An unfortunate Bitcoin investor ended up paying $ 47,000 in transaction fees to send just $ 194 BTC.
According to an update from the Bitcoin Block Bot Twitter bot, which scans the Bitcoin blockchain for abnormal transactions, an anonymous user paid a fee of 2.66 BTC (worth $ 47K at the time) to send just under $ 200.
The tweet sparked a wave of comments, with crypto users expressing frustration with the current format prone to errors in sending transactions. Some users also took the opportunity to discuss the rise in transaction fees on Bitcoin’s network, which coincided with the bullish price spike during the month of November.
The transaction took place at block 657,535 and was likely another example of a transaction fee entered in error. Data from BitInfoCharts shows the average transaction fee for Bitcoin to be 0.00027 BTC ($ 4.82), down from a relative peak in October of $ 13.15, but still higher than the Most users would prefer to pay.
Earlier this month, an equally unhappy Ethereum user paid $ 9,500 in transaction fees to move $ 120. The user claimed to have swapped the entries in the “gas limit” field with “gas price” resulting in a costly error.
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