The Bitcoin network facilitated over $500 million in transactions on October 27th, transferring about 24,530 BTC. The entire transaction was sent, processed and confirmed for a meager $0.83 fee.
according to data According to mempool.space, the price of 24.5 sat/vB was significantly overpaid. Because around 10 sat/vB was enough to include the transaction in the in-progress block. According to our data, the transaction was confirmed and executed within minutes.
CryptoSlate’s analysis shows that while the $500 million transaction is certainly an outlier in terms of value, it follows a trend of increasing number and volume of transactions on the Bitcoin network. .
At the end of October, there was a significant spike in the total number of transactions waiting in the Bitcoin mempool and the total number of coins waiting to be sent.
The cost of sending a $500 million transaction clearly demonstrates the speed and efficiency of the Bitcoin network. If such a transaction was sent through his SWIFT network, the bank facilitating the transaction would have taken an exchange rate fee of 3% to 5% on top of the standard transaction fee.
Standard SWIFT transactions can take up to 4 business days to complete. A 3% exchange rate fee on a $500 million transaction is $15 million.