Another instance of why the Bitcoin and any other cryptocurrency communities prefer digital currencies to fiat currencies has just played out again. Today, a Bitcoin dedicated transaction tracker bot, BitcoinBlockBot, spotted hundreds of million US dollars moved by a Bitcoin whale.
Bitcoin whale moved over 47,000 BTC
Following the data shared by the bot on Tuesday, the unknown Bitcoin whale address transferred a total of 47,835 Bitcoin. At the time of writing, the total amount of the cryptocurrency summed up to $419,433,065.
Interestingly, the Bitcoin whale only had to pay as low as $1.78, which is 0.00020160 BTC, just to process the transaction. Meanwhile, the transaction had to undergo about five confirmations from the miners, according to the data from the bot.
Notably, cryptocurrencies shorten the length of time needed to process or receive funds with traditional banking systems. In addition to being a faster means of payment, only a very fraction is required as a fee, unlike the former infrastructure used in wiring money.
Earlier in April, Bitcoin whales were spotted moving a large amount of the cryptocurrency amongst themselves. As Cryptopolitan reported, the Bitcoin whales transferred more than 49,000 Bitcoins, which worthed over $360 million, yet at a low fee.
The scarcity of Bitcoin
The whale transaction today is coming at the back of Bitcoin’s highly-hyped halving event, which slashed miners’ rewards down to 6.25 BTC for a block mined. Upon the successful halving event, the crypto’s inflation is being reduced, and the scarcity has also increased.
New Bitcoin will now be issued into the market on 50 percent lower the speed rate previously used in minting them. With the day-to-day growing Interest and demand for the cryptocurrency, it is expected that BTC will be more scarce.
On the course of Bitcoin scarcity, many experts predict that it will eventually drive up the price of Bitcoin to as high as $250,000 by 2022 to 2023.