Everyone, here’s how it works and WHY the fintech world is exploding.
Last Thursday, a single trade of $99 MILLION worth of litecoin went through between two cryptocurrency wallets in just two-and-one-half minutes. AND, it cost just $0.40 in transaction fees. OMG!! THAT’S why crypto is so exciting. The blockchain has changed the whole cost and speed of doing business globally. Non believers, WAKE UP. A transaction like that in traditional finance would certainly take days to clear, have some really hefty fees and who knows how many sign offs to complete. Oh, and litecoin is only the sixth largest cryptocurrency (by market cap…..$8.4 billion) but after this transaction will certainly become more popular. Brave new world.
(Bill Taylor/Managing Editor)
“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….”
Source: Business Insider