- An XRP investor highlights XRP as a solution to high gas fees on Bitcoin and other networks, pointing to its reputation for minimal fees for large transactions.
- A Bitcoin user’s extraordinary $3.1 million transaction fee sparks interest, overpaying by 119,980x, potentially due to a network glitch.
A prominent XRP investor and community member have positioned XRP as a solution to high gas fees on Bitcoin and other networks, particularly in light of the recent hefty $3.136 million transaction fee for a Bitcoin transfer of 83.65 BTC.
The investor, known as @JumpmanFiend on X, responded to attorney John Deaton’s remarks on the substantial Bitcoin transaction fee, emphasizing that XRP is the preferred solution due to its reputation for charging minimal fees for large transactions.
The investor showcased screenshots comparing transaction fees on Bitcoin, Ethereum, and the XRP Ledger, highlighting the significantly lower fees on the XRP Ledger, where a substantial transaction displayed an insignificant “0 XRP” fee.
This is why #XRP is the chosen one. But one thing I can say is, @Spend_The_Bits can definitely help with this #Bitcoin problem!
Even ETH and ERC-20 tokens are expensive to move around.
I was able to move $13k worth of #XRP for less than a penny and received it in seconds! pic.twitter.com/HXvvrVxjtG
— XRPKickz.GaryGenslerResign (@JumpmanFiend) November 23, 2023
Additionally, the investor pointed out the ability to move $13K worth of XRP for less than a penny, completing the transaction in seconds. Furthermore, the investor highlighted SpendTheBits, an XRPL-based payments protocol, as a potential solution to high gas fees when moving Bitcoin tokens, aiming for minimal fees and rapid processing times.
Bitcoin Gas Costs Skyrocketing
A recent notable event in the Bitcoin community saw a user paying an extraordinary $3.1 million worth of BTC in a single transaction, sparking widespread interest. Memepool data revealed that the user overpaid the transaction fee by a staggering 119,980x.
Although the intended transfer was approximately 139.42 BTC, valued at around $5.23 million, the recipient received only 55.77 BTC, equivalent to $2,065,213.25. This incident possibly resulted from a network glitch, but no other related charges have been reported since.
The substantial fee may have been driven by the user’s preference for a quicker transaction timeline, leading to exceptionally high fees. While such incidents are rare, the history of the blockchain ecosystem includes instances of similarly exorbitant transaction fees, like the case of a trader paying 121 ETH worth $157,764 in October of the previous year.
Bitcoin Ordinals Taking Gas Fee High
The recent surge in the Bitcoin gas fee has been due to strong activity registered by the Bitcoin Ordinals. Bitcoin’s average daily transaction fees have outpaced those of Ethereum, with Bitcoin fees reaching $10.34 and Ethereum fees at $8.43 as of November 20. This shift is linked to heightened activity related to Ordinals on the Bitcoin network.
On November 16, Bitcoin’s average daily trading fee surged to a six-month high of $18.67, while Ethereum fees were at $7.90, according to data from BitInfoCharts. The resurgence in Bitcoin transaction fees is associated with renewed market interest in assets utilizing the Ordinals Protocol, a tool for generating non-fungible token (NFT)-like assets and BRC-20 tokens on the Bitcoin network.
Last month, the Ethereum gas fee had also surged by 400surged by 400% amid strong activity driven by the PEPE coin.
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