BTC critics who claim that transactions in the main cryptocurrency on the market are too expensive and inefficient may have their days numbered.
That’s because, recently, nearly half a million dollars worth of Bitcoin were forwarded through the Lightning Network (LN) in a transaction that cost zero satoshis.
The amount corresponds to about 11 BTC and was sent from one user to another without paying anything.
11 BTC are sent without paying any fees using LN
This is possibly the biggest fee-free transaction in cryptocurrency history.
The transfer was carried out through the zero-fee routing payment gateway..
By way of comparison, if someone wants to transfer the same amount in dollars through Western Union, which has a 4% transfer fee, they would have to pay around US$20,000. In the case of using the PayPal gateway, whose rate is 3.49%, the value would be US$ 18,081.
According to those responsible for operating the Lightning node, all your payment channels route bidirectionally. Therefore, there is no need to rebalance channels, which is the procedure where funds are moved for transfer.
For free routing, zero-fee routing uses a virtual private server (VPS), with 8 cores and 16GB of RAM, for the Lightning node only.
As specified by the gateway, before sending it no longer needs to look at the mempool to see if there are cheap fees on the BTC main chain: “I just need to look at my pending open Lightning channels,” he said.
Zero Fee Routing is a gateway that, according to information posted on Boths.space, has 776 Lightning payment channels open and working to date. Furthermore, it has a capacity of 27.24 BTC.
“An interesting fact is that zero-fee routing is one of five payment gateways via Lightning that offers services without charging commissions in return. But, of all, it is the one with the most capacity and channels available for those who want to send sats without paying fees”, said specialist Jesus Herrera.