The market for cryptocurrencies is excelling. Those who were bearish toward the digital currency market are in disbelief as Bitcoin continues to push forward. The total market cap for cryptocurrency sits at $2.5tn and could continue to rise as enthusiasts hope for a strong end to the year.
Cryptocurrency has started to revolutionize traditional finance. These coins and tokens can do things that were never thought possible before.
Yesterday on the Ethereum blockchain there was a transfer worth $180m. This transaction went through in under one minute and the fee for the entire transaction was only $22.73.
A transfer of this size would have taken weeks to complete in a normal bank and the cost of such a transfer would have cost a lot more.
Traditional finance is quickly becoming archaic compared to what digital currencies are making possible. The ability to move funds quickly, cheaply, and without third parties is a massive bonus to those doing business.
Decentralized finance is another aspect that puts traditional finance under pressure. Cryptocurrency lending is a massive sector that already has $21bn involved. Being able to stake your currency and receive a portion of the interest earned is big business. In the last year, there was a $930m pay-out in interest. Being able to do collateralized loans instantly and without the need for a bank gives more options to people.
This transaction was not the only one, neither was it the biggest. The top three largest transactions in the space have been over $1bn each. These transactions all cleared within one minute.
Whenever a transaction of this size happens there is a lot of speculation as to who the recipient is and why it was sent; especially when it goes into an exchange, there are always fears that someone might be selling too much on the market.
Yesterday’s transaction of over 50,000 ETH was sent to an anonymous wallet which seems to be sending sums to Coinbase. Sending any transaction on the blockchain can be stressful. Even entering the wrong address can lead to a loss of funds.
It’s incredible to see someone send this amount of cryptocurrency without even a test transaction or rather breaking it into smaller amounts.
Since this has caught the eyes and ears of other crypto users, it’s doubtful this will be the last mammoth transaction on the market.
Ethereum and Bitcoin continue to improve, especially over the last few months in the growing market. More consumers are turning to their currencies and reaping great rewards. You can try some excellent casinos such as Bitcasino, 1xBit, and FortuneJack.