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wilslaw

$99 Million transferred by someone in litecoin, which cost just $0.40 in fees

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On Thursday, a single trade was carried out, in which $99 million worth of litecoin was traded between two crypto wallets. The parties involved in the transaction remains anonymous.

The fact that the transaction was carried out within three minutes and the mining fee at $0.40, gave a good impression to the Reddit users, making this transaction thread,  the third most popular post on the platform.

A Reddit user, b30 who authorized the thread wrote:

Quote

“Worth surfacing up here that $99 million transactions cost just $0.40 and took 2.5 mins. Holy moly”

Some users pointed out that some transactions could take days to be carried out and settled, high transaction fees and longer procedures to be cleared. Some litecoin and Ripple users claim that, litecoin provides a faster, more reliable and cheaper alternative to other payment rails, most especially when it is an international transaction.

By market value, litecoin has been ranked the sixth largest cryptocurrency; as at Friday, $8.4 billion LTC’s worth was in circulation. litecoin was developed as a cheaper and faster alternative to Bitcoin in 2011.

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