Binance, the largest crypto exchange (by volume) in the world, transferred a cool $600,000,000 – it took less than 15 minutes and it cost them a total of $7.
Crypto isn’t going anywhere. There’s no way around it – the use case for cryptocurrency isn’t theoretical, it’s proven every day.
Some examples are larger than others, albeit this being one of the larger ones. Binance transferred Bitcoin funds totaling $600 million in value into cold storage (secure offline storage).
Next time someone says cryptocurrency is pointless, and that they “just use PayPal” point out that the fee on this transaction would have cost them over $17 million dollars using PayPal. And, even if that someone is not moving hundreds of millions of dollars out of their personal checking account, just for fun, have them add up those individual $5-$20 fees over the years; the total may surprise them.
PayPal’s $15.2 billion in annual profits aren’t coming out of thin air, they come from taking a large chunk of other people’s income.
The next largest competitor would be Square Cash, at their 1.5% fee the total would amount to a still-massive $9 million.
Binance’s cold storage wallet with all of its transactions can be viewed at here.
Source – Author: Adam Lee