An unknown crypto whale has moved a whopping $369 Million worth of Bitcoin with just $1, confirming the superiority of Bitcoin compared to archaic fund transfer protocols.
The unidentified whale forwarded a total of 39,635 BTC (369,047,721 USD at the time of filing this report) with just 0.00010080 BTC (0.94 USD).
The funds, said to be moved from an unknown wallet to an unknown wallet, is a test of Bitcoin’s superiority compared to other forms of fund transfer like SWIFT among others.
Bitcoin, unlike some payment solutions, is decentralized and completely put funds in the hands of the owner without a third party involvement. Payments made using Bitcoin are to a large extent untraceable and cheap as seen in the above transaction.
On the other hand, SWIFT, a consortium of financial institutions responsible for many global transactions, charges exorbitant transaction fees. The recent emergence of blockchain technology like Bitcoin and Ripple has confirmed that that Blockchain technology has an upper hand in the financial world than the archaic tech means employed.
Big banks across the world are looking up to employing the underlying technology behind Bitcoin, to also be at par with the evolving financial technology. The likes of JPMorgan Chase created JPM Coin for this purpose.
While Blockchain technology is being adopted by financial institutions, the likes of SWIFT do not believe in Bitcoin. Reports has it that SWIFT CEO Gottfried Leibbrandt once likened Bitcoin to the “Tulip bubble” of 17th century.
According to a report published by FXStreet, a SWIFT representative disparaged everything cryptocurrencies, saying they are “useless and unstable” and deflate like “a yoyo”.
Although, the said representative during the briefing accepted the archaic nature of the SWIFT network due to the time taken (12-hours) to perfect transaction and the cost involved, however, he believed blockchain poised a greater security threat.
Meanwhile, despite the rapid growth of SWIFT between 2009 and 2014, there is a high concern in the financial industry that blockchain technologies could take the place of SWIFT in some time to come.
Ripple as a case study has numerous banks in its network making use of its On-Demand Liquidity (ODL) to service cross-border payment in a seamless, fast and cheap manner compared to SWIFT and other traditional payment solutions. Financial firms like MoneyGram, MercuryFx, FlashFX, among others are striving with Ripple’s ODL to achieve cross-border payment owing to the fact that it removes every available reason to have nostro accounts.