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Bitcoin

Ouch – Bitcoin Investor Just Paid $47,000 in Fees to Move $194 in BTC

An unknown Bitcoin investor is paying tens of thousands of dollars in transaction fees to move a small amount of BTC.

According to the latest block explorer data, the user sent a total of 0.01088549 BTC worth $194 to an unknown wallet and shelled out 2.66 BTC worth $47,000 in transaction fees.

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The transfer was initially sighted by the automated distributed ledger tracking tool known as Bitcoin Block Bot.

Source: Blockchain.com

The expensive transfer comes as Bitcoin’s transaction fee is going through a sharp decline.

BitInfoCharts reports that the current average transaction fee is just 0.00027 BTC worth $4.82, down 63% from transfer charges in October when fees skyrocketed to an average of $13.15 after the leading cryptocurrency breached key resistance of $10,000.

Earlier this month, two Bitcoin whales moved nearly half a billion dollars worth of BTC and paid a combined transaction fee of just $46.

The case of the unusually exorbitant transaction fee is likely the result of human error. The Bitcoin user may have made a mistake in manually constructing the BTC transaction.

In addition, block explorer data indicates that the transaction may have been a self-transfer since there’s no change. In many cases, BTC transactions have two outputs: one for the payment and the second for returning the change, if there’s any, to the user.

 

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