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Binance CEO: Billion-Dollar Crypto Transfers Expose Pitfalls of Banks

by Daily Hodl Staff
September 8, 2019
in Bitcoin

Binance CEO Changpeng “CZ” Zhao is hailing cryptocurrency speeds and low costs as Bitcoin pioneer Charlie Shrem says the $600 transaction fee for a recent BTC transfer of $1 billion was too high.

$600 to move $1B within minutes. The funny thing is, they overpaid by a large margin ?. This is #bitcoin https://t.co/mrGJSk0sdU

— Charlie Shrem (@CharlieShrem) September 6, 2019

The massive transfer worth $1,018,147,922 was made on September 5th and created the richest non-exchange address.

Responding to Shrem’s tweet, CZ argues,

“[The billion dollar Bitcoin transaction is] super cheap. Imagine walking into a bank and saying ‘I need to transfer $1b, I want it processed in the next 10 minutes, and I am willing to pay $700 in fees.’”

CZ points out that Binance did a similar transaction in June. The exchange transferred 32,888,888 Binance Coins worth $1.2 billion and paid only $0.015 in fees. He says the transaction was confirmed in 1.1 seconds.

Transferring a billion dollars through the traditional banking system would be more expensive and would take considerably longer than a few seconds. Traditional bank transfers, for example, typically take upwards of two days and tack on hefty currency conversion fees and other hidden charges.

Says CZ,

“If you walk into a bank saying you need $1b processed in the next 10 minutes, the police will be there before anything else.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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