You read it right, someone sent about $255 Million and paid only about 70 cents for the transaction fees.

Try doing that with bank money...

Bitcoin critics have long talked about the "slow and expensive" transaction of bitcoin as a reason not to use the Bitcoin Network as payment or store of value. How "Visa is better than Bitcoin" and "Bitcoin will never work because it's impossible to pay for coffee like [real money]".

Well, this week, the "coffee" argument has been monumentally shattered. You can't look at the facts and numbers and continue to use this aged argument against the superiority of Bitcoin.

On the 20th of October just, someone sent a good 38,888 BTC across the Bitcoin Network. Nothing truly out of the ordinary, Whales move big money all the time. Since every transaction is public, we can all see what's going on with no secrets (other than who's actually behind the transaction, but that doesn't matter). From the transaction, we can see that 38,888 bitcoin was sent to a new wallet with some change remaining in the old one.

Turns out that "Someone" was possibly Binance. Lol no wonder they send a round "38888", "8" after all is a word that sounds like "prosperity" in the Chinese culture.

_{38,888 BTC - or $255 Million USD. Most probably sent by Binance in tandem with their announcement of fund transfer}

As of today's bitcoin price, 38888 BTC is about $255 Million US Dollar - a quarter of a billion Dollars. But the most interesting thing about this transaction is how much fee was paid to the Bitcoin network.

155 bits (11500 satoshi) is right about 75 cents worth of bitcoin. Bear in mind that this figure could have gone waaay lower because it's clear that this is a priority transaction (as you can see in the sat/byte number). Bitcoin fees are paid in "Satoshi per Byte". So you can send 1 Dollar or 100 Million Dollar, the Bitcoin Network doesn't care. The only thing that matters here is how much data is needed to record this transaction on the Blockchain, as so obviously shown in this transaction.

_{source: coingecko.com}

"Can't pay for coffee"? try "Can send $200 Million without the IRS, SEC, FBI, CIA, Mafia, your bank and the next door lady come knocking on your door". It's just mind boggling how banks aren't effective enough to remit money without costing a kidney or two. So many migrant workers have to work their sweat and blood off just so banks can earn 10% of transaction fees when they send money to their family to buy for food for survival.

Bitcoin "ninja upgrade"

Those who paid enough attention will notice the difference between Bitcoin back in 2017 and Bitcoin today. Taking a look at blocktivity.info you'll see that Bitcoin is no longer congested. That is why I believe that price does not matter. Regardless of bear or bull market, developers are working hard to make things better (I believe this is true across many cryptocurrency).

Case in point, what's happening now. Last bull market saw a historic congestion (good luck trying to get a payment through if your fee is below 10 sat/byte), even as blocks were only 85% full on average. In contrast to today, where blocks are 90% full on average but one can comfortably send trasactions with 1 sat/byte. Price may go up and down and swings wildly as "Lambo boys" switch their tone towards cryptocurrency depending on where the market is going. Bitcoin will silently chug onwards, each day becoming better, faster, more resilient, easier to use than the day before.

You ask me why I believe in Bitcoin, these are the reason why.

"While onlookers see what they think is a barren farmland panics, the farmer is confident at the fact that he has sown his seed - that all it takes is time" - Andreas Antanopoulos

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Kristian Kho [Ian] is a 24 year old writer with a passion for steem and a deep desire to be a better person in every aspect. I aim to express any and all my thoughts on things that I find interesting as well as using this platform as a self-development log.

I am a part of #Teammalaysia, a decentralized community initiative that aims to empower local creatives and content creators specifically in Malaysia to create content through the Steem Blockchain.

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