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<p class="is-style-lead">An unlucky Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) user recently paid over $500,000 in transaction fees to move just 0.074 BTC to Binance — a historical network fee on the BTC blockchain.</p> 
<p>Prominent whale tracking resource Whale Alert first called attention to the development in a recent disclosure on X (formerly Twitter), eliciting varied reactions from the broader crypto community.</p> 
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   <p lang="en" dir="ltr">💸 A fee of 19 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BTC</a> (509,563 USD) has just been paid for a single transaction!<a href="https://t.co/sI0FSMnsiW" target="_blank">https://t.co/sI0FSMnsiW</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1700920065934213256?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 10, 2023</a>
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<p>The transaction occurred on Sept. 10 at 5:04 AM (UTC). <a href="https://blockchair.com/bitcoin/transaction/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd" target="_blank" rel="noopener">Data</a> from Blockchair indicates that the user transferred a meager 0.074 BTC tokens, currently valued at $1,911, with some of the assets sent to Binance.</p> 
<p>However, fees for the transaction stood at a whopping 19.82 BTC, worth around $511,512 against prevailing rates. Interestingly, Bitcoin’s average transaction fee currently sits at 0.000084 BTC, valued at $2, according to recent <a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=all&amp;chart=all" target="_blank" rel="noopener">data</a> from IntoTheBlock.</p> 
<p> You might also like: <a href="https://crypto.news/ripple-token-xrp-set-for-a-significant-price-surge-analyst-predicts/"> Ripple token XRP set for a significant price surge, analyst predicts </a> </p> 
<p>The fee marks a historic moment on the Bitcoin blockchain, especially when BTC miner revenue from fees recently <a href="https://crypto.news/bitcoin-miner-revenue-from-fees-declines-amid-a-drop-from-30k/">witnessed</a> a decline.&nbsp;</p> 
<p>It is important to note that, despite the recent development, the Bitcoin address involved still holds a substantial amount of BTC.&nbsp;</p> 
<p>The address currently boasts a balance of 416.49 BTC. In addition, a transaction count of 61,392 shows that the user is not new to the workings of the BTC network, adding to the growing speculations.</p> 
<h2 class="wp-block-heading" id="emerging-speculations">Emerging speculations&nbsp;</h2> 
<p>The bizarre transaction fee has triggered a series of reactions from the broader crypto community, with proponents of more scalable networks such as Cardano and the XRP Ledger highlighting the shortcomings of the Bitcoin blockchain.</p> 
<p>Moreover, some market watchers have theorized that the user could have mistakenly swapped the transaction fee and amount values. This belief has dominated the crypto community as the most logical theory.</p> 
<p>A similar event occurred in September 2021. A <a href="https://etherscan.io/tx/0x2c9931793876db33b1a9aad123ad4921dfb9cd5e59dbb78ce78f277759587115" target="_blank" rel="noopener">transaction</a> from DeversiFi, an Ethereum-based exchange, paid a massive 7,676 ETH (currently worth $12.3 million) as the fee to move $100,000. The erroneous fee was later <a href="https://etherscan.io/tx/0x85294effd53126b3bfa9e7f655267e00ac1ae2ef76f4569644670bf5403637d6" target="_blank" rel="noopener">refunded</a>.</p> 
<p> Read more: <a href="https://crypto.news/coinbase-denies-discontinuing-services-in-india/"> Coinbase denies discontinuing services in India </a> </p>

Whale mistakenly pays record $500k fee to move $1.9k BTC

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