{"id":507169,"date":"2022-11-04T20:45:00","date_gmt":"2022-11-04T17:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/how-to-transfer-1-billion-for-basically-free-bitcoin-whale-watching\/"},"modified":"2022-11-04T20:45:00","modified_gmt":"2022-11-04T17:45:00","slug":"how-to-transfer-1-billion-for-basically-free-bitcoin-whale-watching","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/how-to-transfer-1-billion-for-basically-free-bitcoin-whale-watching\/","title":{"rendered":"# How to transfer $1 billion for basically free: Bitcoin whale watching"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4168f845e4e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4168f845e4e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/how-to-transfer-1-billion-for-basically-free-bitcoin-whale-watching\/#%E2%80%9D_How_to_transfer_1_billion_for_basically_free_Bitcoin_whale_watching_%E2%80%9C\" >&#8221; How to transfer $1 billion for basically free: Bitcoin whale watching   &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_How_to_transfer_1_billion_for_basically_free_Bitcoin_whale_watching_%E2%80%9C\"><\/span>&#8221; How to transfer $1 billion for basically free: Bitcoin whale watching   &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-4b69a2fe>Billionaires, take note. It&#8217;s one million times cheaper to send huge sums of money on the Bitcoin (BTC) blockchain. <\/p>\n<p>A Bitcoin user sent over 50,562 BTC ($1 billion) to an address on the blockchain, paying a fee of just 2,513 satoshis, or sats (the smallest denomination of a Bitcoin), equivalent to half a dollar, for the pleasure.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/0453af0e-9408-44bf-ba9f-c2644211c3b0.png\"><figcaption style=\"text-align: center;\">Transaction sankey diagram showing fees, value and time. Source: mempool<\/figcaption><\/figure>\n<p>The unknown wallet address paid a tiny fraction (less than 0.0001%) of the total value transacted. Put simply, the user paid 50 cents to move double the gross domestic product of the Bitcoin-friendly islands of Tonga.\u00a0The billion-dollar transaction was processed in block 761374, at a transaction fee of just 15 sats per unit of data, or sats\/vByte.<\/p>\n<p>Cointelegraph experimented with various online banking services to estimate the cost of sending vast sums of money through legacy finance tools. For the transfer of $10 million, a well-known remittance provider charges a tiny fraction, 0.3%, which equates to $30,000. That\u2019s one million times more expensive than using the Bitcoin blockchain to send money.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/d1c84377-b22c-48d6-a6fe-a8df8a70b66c.png\"><figcaption style=\"text-align: center;\">Experimenting sending vast sums of money with legacy financial tools. Source: Wise<\/figcaption><\/figure>\n<p>Before a new Bitcoin block is mined, every Bitcoin transaction request sits in the memory pool, or \u201cmem pool,\u201d which is kind of like a Bitcoin bus stop. On average, miners take 10 minutes to mine a new block.<\/p>\n<p>Bitcoin miners sort through transactions, processing the passengers that have the most expensive bus tickets (transaction fees) first. Typically, the higher the transaction fee, the faster the transaction is confirmed. At 15 sats\/vByte, the cost of sending over 50,000 Bitcoin is very low, indicating that this Bitcoin whale was not in a hurry. <\/p>\n<p>By way of comparison, in late October, a fat-fingered Bitcoin user paid a whopping 8,042 sat\/Byte, or 1,136,000 sats to move 3.8 Bitcoin ($65,000).<\/p>\n<p>The process of sorting through transactions in the mempool is relatively straightforward for miners. Contrary to many Bitcoin critics\u2019 beliefs, it is not an energy-hungry process. Ultimately, Bitcoin\u2019s energy consumption comes from block reward issuance, not transactions. <\/p>\n<p><strong><em>Related:\u00a0BTC miner CleanSpark scoops up thousands of miners amid \u2018distressed markets\u2019<\/em><\/strong><\/p>\n<p>The Bitcoin whale address continued to send over 50,000 Bitcoin to various other addresses on the blockchain. The addresses are not publicly known addresses, such as Binance\u2019s cold <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/bitinfocharts.com\/bitcoin\/address\/34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo\">storage<\/a> wallet or the Bitcoin <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/bitinfocharts.com\/bitcoin\/address\/198aMn6ZYAczwrE5NvNTUMyJ5qkfy4g3Hi\">mined<\/a> in 2009, which was subsequently lost in a landfill in Wales. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/how-to-transfer-1-billion-for-basically-free-bitcoin-whale-watching\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; How to transfer $1 billion for basically free: Bitcoin whale watching &#8220; Billionaires, take note. It&#8217;s one million times cheaper to send huge sums of money on the Bitcoin (BTC) blockchain. A Bitcoin user sent over 50,562 BTC ($1 billion) to an address on the blockchain, paying a fee of just 2,513 satoshis, or&#8230;<\/p>\n","protected":false},"author":1,"featured_media":507170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvYmY5M2QxZTctMzdkOS00Y2VjLWIwNDYtMzJmNThiNWM5YmVhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,77445,74880,72927,87950],"class_list":["post-507169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-mempool","tag-transactions","tag-fees","tag-whale"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/507169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=507169"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/507169\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/507170"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=507169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=507169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=507169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}