The true potential of Bitcoin is showing up every day in our crypto news section. However, one of the most evident cases for that was yesterday, when one Bitcoin user managed to move 29,999 Bitcoins that are currently worth around $194 million – paying a fee of only $0.1.
This transaction would certainly cost tens of thousands of dollars if it was made in banks, which puts Bitcoin in the spotlight. The $194 million payment has clearly demonstrated the potential of consensus currencies and how they aim to reshape the cross-border payments in a significant way.
In times when $1 million transferred through banks costs $10,000 and more, Bitcoin aims to reshape the market and bring the fees to less than a dollar. Even platforms like Transferwise which are known for eliminating the hidden fees in bank transfers are obsolete when it comes to cryptocurrencies.
For example, sending $1 million via Transferwise will cost over $7,500 in transaction fees – which in percentages shows that it is less than 1% of the total sum – making it cheap. However, on the Bitcoin network, it costs less than $0.1 to clear a $194 million transaction.
According to the cryptocurrency critic (and professor at Stern School) named Nouriel Roubini:
“So the cost per transaction of bitcoin is literally $60. So if I were to buy a $3 latte at Starbucks I would have to pay $63 to get it! So the myth of a ‘Brilliant new technology that reduces the vast fees of legacy financial systems!’ turns out to be a Big Fat Lie!”
In response to this, a respected cryptocurrency investor and the co-founder of Blocktower, Ari Paul, stated:
“BTC fees are less than $0.10, easily verifiable. If you value truth, you’d provide a public correction. If your goal is to mislead people with simply false statements, carry on. There’s nothing to research. Fees are publicly viewable from many sources (googling it works.) I find it better not to provide a specific source because then regardless of source, the source gets attacked,”
The discussion has proven that there are a lot of ‘false statements’ online – and that Bitcoin is really a pioneer in the world of feeless transactions.
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Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
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