- The biggest ever Bitcoin transaction took place on Saturday, with $1.22 billion worth of BTC sent between wallets
- This record Bitcoin transaction was followed yesterday by the second biggest, from one of the recipient wallets
- The fee for the largest ever Bitcoin transaction was just $1.32 and it arrived in 20 minutes, putting traditional payments to shame
Saturday saw the biggest ever Bitcoin transaction take place, with ₿92,857 worth a staggering $1.22 billion changing hands. The record-breaking haul was split between two wallets with the fee coming in at a miniscule $1.32 and arrived with the recipient within 20 minutes. The speed, reduced cost, and convenience of this biggest ever Bitcoin transaction shows exactly why Bitcoin and cryptocurrencies in general are a much better money transfer system than traditional banks, particularly when it comes to large amounts.
Biggest Ever Bitcoin Transaction Breaks Bitfinex Record
The record Bitcoin transaction went unnoticed until another transaction of ₿88,857 was spotted yesterday. This was thought to have been the biggest ever Bitcoin transaction, clocking in at $1.15 billion worth, but a quick look at the sending wallets revealed that October 24 saw the even bigger parent transfer of ₿92,857, worth an extra $50 million:
No individuals or exchanges have yet come forward to take responsibility for the move, which breaks a record held by Bitfinex when it refilled its hot wallet with ₿161,500 in April 2020, worth $1.1 billion at the time.
Faster, Cheaper, and More Convenient
The speed, cost, and convenience of this biggest ever Bitcoin transaction puts traditional bank transfers to shame. Trying to send this much money via traditional means would have been a very different proposition, requiring face to face interviews and an explanation of how you came into the money, with proof to back up your story.
Assuming your story was accepted, you would have had to pay at least $50 in fees to send the money, which would have taken at least 24 hours to arrive and even longer if you missed the Friday 5pm deadline, when it wouldn’t get there until the following Monday.
Thankfully for those more enlightened individuals, Bitcoin never sleeps, and as this biggest ever Bitcoin transaction shows, with its 20-minute arrival time and $1.32 in fees, there is a reason why so many realize it if the future of finance.