Impressive: $62 Million of Litecoin Moved For Less Than $0.50

Talking about scale and cheap payments: in October, the Litecoin network processed one of its largest transactions ever! A total of 1.159.005 Litecoins (LTC), valued at around $62 Million, was moved for a fee of only $0,50 (0.0092 LTC). 

Great news, more than 1 million LTC was recently processed for less than a dollar in transaction fees. Although it is not the first time a transaction of this value has been processed, it is certainly worth noticing.

The reaction from Litecoin.com about the transaction:

 “a perfect real-world example of the benefits of Litecoin and decentralized cryptocurrency in the global settlement and movement of money in the internet age.”

As accounted in the official explanation, the transaction seems to be a consolidation of funds from legacy addresses to new Segwit “M” address for better security. More information about the transaction can be found in a recent report published by Litecoin.com.

The 1M+ Litecoin Transaction valued at $62M 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 bigger exchanges. The funds moved to the multisig address to heighten the security level of the funds as this means multiple parties need to 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 the crypto space. The source code itself was a fork of Bitcoin with a few notable changes and improvements such as decreased block generation time, utilizing different hashing algorithms and decreasing the time needed to process payments. This made Litecoin 4x faster than Bitcoin.

At the time of writing, Litecoin is valued at $ 52,41 per coin. The total market cap is $3.09 billion, making it the 7th largest coin as can be seen on CoinGecko.