Bitcoin whale moves $1.1 billion in bitcoins for an $80 fee

Bitcoin hasn't (yet) fulfilled its original promise of being widely-used electronic cash, but it still offers some features that would be hard to achieve within the traditional banking system. Namely, moving $1.1 billion from one address to another, in a single transaction that took minutes and cost just $80. 

The details of the transaction, which happened late on Tuesday, can be seen here. A total of 124,946.6 BTC were moved, which were worth roughly $1.1 billion at the time. The transaction fee was 0.0096 BTC, or around $83. 

Anyone controlling that much bitcoin is called a "whale" in Bitcoin lingo. Notably, the number of bitcoins moved accounts for roughly 0.7% of the total circulating supply, which is a little over 18.1 million bitcoins.  Read more...