Largest $ 1 billion transaction on Bitfinex
While the well-known cryptocurrency exchange Binance is busy with litigation and protecting its own honest name, their direct competitor, the Bitfinex platform, sets new records. Today, the largest transaction in history has taken place on this platform. One user transferred 161,500 Bitcoins (BTC) to another. We remind you that in dollars this amount is 1.1 billion dollars. It is noteworthy that the company did not pay any attention to this, but now we will tell in detail about all the nuances that are useful to know if you also plan to transfer large amounts.
Such a colossal transfer is indeed considered the most expensive in dollar terms. Yes, in 2011, a transfer of 500,000 BTC was also made, but at that time the total transaction amounted to just over one million dollars. So today’s transaction is definitely the largest transfer. Surprisingly, Bitfinex allowed to transfer a billion dollars with virtually no commission. The additional charge amounted to only 68 cents. Thus, this particular exchange should be chosen if you need to transfer big money without any special fees. The correctness of our words is confirmed by a recent analysis of cryptocurrency exchanges. According to the research results, it was Bitfinex that became the most profitable platform, having replaced Binance and other competitors.
Legal aspect of Bitfinex
Obviously, such serious money cannot be transferred through the usual banking system. Turning to any nearest office, you will certainly get a refusal. But if the transfer still becomes possible, it will be necessary to go through hundreds of checks, pay dozens of taxes and wait a few days before the payment is made. Bitfinex in this regard is much better and more customer-loyal. Once registered and confirming his identity, the user should no longer disclose any information. So this is another plus in favor of using Bitfinex for fast, almost anonymous work with large money transfers.
A completely different question is how the recipient of such colossal funds plans to withdraw the transfer amount. Indeed, you must admit that the receipt of $ 1 billion in the account will instantly arouse interest from the special services and tax inspectorates. However, it is possible that the transfer recipient is a company operating through an account on the exchange. Legal entities with such money are easier to manage.
What is the risk of cryptocurrency exchange users?
Of course, all the pluses have to pay. The main fear of any user transferring big money in cryptocurrency is the inability to cancel the transfer. It is not a matter of exchange policy or the rules of a particular organization. The inviolability of transactions is guaranteed by Blockchain. It is impossible to cancel or change the recipient of funds from a mathematical point of view, since one transfer is associated with another, and such changes can harm the entire cryptocurrency system. That is why, before sending money, especially so much money, you need to carefully double-check the recipient’s address. Allow sufficient time to verify each digit in the address. Just imagine what will happen if you send 1 billion dollars to the wrong person.
Now, having clearly examined the largest transaction in the history of Bitcoin, we know what to pay attention to when working with large amounts. By far, Bitfinex is the best possible platform for such transfers. Choosing this exchange, you make the right choice, allowing yourself to save on commissions and get all the advantages of fast cryptocurrency transfers. Follow all the news of the crypto industry with us, we publish only high-quality and interesting material. Thank you for attention. Good luck!