The CEO of cryptocurrency exchange Bitstamp has highlighted Bitcoin’s (BTC) utility after funds worth almost $1 billion changed hands for less than $4 in fees.
Bitcoin fees too small to comprehend
Previously, Bitstamp had transferred around 107,800 BTC of its funds to Xapo, paying a fee of 0.0234 BTC — or 0.0000217%.
The subsequent transaction, handled by Xapo itself, saw an even more microscopic amount paid to miners to approve the funds’ transfer. At $3.89, the fee rate was equivalent to 4.1724762780401154e-7% — too small to write sensibly using standard decimals.
As Bitstamp CEO Nejc Kodrics summarized, the funds “transferred in a single transaction for the price of a cup of coffee.”
73 million Bitcoin Days Destroyed
Nonetheless, Bitstamp sending coins to Xapo raised eyebrows for another reason. According to data uploaded to Twitter, the transaction saw 73 million Bitcoin days destroyed (BDD).
The metric implies the funds involved had not moved for a considerable length of time before exiting the Bitstamp wallet.
BDD can be used to gauge investor sentiment. At the time, it was suggested that the Bitcoin price itself could be due for another bullish phase.