Bitcoin User Pays Over $105,000 in BTC to Send Just $10

A user on the Bitcoin network paid over $105,197 to send just $10, according to blockchain data. This unusual event was first reported on social media and was noted as a strange error in creating a transaction. Typically, Bitcoin transaction fees are much lower, often just a fraction of the amount sent, and can vary based on network traffic. Experts suggest the user likely made an error in setting the transaction fee, as it is possible to adjust fees in many wallets. The average transaction fee was recorded at about $0.91, while on that day, Decrypt successfully sent $10 of Bitcoin for less than $0.30. The incident highlights the complexities and potential pitfalls of sending transactions on the Bitcoin network, especially for inexperienced users who may not be aware of how fees can be set.

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