Transactions In Bitcoin Network Are Most Profitable — Experts
Crypto experts managed to track several large cash transactions in the Bitcoin network.
The Binance crypto exchange has been transferring bitcoins to cold storage for several days. Two transactions from a number of its transfers confirm the advantage of blockchain over traditional instruments of managing money flows. An operation was conducted at block 550211 for the amount of more than $1 million, while the exchange paid a little more than $8 commission. CoinMetrics drew attention to another transaction, which currently is the largest of the unspent ― in the amount of $600 million. It is registered at block 550155, and the commission for its transfer was $7.
Commission payments for transactions in the Bitcoin network depend not on the amount of funds transferred but on the capacities of the computer. The first transaction required 1550 bytes, the second — 5981 bytes.
Traditional interbank money transfers will not be able to compete with transactions in the Bitcoin blockchain. When dealing with large amounts in banks, it is sometimes necessary to spend weeks to figure out the cost of transfer, but most often banks take about 4%.
Another transfer option is payment services, but even here Bitcoin wins: according to the calculations of the Salescalc.com agency, PayPal may take a fee in the amount of $17.5 million for transferring $600 million.
As previously reported, the number of actively operating Lightning nodes in the Bitcoin network reached 4041.