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Investor Positions XRP as a Viable Solution to High BTC Gas Following $3M Fee

Investor Positions XRP as a Viable Solution to High BTC Gas Following $3M Fee

An XRP investor and vocal community member has positioned XRP as a solution for high gas on Bitcoin and other networks, amid the recent 83.65 BTC ($3.136 million) transaction fee.

XRP: A Viable Solution

The investor, identified as @JumpmanFiend on X, replied to attorney John Deaton’s response to reports of the massive $3 million Bitcoin transaction fee. “This is why XRP is the chosen one,” he said, calling attention to XRP’s reputation for charging pennies for large transactions.

He shared screenshots of three different transactions on the Bitcoin network, the Ethereum network, and the XRP Ledger. The Bitcoin transaction incurred a fee of $17 to move $2.72 worth of BTC. The Ethereum network charged $5.42 for a transaction moving $77 worth of USDC on Ethereum.

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

However, the XRPL transaction saw the movement of $13,472 worth of XRP, but the network fee was so insignificant, it only showed “0 XRP.” The pseudonymous investor noted that he was able to move $13K worth of XRP for less than a penny, receiving the value in seconds.

Interestingly, he highlighted SpendTheBits, an XRPL-based payments protocol, as a solution to high gas fees for moving Bitcoin tokens. Notably, SpendTheBits aims to facilitate movement of BTC with minimal gas fees and fast processing time.

Massive BTC Gas Payment: Possible Error?

Recall that a Bitcoin user recently paid $3.1 million worth of BTC in a single transaction. The movement generated massive interest in the community.

Per Memepool data, the trader overpaid the transaction fee by 119,980x. Specifically, the trader needed only 141 sat/vB to add the transaction into the block but paid 16,917,200 sat/vB for the transaction.

The user intended to send a total of 139.42495946 worth approximately $5.23 million to the recipient. The recipient eventually got only 55.76998378 BTC valued at $2,065,213.25, an amount that is arguably the most expensive paid for a single transaction thus far this year.

One of the key thesis for the massive gas fee paid by the user is potential due to a glitch in the network. While there is a possibility this is the case, there is no record of any other related charges from users since the sender lodged this transaction.

With the amount involved, the user might have chosen a more express transaction timeline thus pushing the fees through the roof. While this is a unique occurrence in the network, there are records of equally bogus transaction fees in the history of the blockchain ecosystem.

One of these includes the 121 ETH worth $157,764 paid by a trader in October last year against the prevailing rates at the time.

thecryptobasic.com