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Speaking of cheap sizes and payments: in October, the Litecoin network has developed one of its biggest transactions ever! A total of 1,159.005 Litecoins (LTC), worth approximately $ 62 million, was moved for a fee of only $ 0.50 (0.0092 LTC).
Excellent news, more than 1 million LTC has been recently processed for less than a dollar in transaction fees. Although it is not the first time that a transaction of this value has been processed, it is certainly noteworthy.
Litecoin.com's reaction on the transaction:
"A perfect example of the real world of the benefits of Litecoin and decentralized cryptocurrency in the global settlement and in the movement of money in the Internet era".
As explained in the official explanation, the transaction appears to be a consolidation of funds from legacy addresses to new Segwit "M" addresses for added security. Further transaction information can be found in a recent report published by Litecoin.com.
The 1M + Litecoin transaction worth $ 62 million was sent for just 50 ¢ #Litecoin #Bitcoinhttps://t.co/UrQ6LyGJeg
– Litecoin.com (@LitecoinDotCom) November 9, 2018
It is now known who owns the address with the amount of Litecoin, but a plausible option is that the address belongs to a cold storage of one of the larger exchanges. The funds have been transferred to the multisig address to increase the level of security of the funds as this means that more parties must sign the transaction before it is valid.
Litecoin was created by Charlie Lee in October 2011. This makes Litecoin one of the oldest cryptocurrencies in cryptographic space. The source code itself was a fork of Bitcoin with some noteworthy changes and improvements such as reduced block generation time, using different hashing algorithms and reducing the time it takes to process payments. This made Litecoin 4x faster than Bitcoin.
At the time of writing, Litecoin has a value of $ 52.41 per currency. The total market capitalization is $ 3.09 billion, making it the seventh largest coin that can be seen on CoinGecko.
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