Bitfinex made the largest transaction in Bitcoin history

by in Cryptocurrency News

Bitfinex Bitcoin transaction

This week, the Bitfinex cryptocurrency exchange carried out the largest dollar-denominated transaction in the history of Bitcoin in the amount of 161,500 BTC or about $1.1 billion. The transaction fee was only 0.00010019 BTC or $0.68, TheCryptoAssociate writes.

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The transaction was carried out on the evening of Friday, April 10, and initially, it was noticed by a Twitter user under the pseudonym KRMA_0.

In a commentary on his entry, Bitfinex and Tether CTO Paolo Ardoino confirmed that his exchange was behind this transaction.

He wrote in response, that they refilled hot wallet with 15k, rest went back to the original address.

This is also confirmed by the blockchain data. Thus, this transaction can be considered the largest in the history of bitcoin, not only in dollar terms but also in terms of the commission paid.

Recall that in September 2019, a transaction worth 94 504 BTC was recorded on the Bitcoin network (more than 1 billion at the exchange rate at that time). However, then the unknown sender, apparently, decided to play it safe, having paid about $700 in the form of a commission.

A fee of less than one dollar is certainly another clear example of the superiority of bitcoin over the traditional banking system. A similar transfer, if it had to be sent by bank transfer, would not only take several business days but would also cost the sender a total of several zeros in the form of commissions. And this is not even to mention the need to explain the origin of the funds.

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However, as Forbes and Bitcoin Magazine observer Kyle Torpey joked, the transaction cost may have turned out to be small, but it also had a different price: buying new pants after sending an irreversible transaction for $1.1 billion.

We add that the 161,500 BTC sent by Bitfinex last Friday really makes this transaction the largest to date in dollar terms. However, from the point of view of disposable coins, it is still inferior to 500,000 BTC, which were sent in November 2011. At that time, it was only $1.32 million.