LONDON – A huge liteco trade is turning heads in the cryptocurrency community.
On Thursday, $ 99 million of litecoin coins were sent between the two cryptocurrency portfolios in a single trade, attracting attention to Reddit. The identity of the parties involved in the transaction is not known.
A thread on the transaction was the third most popular post on the litecoin sub-Reddit on Friday afternoon. Reddit users were impressed by the data indicating that the transaction took only 2.5 minutes to get paid and cost only $ 0.40 in mining fees.
"Find here that the $ 99 million transactions cost only $ 0.40 and lasted 2.5 minutes Holy Moly," wrote the Reddit b30 user, author of the thread.
Other users have pointed out that similar transactions in traditional finance would take days to be solved, that more parties will sign and will have to incur high commissions.
Some advocates of cryptocurrencies like litecoin and Ripple's XRP claim to have the potential to provide a cheaper, faster and more reliable alternative to current pay lines, particularly when it comes to international transactions.
Litecoin is the sixth largest cryptocurrency for market value, with $ 8.4 billion of outstanding LTC from Friday. Cryptocurrency was created in 2011 as a quicker and cheaper alternative to bitcoin.