On Thursday, two wallets unidentified by the cryptocurrency world saw a jaw-dropping transaction. One sent the other some 94,504 Bitcoin (BTC) — around 0.5% of all the cryptocurrency currently in circulation — that is currently valued at $1 billion.
While many cynics of cryptocurrency would’ve argued that this transaction likely was slow and costly, it wasn’t really. The transactor paid some $700 worth of BTC (he/she/they overpaid, by the way) for the massive transaction, which did require a lot of inputs, but was cheap nonetheless. In fact, the transactor paid less than 0.001% in fees for the 10-figure transaction. And better yet, it took place within half an hour.
As Yassine Elmandjra, the crypto-asset analyst at ARK Invest, wrote on Twitter, [this is a] beautiful display of Bitcoin as a trust-minimized global settlement system.