Home / Litecoin / $ 62 million sent barely $ 0.5

$ 62 million sent barely $ 0.5

The power of the criptos: $ 62 million in Litecoin hardly sent $ 0.5

It is one of the largest transactions ever made in the so-called "silver currency" network

Litecoin (LTC) has seen the processing of one of the most valuable transactions ever on its network last week. A total of 1,159.005.90779568 LTC have been transferred to a new portfolio which now stands as the richest address in the blockchain created by Charlie Lee.

According to a Middle post (citing data from the BitInfoCharts explorer block Litecoin), the transaction occurred at the height of block 1512468, October 20, 2018 and includes several inputs of 20,000 LTC, each of which appears to consist of four 5,000 LTC transactions. 71,618,997 days of coins were destroyed (a measure of the volume of transactions on Litecoin and Bitcoin).

But what is noteworthy here is that such a large movement of funds cost only 50 cents. This is a big difference in transaction costs when cryptocurrencies are compared to traditional fiat remittance systems. In addition, the sending of funds to cryptocurrencies abroad can take a couple of hours to a few seconds, while the current banking system can take 3-5 working days to weeks, to depending on a handful of factors. This makes cryptographic transactions virtually free and significantly faster.

Another interesting aspect of this important operation is that the funds have been transferred from these legacy addresses to a "Multi-Signature / SegWit M" address, apparently in an attempt to improve security on this large amount of money.

Multi-signature portfolios add an extra layer of security by introducing several new parts, each with a private key needed to sign a transaction and validate it. Since these are & # 39; Script & # 39; addresses, they start with an & # 39; M & # 39; instead of an & # 39; L & # 39; (similarly in Bitcoin, previous BTC addresses started with & # 39; 1 & # 39; while the script addresses, which are Multi-Sig and SegWit, start with & # 39; 3 & # 39;).

However, the identity of the owner of this address is currently a mystery. However, considering the amount of funds sent and the variety of transaction amounts made from the original address, it is very likely that it belongs to a cryptographic exchange.

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