According to sources, on October 16th, a Bitcoin (available on Coinbase) user managed to transfer 29,999 BTC with a transaction fee of only $0.10. This amount of Bitcoin (available on Coinbase) equates to $194 million, and a transaction of this magnitude would usually incur bank fees in the tens of thousands of dollars. With such a small Bitcoin (available on Coinbase) fee for such a large transaction, will we see widespread adoption for big over-sea payments?

Small Bitcoin (available on Coinbase) Fee

Bitcoin (available on Coinbase) transactions are a funny one. Often, complaints roll in by the dozen about the cost of transaction fees because to clear a transaction on such a high-volume network means paying for expensive miners.

But this transaction shows the potential of the Bitcoin (available on Coinbase) blockchain to perform cross-border payments cost-efficiently and effectively.

Expensive Claims

Claims have risen before about transactions on the Bitcoin (available on Coinbase) network costing $60. As recently as October 14th, cryptocurrency critic Nouriel Roubini, economist and professor at Stern School, made such a statement.

However, his claim was met with fire:

“BTC fees are less than $0.10, easily verifiable. If you value truth, you’d provide a public correction.”

So if this transaction did indeed only cost the sender a small Bitcoin (available on Coinbase) fee of $0.10, then it throws regular banks into chaos.