CZ: "the future is here": $1.2 billion in BNB sent in 1 second for $0.01

26 Jun, 2019 | Updated: 26 Jun, 2019
by Will Heasman
News
CZ: the future is here: $1.2 billion in BNB sent in 1 second for $0.01

Today, everyone’s favorite crypto vigilante, Whale Alert, highlighted an inordinate amount of Binance Coin sent to and from Binance’s cold wallet, amounting to 1.2 billion USD causing Binance boss, Changpeng Zhao to point out just how ridiculously low the transfer fee was…

Earlier today whale alert caught the major transfer which was later discovered to be Binance coin (BNB) split from an exchange cold wallet:

Initially, there was some fear spread about a potential dump:

Soon, many came to the reality that this was simply a cold wallet split. However, the true crux of the story came via a tweet from CZ, which highlighted just how long the gigantic transfer took to complete and how much the transaction fee was.

Incredibly the transfer of over 1 billion USD in BNB took little over a second to complete, and cost just over a cent to send… yep, you read correctly, a cent.

Inevitably many responses within the Tweet centered around the laughable comparison of the fees it would take to transfer a similar amount of USD within the traditional banking system, something which would have taken infinitely much longer and incur a much higher fee:

If this doesn't peg cryptocurrencies as the future of money, we're not sure what will...

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