As a response to Shrem’s tweet, CZ said the following:
“[The billion-dollar Bitcoin transaction is] super cheap. Imagine walking into a bank and saying ‘I need to transfer $1b, I want it processed in the next 10 minutes, and I am willing to pay $700 in fees.’”
CZ highlighted the fact that Binance did a similar thing back in June.
The exchange was then able to transfer 32,888,888 Binance Coins worth $1.2 billion and paid only $0.015 in fees.
He says the transaction was confirmed in 1.1 seconds, the Daily Hodl reported.
The traditional banking system is outdated
The online publication also writes that transferring a billion dollars via the traditional banking system would be more expensive and would require much more time, not only a few seconds.
Traditional bank transfers need up to two days and they lack currency conversion fees and more hidden charges.
CZ said the following: “If you walk into a bank saying you need $1b processed in the next 10 minutes, the police will be there before anything else.”
The efforts to fills the gaps mirrored by the traditional banking system will definitely continue as the crypto and blockchain space evolves and the innovative developments continue.