An abnormally expensive Bitcoin transaction took place yesterday. According to blockchain.com, a user paid a $ 47,419 fee to move $ 194 bitcoin, which was 657535 blocks high.
A Very Rare Procedure
These types of transactions, called “goose eggs”, have actually existed since the beginning of the blockchain. However, it is not common.
The most likely explanation for such high fees is an error called fat-finger. The user has entered the amount he intends to sell in the fee field.
In April 2016, a Bitcoin transfer of $ 47,000, equivalent to about 291 BTC, was made with a very small amount of $ 1.78. This August, the crypto community was stunned by the mysterious Ethereum transactions with multi-million commission fees. The transaction in question raised some suspicions that it was done with the aim of laundering unfair gains.
Bitcoin Fees Are Falling
Blockstream CSO Samson Mow jokingly hinted at Bitcoin Cash supporter Roger Ver that this high-fee transaction will give him the opportunity to rebut Bitcoin fees. Ver had criticized Bitcoin investors yesterday for not realizing that crypto money should be cash.
In fact, the Bitcoin average transaction fee has been steadily declining since Bitcoin hit a 2020 high of $ 13,157 on October 31st.
On November 15, it was only $ 2,688 just before it rose slightly during Bitcoin’s rally to over $ 18,000.