Cryptocurrencies are gradually revolutionizing the entire financial system, largely due to their potential to transfer large sums of money in a matter of minutes.
Not only are these transactions quick, but they are also processed with incredibly low fees, as was the case with an Ethereum transaction reported today, January 15th.
According to the warning reported by SNX Whale Watch, a company that monitors large transfers of the Synthetix (SNX) token on the Ethereum network, a total of 74,580,629 SNX tokens worth more than 1 billion were lost at the time of the transaction US dollars moved a few seconds.
The most interesting part of the transaction is the amount that is charged for the transfer. A meager $ 7 fee was charged to move $ 1 billion worth of tokens onto the Ethereum network. This is probably the largest transaction going on on Ethereum today.
It is inconceivable that a transaction of this type could be processed by traditional financial institutions in a matter of hours, without speaking of seconds. The transaction fee required for such a transaction will also be very high.
On the other hand, this Ethereum transaction was not only quick but also low in terms of the processing fees charged.
Cryptocurrency transactions allow individuals to send and receive large amounts of money without the need for intermediaries, and anonymously.
Although cryptocurrency privacy is often abused by certain people with bad intentions, it is the driving force behind the growing interest in cryptocurrencies.
Coinfomania has reported several other large transactions that are similar to this Ethereum transaction. Just a few months ago, Bitcoin was worth $ 108 million touched for a fee of only $ 8.
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