Anonymous User Includes More Than $ 80,000 in Transaction Fees When Sending BTC Value $ 1

An anonymous individual charged a transaction fee of more than $ 80,000 or (3.49079570 bitcoins) when transferring bitcoin worth $ 1.16. According to Blockchain.com, the December 19 transaction, which is included in block 662052, had an input of 3.49084570 bitcoin and an output of 0.00005000 bitcoin.

As one report explains, the unusually high fee may have been due to “an error made by the bitcoin user when manually compiling transaction details.” However, as Alex Lebed, head of development at Xsigma Defi tells news.Bitcoin.com, this could have happened “because some wallets allow you to spend unlimited transaction fees to boost your transaction with the miners. “

Stressing that this is technically possible, Lebed explains that this practice is done to “fund the transaction in a mine of your choice, making it a priority.” Then Lebed ends:

Maybe someone is testing the network. It is unlikely that someone made the transaction by accident, but it is possible. In my opinion, it could have been a test.

Meanwhile, the large fee paid by the unknown person was paid a day after the average transaction fee on the Bitcoin network reached $ 11.91. Data from Bitinfocharts shows that transaction fees on the network have surpassed the $ 10 mark for the first time since Nov. 5 when they peaked at $ 12.05.

However, after the brief surge, transaction fees had dropped to $ 6.15 by Dec. 20. Nevertheless, transaction fees on the network are still higher than they were at the start of the year. On January 1, the average fee on the Bitcoin network was $ 0.33 and for the next four months, it stayed below $ 1.

Since the beginning of May 2020, BTC’s network fees exceeded the one dollar level and have largely remained above that level ever since.

What are your thoughts on this high transaction fee? You can share your thoughts in the comments section below.

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