Sirlibz
Some transactions has been conducted that shook the Cryptocurrency world yesterday, a transaction was made with over 88k BTC worth $1.15 billion. This transaction has been referred to as the largest transaction in the history of Cryptocurrency.
The billion dollar Bitcoin was moved by an affordable fee of $3.54. Data from Whale Alert reveals that the transaction was a two time transaction where the first amounted to 45,671 Bitcoin (8570 Million) which in total gives the 88,855 BTC(1.155 Billion).
Xapo has been known for movement of large funds in the past, but compared to the past transaction amounts this one was way higher.
Traditional Banking and Bitcoin
It’s no brainer that if such a transaction was to be conducted with our local traditional banks, we would have a lot to worry about like the fees and the limitations our banks place on the amount of transactions we can operate in a particular period of time. First off, an individual won’t be able to pull that off. Even if they decided to use an Automated Cleaning House(ACH) transfer that would take days to complete plus these transactions would have to be done within the jurisdictions of their daily/monthly limits.
Chase Bank, one of the most popular banks in the U.S has a limit on the users. They can send no more than $25,000 daily and that would take 128years (weekends included) to fully complete a $1.15Billion transaction. The bank however could offer the customer the option of using a wire transfer which would then allow them conduct a transaction no more than $250,000 daily thereby making a $1.15 billion possible in 13 years, all this too with the consideration of fees.
Cryptocurrency as a whole led by Bitcoin has made spending and sending of money way simpler and cheap. The location of the recipient does not matter as the funds will still reach within a few minutes.
Reactions To this transaction
Some believed that the transaction was an indication of a possible dump in the price of Bitcoin, there were some too who said its funds were laundered. Ironically, today Bitcoin has been performing well since that transaction occurred, it has even shown more potential power to the upside.
You can see more reactions here
