Reddit forums, recently, heated up as angst, sarcasm and surprise took over the users in the cryptocurrency section. The news of a $300 million transaction broke out. However, what was more interesting was that the sender only paid a fee of $0.04, making the transaction almost free.

A cryptocurrency wallet of unknown origin, recently, sent 48,500.08799325 Bitcoins to another wallet. However, the fees paid for this transaction was only 675 Satoshis.

A Satoshi is the smallest unit of a Bitcoin and represents one hundredth million of a BTC, i.e., 1 BTC= 100,000,000 Satoshis. Several posts started popping up on Reddit that expressed derision, wonder and even deep dread against the traditional banking system.

A transaction of this size could take days using the traditional banking system and is subject to delays as well as exchange rate problems. On the Bitcoin blockchain, it was completed within minutes.

Apart from the convenience of having sent the money so easily, the Bitcoin network has also presented a major improvement in its fee structure. Bitcoin Cash, which is an offshoot of the original Bitcoin network, claimed to have decreased transaction fees and improved the scalability of the network. However, looking at the transactions in this same wallet, we can see how transaction prices have changed on BTC over time.

The wallet that, recently, sent funds received over a billion dollars in late 2017 in the form of Bitcoin. At the time, the wallet paid $15 as a transaction fee that translates to 0.00080908 BTC.

This time, the fees have been reduced to 0.00000675 BTC only.  This clearly shows that the second layer solution has finally started paying off, which provides the speed Bitcoin has been looking for.

Someone Spent Only $0.04 on a Bitcoin[BTC] Transaction Worth $300 Million was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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