Crypto community was busy during the weekend, discussing about a single Litecoin trade involving 700,000 coins done for a dirt-cheap fee of $0.40. Yes! $99 million worth Litecoins were transferred in a matter of 2.50 minutes. It is needless to say that identity of the parties involved in the transaction is unknown.
Reddit user b30, who started the thread, wrote “Worth surfacing up here that the $99 million transactions cost just $0.40 and took 2.5 mins. Holy moly.”
Many of the Reddit users, who participated in the discussion pointed out the number of days it would take for such a transaction to get completed through traditional financial institutions. In addition, such a big transaction would involve time consuming regulatory checkups, and carry hefty fees.
The transaction once again proves the efficiency of blockchain technology. Litecoin is currently the sixth largest cryptocurrency, with a market capitalization of $9.46 billion.