Thursday, February 25, 2021

Someone Just Paid $47,000 to Send $194 worth of Bitcoin (BTC)

An abnormally expensive Bitcoin (BTC) transaction has once again occurred and reported on 18th November 2020.

According to Blockchain.com, someone has just paid a $47,419 fee in order to move just $194 worth of Bitcoin at block height 657535.

The block with the “jackpot” was produced by the mining arm of the leading cryptocurrency exchange Huobi.

Read Also: $1 Billion Worth of Bitcoin (BTC) Transaction That Caught the Attention of Thousands of Investors

“Goose-egg” transfers are rather rare

So-called “goose egg” transactions have been around since the inception of the blockchain but they don’t happen often.

The most likely explanation for such ultra-high fees is a fat-finger error. A certain someone apparently entered the amount he or she was intending to sell into the fee field.

47 grand is just pocket change compared to the 291 BTC ($5.2 mln at press time) someone shelled out just to transfer a minuscule $1.78 back in April 2016.

This August, the cryptocurrency community got baffled by mysterious Ethereum transactions with multi-million gas fees. Some suspected that they were meant to launder ill-gotten gains.

Bitcoin (BTC) Fees Are On the Decline

Blockstream CSO Samson Mow jokingly suggested that Bitcoin Cash proponent Roger Ver would jump on the opportunity to scold high Bitcoin fees.

Yesterday, Ver took aim at Bitcoin investors who he believes fail to realize that the flagship cryptocurrency was “meant to be cash.”

Read Also: Elon Musk Just Dropped another Bitcoin (BTC) Bomb

In reality, the average Bitcoin transaction has been steadily falling since hitting their 2020 high of $13.157 on Oct. 31.

Someone Just Paid $47,000 to Send $194 worth of Bitcoin (BTC)
Courtesy of bitinfocharts.com

On Nov. 15, it was just $2.688 before going up slightly during Bitcoin’s rally above $18,000.

Source

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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