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