Well, they did say that cryptocurrency was fast, not to mention cheap. For those who are still uncertain about the value that cryptocurrency can provide, a recent Litecoin transaction worth $99 million has been completed within 2.5 seconds for a fee of less than $0.40. Of course, this is orders of magnitude better than any transaction that could be completed with a standard bank transfer, if it would even be possible. On the other hand, there is no recourse for those who fail to secure their recovery codes for these wallets. $99 million would be a hefty price to pay in the event of wallet loss.
Given that the price of cryptocurrency goes up and down all the time, it would be better to quote the price in terms of Litecoin, which is a transfer of just under 700,000 LTC. The price of LTC is currently at $160, meaning the transfer is currently worth just under $112 million. But it is more accurate to quote the price at the time the transaction was made, standing close to $99 million, especially since the transaction itself likely drove up the price when the news emerged.
One of the most commonly cited benefits of cryptocurrency is that all transactions are recorded online, in a transparent blockchain database with no centralized ownership. And because of this, the transaction can be verified easily. The transaction ID is:
The transfer was made on the 19th of April. The owner(s) are anonymous, so we don’t know who they are. Blockchain does not track owner identities, though it is possible to do so by monitoring IP addresses, a matter of continuing concern for the vast majority of cryptocurrencies without built-in privacy features.
While many are saying that this transfer is the driving force behind the current rise in BTC and the cryptocurrency industry in the whole, the reality is that the rise was in force before the transaction was made, and cryptocurrencies follow BTC, not LTC, regardless. But it will silence a lot of critics. More Litecoin adoption can be expected from online merchants.
Given that Litecoin is in many ways just “Bitcoin Lite,” it bodes well for both coins and the industry as a whole. The fact is that huge transfers can be made for tiny fees at near instant speeds. LTC is not even the fastest crypto, or close to it. Regarding crypto vs. fiat, this is quite possibly another nail in the fiat coffin.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.