This came in just now.
As Twitter was celebrating the new "water on the Moon" findings, we were treated to a more sensational CT (crypto-twitter) news.
A twitter account reported that we just witnessed the biggest (to date) transaction with Bitcoin - a whopping 88,857 BTC was moved for a charge of solely 0.00027847 BTC. With Bitcoin sitting currently at $13k, this translates to about $1.15 billion in fiat value, with a fee of $3.58 (at time of publication).
Let me just make a correction to that tweet for a second - "The Biggest Bitcoin Transaction In Dollar Value". - that makes all the difference.
The transaction has been confirmed in block 654,364 on Oct. 26 and it's of importance for two reasons:
- It is the largest dollar-value transaction to date - previously, Bitfinex exchange have transacted a larger amount of Bitcoin (161,500 BTC) but with fiat value of just over 1.1 billion USD.
Back in October 2019, there was also a transaction of 112,027 BTC, worth $1.2 billion USD at the time, so there have been larger bitcoin amounts transacted previously, just not quite at the same USD value, which of course, makes a good headline.
- More importantly, something I have already reported about on this blog, the fee for the transaction is really what we are celebrating in this case.
We are seeing more and more of these examples now, where millions and even (in this case) billions of dollars being sent from one account to another, for a mediocre fee of under $5 - something that is really shaking up the banking sector (an obvious example of crypto at work).
You can see the full details of this transaction here: https://www.blockchain.com/btc/tx/d486aeb0e59181fd1addb4aa69ce04d638188fc1125c424899267e8ed6a8af24
The moon was really breaking news today...
So, which was actually the biggest Bitcoin transaction to date?
It was back in 2011. It was a Mt.Gox transaction (the first and now deceased exchange) and was for 550,000 BTC.
It happened on November 16, 2011 and at the time was only worth $1.32 million USD.
Now this amount of Bitcoin would translate into $7 billion at current rates.
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