Crypto transactions are getting fast and furious, that’s what crypto community has been talking about the whole weekend.
And the fact is proven by a coin that you thought is weak. It’s not weak, it’s just a little “Lite”. Recently, a $99 million transaction was done through Litecoin at an unbelievable cost of just $0.44, and in under 150 seconds. The identity of the people involved in this hefty, quick and cheap transaction is not known.
The details of the Litecoin trade involving its 700,000 coins was posted on Twitter and the investors of this coin are super excited, as this currency will see a significant rise in value after the current hype created in the crypto community.
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The transaction marks the achievement of a big milestone for cryptocurrency enthusiasts as a whole. No bank or even online payment platforms has managed to achieve in their history. Sending such an amount through traditional methods would have taken days, and some unimaginable transaction costs.
Reddit user b30, who authored the thread, wrote; “Worth surfacing up here that the $99 million transactions cost just $0.40 and took 2.5 mins. Holy moly.”
Well, there are some people who believe that this could mark the end of PayPal and other online payment platforms. If you look at this issue critically, this could actually mark a seismic shift in the world of finance. We are about to see a world where banks could become irrelevant. That’s because the need for a third party in sending and receiving money is all but diminished.
Last but not least, Litecoin has proven to have the capacity to handle high-value transactions, which is good for its long-term value. In the recent past, several of the major cryptos such as Bitcoin and Ethereum have proven inefficient in handling such large-scale transactions. That’s why in December when Bitcoin payments became slow and expensive due to increased demand, people turned to Litecoin.