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Bitcoin Whale moves $212 million worth of crypto for less than $4

Posted on
2 May 2019
( 1 days ago )
Views  
108

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A Bitcoin whale has reportedly moved a massive amount of Bitcoin and was charged less than $4 in fees, Hard Fork reports.

The whale, known as Loaded, is an old-school investor famous for their frequent posts on BitcoinTalk. They’ve held 40,000 BTC for years and every now and then, move it around. This time, Loaded was charged just 0.00074227 BTC, worth around $3.97 at the time of writing, to send $211.9 million worth of BTC.

Back in January 2018 when Bitcoin was still trading above $11,000, Loaded transferred 40,000 BTC ($435 million) for a fee of just 0.0001 BTC ($1.09).

Loaded’s Bitcoin address begins with “bc1,” meaning it uses Segregated Witness (SegWit) technology addresses in order to capitalize on cheap fees. SegWit works by stretching Bitcoin’s block size limit from 1MB to 4MB, allowing miners to fit more transactions into a single block so more can be confirmed at the same time, lowering fees.

This serves to reinforce the belief that Bitcoin truly is a “peer-to-peer electronic cash system,” allowing vast sums of money to be transferred quickly, without permission, and with minimal expense

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