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A $99 Million Transaction with Litecoin (LTC) and the Lightest Fee
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A $99 Million Transaction with Litecoin (LTC) and the Lightest Fee

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Litecoin
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Litecoin has gone through a pretty rough week when this coin was pushed down to the 6th spot on the global coin ranking list after carrying the title of the fifth-best currency for a long time. Since then, Litecoin somehow fell into the shadows of EOS, the currency that took its place on the list. However, tables are turning fast in the world of cryptocurrencies. Litecoin made end up gaining more on its popularity due to its low fees. Let’s see how the biggest transaction ever was made on Litecoin’s platform and what we can learn about LTC from this multi-million venture.

A $99 Million Transfer in Litecoin

The whole enthusiasm about this multi-million dollar venture started out on Reddit when a post was published in form of a sub-Reddit thread. This thread was at the same time the most popular post on sub-Reddit as marked on Friday.

The initial transfer that was mentioned on Reddit in the post that soon afterward became viral was according to these sources made on Thursday. The transfer was made from a single wallet address that remains anonymous due to the blockchain technology and the security of identities that comes with it. The mentioned transfer was in a single hand worth 99 million dollars, which means that a single person made a massive transaction in a matter of seconds and with the lowest fees possible, only by using LTC for the initial transfer.

By purchasing LTC, a peer-to-peer digital currency with an open-source platform, this person was able to easily make a very pricey transfer that is also difficult to process with the current traditional banking systems.

Normally, it would take days for this kind of transaction to be made, and the fees for such transaction would be more than steep as you don’t see every day that an individual sends a 99 million dollar transaction.

However, by deciding to make this kind of transaction by using LTC and Litecoin platform, the sender was able to send this amount to the receiver in the shortest time possible and at the lowest fees, thanks to the blockchain technology and the promptness of LTC’s network.

In addition to making a cheap and fast transaction of 99 million dollars, the sender was also able to remain anonymous while also acquiring anonymity for the receiver. During this process, the amount of the transaction was also completely safe and secured with encryptions and different protocols used on Litecoin’s network.

The 99 million dollar worth transaction took only 0.40$ in fees, which is in every way an amazing reduction of the fees when compared to the traditional way of making payments and money transfers where fees for this type of transaction would cost thousands and thousands of dollars depending on the service provider or a bank that is participating in this transaction as a third party.

In addition to taking only 0.40$ in fees, the transaction took only two and a half seconds, which is extraordinarily fast for any type of transaction in oppose to the days needed for this type of transfer to get processed in case of choosing to go for the traditional way of making transactions.

This case shows what LTC is capable of as well as its great technological potential, not only in the world of cryptos but in the realm of fiat currencies as well because Litecoin showed supremacy over traditional transfer systems both in promptness and in charging ridiculously low fees for insanely high transfers.

Of course, thanks to this amazing achievement and showcase of abilities, Litecoin’s value went up almost immediately.

How is Litecoin doing at the Current Moment?

Even though Litecoin has gone down from being the fifth-best currency to settling down to a one spot below, LTC showed an improvement in the market demand as well as in the trading volume probably due to a fact that a single individual managed to make a transfer of 99 million dollars in only 2.5 seconds and with only 0.40$ charged in fees by using LTC for this transaction.

After the latest change in the market, Litecoin is trading in the green after the latest rise of 3.07% against the dollar. In addition to trading in the green against the dollar, LTC is also going up against BTC for a bit over 1% on April 22nd.

That means that LTC can now be bought at the price of 149.06$ per one unit, which is almost halfway towards its all-time high of 366$ per one unit as recorded back in December of 2017.

Although one of the oldest coins in the market has suffered from a great defeat by losing its spot among top five, its supreme blockchain system holds a great potential for LTC as a currency as well, with great odds of having it trading back at its record price and up in the following months.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Top 3 Crypto Trends That Might Go Big in Q2 2019

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So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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Ripple
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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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