Cardano

Bitcoin

<div class="cryptonews"> 
 <p class="is-style-lead">An unlucky Bitcoin (BTC) 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 #BTC (509,563 USD) has just been paid for a single transaction!https://t.co/sI0FSMnsiW</p>— Whale Alert (@whale_alert) September 10, 2023 
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 <p>The transaction occurred on Sept. 10 at 5:04 AM (UTC). Data 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 data from IntoTheBlock.</p> 
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 <p>The fee marks a historic moment on the Bitcoin blockchain, especially when BTC miner revenue from fees recently witnessed 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 <a rel="noopener noreferrer nofollow" title="mistakenly" href="https://thebittimes.com/tag/mistakenly.html">mistakenly</a> 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 transaction 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 refunded.</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/whale-mistakenly-pays-record-500k-fee-to-move-1-9k-btc-tbt62269.html">https://thebittimes.com/whale-mistakenly-pays-record-500k-fee-to-move-1-9k-btc-tbt62269.html</a></p>

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

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