Blockchain Tech News

Bitfinex Transfers $1.1 Billion Worth BTC for Less than 70 Cents

The crypto world has just witnessed the largest BTC transaction in terms of the dollar amount to date. Global crypto exchange Bitfinex claimed that it transferred 161,500 Bitcoins on Friday as a part of its wallet refilling process.

While 15000 BTC was transferred to a hot wallet, the rest was returned back to the original address. The transaction was spotted by Twitter user KRMA O. Replying to his tweet, Bitfinex CTO Paolo Ardoino confirmed the news.

More interestingly, the 161,500 BTC transaction (worth approx. $1.1 billion) was processed for a nominal transaction fee of 0.00010019 BTC, worth just about $0.70. Here are the transaction details

Last week, crypto custody service Xapo processed a 100,000 BTC (worth $633 million at that time) for a transaction fee of just $0.26. Before Bitfinex’s recent transaction, the highest recorded BTC transaction in terms of dollar amount was worth $1 billion and was recorded last year in September.

However, in terms of the number of BTC s transferred at once, the largest transaction was made back in November 2011, worth 500,000 BTCs which amounted to about $1.32 million back then. 

It is astonishing how remittance through cryptocurrency is astonishingly cheaper. Apart from transaction fees being very nominal, Bitcoin transactions are way faster than traditional systems. For example, in the traditional remittance system, one can $1 million at once. This will cost a transaction fee of around $3600 (depending upon the platform), and will take upto 3 days to be processed. 

With crypto, the transactions are faster, cheaper and more secure. The larger level of scalability in crypto transaction processes will definitely drive its adoption, especially as an enterprise-grade payment solution.