In a world where large transfers are associated with low fees, Binance decided to step a bit further and demonstrate both the power and irony of the blockchain. A transaction in the block 550211 was a transfer of just over $1 million which took $8 in fees. However, the amount of the fee is usually a matter of convenience as the transaction was not large and was only 1550 bytes.
The other transaction of $600 million was more special, being the largest unspent transaction output existing today and also illustrating the irony of Bitcoin transactions. First flagged by Antoine Le Calvez of CoinMetrics.io, this transaction was made in block 550155 several hours earlier, comprised 5981 bytes yet cost the exchange just over $7.
Binance just created the largest unspent transaction output existing today (but not all time) at 109k BTC (nearly $600M).https://t.co/Ot2ST37flU
— Antoine Le Calvez (@khannib) November 15, 2018
First of all, it is safe to say that there is no banking product with the same security as a cold storage wallet – one that is not connected to the blockchain via the Internet but prompts direct access with no middlemen.
So, there is no reason to compare the world of crypto with traditional transaction movements. For instance, a transaction like this sent via PayPal, according to one data agency, would come with a fee of $17,400,000.30 which is certainly a fortune.
What can be said is the fact that Binance is engaging in money transfers that wouldn’t be possible in a previous era – at a cost that would have been unimaginably low in any previous era.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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