Even though cryptocurrencies are not getting as much attention as they were getting when Bitcoin was on the rise, they are still there and people are still investing in them. Litecoin just proved that it is also a contender as a $99 million transaction was done through Litecoin at a cost of just $0.44 and it took less than three minutes.
The details of the Litecoin trade involving 700,000 coins was posted on Twitter, leaving the investors excited. As more hype gets created, more people invest and the price goes up. This transaction is a milestone achieved by the cryptocurrencies. No bank or online payment platforms has ever managed to achieve such a transaction in history. Sending this amount through traditional means would have taken days and the transaction costs would have been huge.
Reddit user b30, who authored the thread, wrote; “Worth surfacing up here that the $99 million transactions cost just $0.40 and took 2.5 mins. Holy moly.” There are people who think that this news could be the beginning of the end for PayPal and similar platforms.
This could very well mark a seismic shift in the world of finance, a world where banks could be irrelevant. These transactions eliminate the need for a third party interference. This news has also proved that Litecoin has the capacity to handle high-value transactions.
This is good for its long-term value. The recent past showed that cryptos like Bitcoin and Ethereum are inefficient in handling such large-scale transactions. This is why a lot of people turned to Litecoin in the first place. The next couple of months will tell us what this news actually signifies and what future is there for Litecoin.