Bitcoin owner paid $ 500,000 for just one transaction

On Sunday, September 10, a cryptocurrency investor paid a staggering 19 BTC transaction fee for digital assets. This is equivalent to $ 491,207 at the time of writing.

According to Jameson Lopp, a well-known analyst in the cryptocurrency community, the address involved in the transaction is most likely a hot wallet for withdrawals tied to a particular enterprise.

«It looks like it [підприємство — ред.] receives deposits from only one address to replenish its balance from time to time. The spending pattern is one long chain of withdrawals! They received 60,000 transactions and sent 60,000 transactions from the same address (bad practice) and probably miscalculated the number of withdrawals,» he said.

Another supporter of the market’s flagship, Seth Michael Steele, believes that this is most likely a user error. «I think it’s important to remember that blockchain value is crucial to the well-being of the network in the long run, as it increases rewards for miners and therefore security, especially during periods of high transaction demand,» the crypto expert said.

It is worth noting that the current average bitcoin transaction fee is about $ 1,410. It is important to keep in mind that the average fee may vary due to network congestion. For example, during the cryptocurrency boom of 2017, the fee increased to almost $ 60.

According to the analytical tracker CoinMarketCap, at the time of writing, bitcoin is trading at $ 25,845. The total supply of coins circulating on the market is $ 503.2 billion. Traders made daily trading deals worth $ 8.3 billion. The market share of BTC is 48.8%.