An account, holding an excessive amount of Bitcoins sent close to 44,000 Bitcoin Transferred worth USD 310 million on 24th November. What is worth mentioning here is that this significant transaction was carried out for a transaction fee of a mere 0.00004551 BTC, equal to USD 0.32.

A transaction fee is required for carrying out Bitcoin transactions. This amount is paid to the miners to secure the network. Miners usually prioritize transactions with a higher fee. What will make up for a reasonable fee can distinguish and is dependant on what others are offering, but it can go up to USD 1 when there is a high demand on the network. On rare occasions, it could even go up to USD 5-10 when there is extreme congestion. However, it has been noticed that the Bitcoin network has been functioning at its efficient best of late. The transaction fees have been restricted below USD 1.

The said transaction comes to show how Bitcoin is probably the cheapest medium to send large amounts of money. Moreover, Bitcoin allows for immediate and safe payments that cannot be reversed or frozen. This is entirely opposite to the fiat-based payment methods. They are centralized, can be modified, and are not immediate. Apart from this, fiat-based payment methods are also marked by percentage fees, especially when a large amount of money is involved.

source>>USD 310 Million worth Bitcoin Transferred by Whale