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

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

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

The transfer took place first sighted through the automated distributed ledger tracking tool Bitcoin Block Bot.

Source: Blockchain.com

The expensive transfer is due to the fact that Bitcoin’s transaction fee is falling sharply.

BitInfoCharts Reports The current average transaction fee is only 0.00027 BTC worth $ 4.82. This represents a 63% decrease from transfer fees in October, when fees rose to an average of $ 13.15 after the leading cryptocurrency breached the 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 while manually creating the BTC transaction.

In addition, Block Explorer data indicates that the transaction may be a self-transfer as no changes have been made. In many cases BTC Transactions They have two exits: one for payment and one for returning the change, if any, to the user.

Featured image: Shutterstock / Gonin / MicroOne