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.
For the latest cryptocurrency news, join our Telegram!
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.
Image courtesy of Monito
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…