fee you want, and miners prioritize transactions accordingly. Because transactions take up space in the block chain (and everyone's hard drives), small transactions are given less priority. Large transactions usually don't need to pay fees to be mined, small transactions may take a long time to be mined (or in the case of "dust" not be mined at all) unless you pay the recommended fee. https://en.bitcoin.it/wiki/Transaction_fees https://en.bitcoin.it/wiki/Transaction_fees
- hkmurakami 12y agoHaving been recently charged a 4% worse FX rate than the going rate in an 5-figure international wire transfer, a world where the current financial transaction system is torn apart cannot come fast enough!
- mlrtime 12y agoIf you do this transfer often I recommend moving your currency to a brokerage and then doing a FX trade. You will often get close to BBG spot rate using IB.
- ddeck 12y agoI'd also recommend this approach. FX is a cash cow business for banks. Money changing is one thing, where the business has cash management risks and cost, but FX on a wire transfer is close to 100% profit for the institution. They trade at mid and keep that 4%. As the parent poster commented, Interactive Brokers will give you rates close enough to mid as to not matter (e.g. the current rate to buy/sell EUR with USD is 1.2313/1.2312, plus a few dollars commission).
- nly 12y agoHell, even Transferwise would be < 1%
- koyote 12y agoHow would you go about setting something like that up? I assume this comes with quite a few caveats?
- mlrtime 12y agoSign up with a brokerage account, there are many. interactive brokers is one of the cheapest (I'm not affiliated). Then, link your two bank accounts with the brokerage. Buy/Sell you currency then transfer the funds via wire/ach...
- hkmurakami 12y ago
- deweller 12y agoFor those here who are wondering if bitcoin use is growing, here is a graph of transactions over time: https://blockchain.info/charts/n-transactions?timespan=all https://blockchain.info/charts/n-transactions?timespan=all
- pcrh 12y agoHow come that doesn't correlate with this graph showing the dollar value of transactions: https://blockchain.info/charts/estimated-transaction-volume-usd?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address= https://blockchain.info/charts/estimated-transaction-volume-...
- bpicolo 12y agoBecause https://blockchain.info/charts/market-price https://blockchain.info/charts/market-price
- pcrh 12y agoThe decreased US$:BTC exchange rate doesn't appear to be sufficient to counteract almost exactly the increased volume of BTC traded.
- bap 12y agoBecause BTC and blockchain utility do not need to correlate to the exchange rate against USD for the system to have massive inherent value. [Edit: removed redundant 'correlate']
- zanny 12y agoPeople are spending less in smaller transactions more often, indicating people are actually using btc for exchange of goods and services rather than as an investment. The spikes in dollar volume were when the market was making major movements, and people were moving USD into and out of BTC in huge quantities. The fact that btc generation slows down over time also means that while transaction volume will go up total monetary exchange won't go up as fast because its limited more by the size of the economy (how much money people have in btc to spend) than in how they are using it.
- matthewarkin 12y agoA whole $.10 cheaper than sending a FedWire! that's <insert really small percent that I'm too lazy to do the math on>% cheaper!
- ufmace 12y agoI've never moved around tens of millions of dollars, so I don't know what the usual procedures and fees are. I have moved thousands around between accounts, and the fee is a couple of dollars, a tenth of a percent. It's hard to believe that the fee percentage for a normal wire transfer for those amounts is higher than that. Given that, this doesn't seem like much of a big deal. I suppose it's neat, but when you're working with that much money, does a few tens of dollars matter? Considering also that moving any significant amount of this money to Fiat to actually purchase anything will likely be massively difficult, involve huge fees and delays, and may even distort the entire exchange market, and it seems even less useful. Infact, the largest USD exchange seems to be https://www.bitfinex.com https://www.bitfinex.com right now, and this transaction represents around 2 weeks of their volume. It might well take months to convert this to USD without causing too much market distortion. On an unrelated note, damn the CNY exchange volume is massive, and seems to dwarf the total USD volume. I wonder what's up with that?