$510,000 on Fees or How Not to Lose Money with Cryptocurrency Payments

The average fee for cryptocurrency payments is typically 0.1% of the transaction amount. However, recently, a Bitcoin system user had to pay a fee that exceeded the payment amount by 250 times. Is it possible to protect your cryptocurrency payments from such risks? Let’s delve into it.

The Highest Fee in Blockchain History

On September 10, 2023, a user decided to initiate a transfer of 0.074 BTC (approximately $2,000 at the time of the transaction). According to an expert, the sender’s address miscalculated the withdrawal amount, resulting in a cryptocurrency payment fee of 19 BTC (approximately $510,000). Meanwhile, the standard fee for such a transaction should have been only $2.2.

The wallet from which the transaction was made is associated with Paxos and used for fund withdrawals. The error could have been related to issues with the payment provider’s software or the exchange address. Due to the unprecedented nature of the case, F2Pool’s founder froze the fee and gave wallet owners three days to submit an official refund request. After this period, the fee amount will be distributed among the miners.

How to Safeguard Your Cryptocurrency

Similar incidents, albeit on a smaller scale, have occurred repeatedly. In 2017, the first case was documented when the fee amount exceeded the size of the actual transfer. However, with the growing popularity of cryptocurrency payments, various commission-related issues arise with alarming regularity.

The easiest way to secure Your cryptocurrency payments is to use services that do not charge fees. For instance, consider starting to work with Betatransfer. We offer favorable collaboration terms:

✔ No fee for Bitcoin withdrawals.

✔ Minimal documentation for payment gateway setup.

✔ High-level transaction security.

✔ Support for various cryptocurrencies.

To learn more about all the features of working with Betatransfer, connect with us using any convenient method.