Fees on the Bitcoin blockchain have increased recently, reaching over $ 10 per transaction.
But one person seems to have paid many times more than that.
A user spent more than $ 80,000 (roughly 3.5 BTC) in fees to convert Bitcoins of $ 1.
A fee of $ 80,000 for transferring $ 1.16!
Bitcoin was established as a peer-to-peer electronic cash system, and as such, it allows money transfers over the Internet regardless of geographical location.
In addition, Bitcoin transfers are cheap and have very low fees compared to those of traditional financial institutions.
But this person appears to be unfortunate about $ 1 Bitcoin in fees estimated at $ 80,000.
This unknown user performed this strange transaction on December 19, converting 0.00005000 Bitcoin with fees estimated at 3.4908950 Bitcoin.
Jimmy Song commented about this transaction by saying:
Certainly, the error is a human error.
And it appears that this user used the “Coinjoin” service which makes tracking transactions extremely difficult and is often used by those who seek to launder money and make them difficult to track.
Coinjoin enables different parties to combine multiple Bitcoin transactions from different spenders in one transaction.
Meaning, all participants go in and out of the same amount of Bitcoin as originally planned, but the addresses are mixed, making it difficult to trace the origin of the digital currencies.
Not the first wrong transaction:
While the treatment mentioned in this article does indeed carry extraordinarily high fees, there are other similar examples.
In early January 2017, a user paid a fee of 50 BTC, who was trading bitcoin at the time at $ 900 - $ 1000 at the time, which means he paid a fee of $ 45,000 to $ 50,000.