The CEO of cryptocurrency exchange Bitstamp has highlighted Bitcoin’s (BTC) utility after funds worth nearly $1 billion transformed fingers for lower than $4 in charges.
Bitcoin charges too small to comprehend
As blockchain monitoring useful resource BitInfoCharts verified on Oct. 14, the transaction at wallet and storage supplier Xapo concerned a complete of 112,027.29 BTC.
Earlier, Bitstamp had transferred around 107,800 BTC of its dollars to Xapo, paying a cost of 0.0234 BTC — or 0.0000217%.
The subsequent transaction, dealt with by means of Xapo itself, saw an even more microscopic quantity paid to miners to approve the money’ switch. At $three.89, the rate cost was once identical to four.1724762780401154e-7% — too small to jot down sensibly making use of general decimals.
As Bitstamp CEO Nejc Kodrics summarized, the dollars “transferred in a single transaction for the rate of a cup of espresso.”
73 million Bitcoin Days Destroyed
When the first transaction took place, other commentators famous how convenient it was once to use Bitcoin for giant wealth transfers with out the necessity for presidency approval or trusting middlemen.
Nonetheless, Bitstamp sending coins to Xapo raised eyebrows for one other reason. In keeping with data uploaded to Twitter, the transaction noticed seventy three million Bitcoin days destroyed (BDD).
The metric implies the dollars concerned had not moved for a giant length of time before exiting the Bitstamp pockets.
As Cointelegraph suggested in August, BDD can be utilized to gauge investor sentiment. On the time, it was instructed that the Bitcoin rate itself might be due for an extra bullish phase.