Bitcoin (BTC) Transaction Worth $200M Accomplished by Paying a Fraction in Fees

The transaction, originally broadcast on the Bitcoin network on Friday, shows 2000.05830161 BTC valued at $197.63 million, requiring just $1.89 in fees

A Bitcoin (CRYPTO: BTC) transaction valued at nearly $200 million occurred on Friday with a fee paid to miners that amounted to less than $2.

What Happened: The transaction, initially broadcast on the Bitcoin network on Friday, shows 2000.05830161 BTC valued at $197.63 million, requiring just $1.89 in fees, according to blockchain.com.

The average transaction fee on the Bitcoin blockchain was 0.000014 BTC, valued at $1.42, which saw a sharp decline over the last week, data from BitInfoChart showed.

It was not immediately clear who initiated the transaction and what the purpose was. However, transfers of even bigger scales have been executed on Bitcoin previously, costing a penny.

In May 2024, a transfer of over a billion dollars worth of Bitcoin cost only $7.30 in transaction fees.

See Also: Elon Musk’s DOGE Department Reportedly Eyes Blockchain To Slash Federal Spending — Justin Sun Says Tron A Good Option

Why It Matters: Such high-value transactions usually cost an order of magnitude more when done through the fiat financial system.

International cryptocurrency money transfers were found to be 96% cheaper than the legacy process of sending money abroad, an earlier report from Coinbase (NASDAQ:COIN) said.

Wells Fargo (NYSE:WFC), one of America's biggest banks, charges a fee to send most wires, starting at $25. In some cases, a receiving fee of $15 is also levied.

Apart from the cost advantages, cryptocurrency transfers are also processed instantly, while international wire transfers could take days depending on the recipient's country.

Price Action: At the time of writing, Bitcoin was seen trading at $99,288.08, down 5.02% in the last 24 hours, according to data from Benzinga Pro.

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