Someone transferred $99 million in litecoin — and it only cost them $0.40 in fees

Someone transferred $99 million in litecoin — and it only cost them $0.40 in fees
Oscar Williams-Grut Apr 22, 2018, 3:18 AM ET
litecoin creator founder charlie lee
Screenshot via YouTube
Litecoin creator Charlie Lee.

$99 million worth of litecoin was sent in a single trade on Thursday.
The transaction took just two-and-a-half minutes to clear and cost only $0.40 in fees.
Crypto bulls are pointing to the trade as evidence that cryptocurrency is better for sending money than traditional payment systems.

LONDON - A huge litecoin trade is turning heads in the cryptocurrency community.

$99 million-worth of litecoin was sent between two cryptocurrency wallets in a single trade on Thursday, attracting attention on Reddit. The identity of the parties involved in the transaction is not known.

A thread about the transaction was the third most popular post on the litecoin sub-Reddit on Friday afternoon. Reddit users were impressed by data showing the transaction took just 2.5 minutes to settle and cost only $0.40 in mining fees.

"Worth surfacing up here that the $99 million transactions cost just $0.40 and took 2.5 mins. Holy moly," Reddit user b30, who authored the thread, wrote.

Other users pointed out that similar transactions in traditional finance would take days to clear, multiple parties to sign off, and carry hefty fees.

Some proponents of cryptocurrencies such as litecoin and Ripple's XRP say it has the potential to provide a cheaper, quicker, and more reliable alternative to the current payment rails, particularly when it comes to international transactions.

Litecoin is the sixth largest cryptocurrency by market value, with $8.4 billion-worth of LTC in circulation as of Friday. The cryptocurrency was created in 2011 as a quicker and cheaper alternative to bitcoin.
Somebody moved $99 million in litecoin — and it just cost them $0.40 in charges

Oscar Williams-Grut Apr 22, 2018, 3:18 AM ET

litecoin maker author charlie lee

Screen capture by means of YouTube

Litecoin maker Charlie Lee.

$99 million worth of litecoin was sent in a solitary exchange on Thursday.

The exchange took only more than two minutes to clear and cost just $0.40 in expenses.

Crypto bulls are indicating the exchange as confirmation that digital currency is preferred for sending cash over conventional installment frameworks.

LONDON - An enormous litecoin exchange is blowing some people's minds in the digital currency group.

$99 million-worth of litecoin was sent between two digital money wallets in a solitary exchange on Thursday, pulling in consideration on Reddit. The personality of the gatherings associated with the exchange isn't known.

A string about the exchange was the third most well known post on the litecoin sub-Reddit on Friday evening. Reddit clients were awed by information demonstrating the exchange took only 2.5 minutes to settle and cost just $0.40 in mining charges.

"Worth surfacing up here that the $99 million exchanges cost just $0.40 and took 2.5 mins. Sacred moly," Reddit client b30, who created the string, composed.

Different clients called attention to that comparative exchanges in conventional fund would take days to clear, various gatherings to close down, and convey powerful expenses.

A few defenders of cryptographic forms of money, for example, litecoin and Ripple's XRP say it can possibly give a less expensive, faster, and more solid contrasting option to the present installment rails, especially with regards to global exchanges.

Litecoin is the 6th biggest cryptographic money by showcase esteem, with $8.4 billion-worth of LTC available for use as of Friday. The digital money was made in 2011 as a speedier and less expensive contrasting option to bitcoin.