Bitcoin

Future of Finance? Bitcoin User Pays Jaw-dropping 19 Bitcoin in Transaction Fee

09/11/2023
Bitcoin Ethereum News

An unknown user on the Bitcoin network spent a whopping 19.82 BTC ($500k) in a single transaction.

The Bitcoin blockchain recorded a bizarre transaction on September 10 after an unknown user paid a jaw-dropping 19.82 BTC (approximately $511,000) in fees.

The fee paid by the user is 234,834 times higher than the current average $2.176 fee for Bitcoin transactions in the past 24 hours and comes at a time when Bitcoin fees are at their lowest.

The transaction was originally flagged by blockchain tracking service Whale Alert, which monitors large on-chain transfers. The sending address transferred a mere 0.074 BTC (approximately $1,900) while paying the bizarre fee. 

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Possible Reasons Behind Mysterious Bitcoin Fee

The first line of speculation is that the user mistook the “amount to send” field for the “transaction fee” on the Bitcoin wallet and input the wrong amount in the respective fields.

If true, some proponents believe the costly mistake could also be linked to a poorly designed user interface on the sender’s Bitcoin wallet.

A further look at the transaction trail also shows transfers to two addresses tagged as “Binance.” This suggests the user was transferring the amount to their accounts on Binance or other users on the exchange.

Interestingly, the address still holds a balance of 417 Bitcoin (approximately $10 million) and has sent over 61,000 transactions across the Bitcoin network.

It is worth noting that the Bitcoin transaction was confirmed at the block height of 807,057 BTC mined by the popular mining pool F2Pool. 

In a similar situation reported by The Crypto Basic in 2021, a miner refunded $23.7 million to the crypto platform Deversifi. The non-custodial exchange, which spun out of Bitfinex, mistakenly paid the amount to transfer 100,000 USDT.

Community Reacts

The crypto community criticized the Bitcoin network for such mishaps despite being considered the Future of finance.

WhaleWire also mocks BTC with similar comments.

 

 

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Source: https://thecryptobasic.com/2023/09/11/future-of-finance-bitcoin-user-pays-jaw-dropping-19-bitcoin-in-transaction-fee/?utm_source=rss&utm_medium=rss&utm_campaign=future-of-finance-bitcoin-user-pays-jaw-dropping-19-bitcoin-in-transaction-fee