$50M Transacted for 6 cents with Bitcoin

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11 pointsSealy5 comments

Could someone please explain what is happening here and why it is significant?

Making a $50m transaction with traditional banking would cost many orders of magnitudes more in fees than $0.06.

Maybe a couple bucks through ACH. Whenever I use ACH, it doesn't cost me anything (though I suspect someone else pays it).

EDIT: Sorry, looks like ACH charges a percentage on high-value transactions. That would certainly be a lot of money on 50 million.

The fee table[1] looks pretty cryptic for me. Do you know which type of fee was applied?

Last I saw, Western Union charged $7 to transfer $50