$62 Million Transaction Processed by Litecoin Network for only 50 cents

By Achal Arya
Published November 10, 2018 Updated November 10, 2018
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$62 Million Transaction Processed by Litecoin Network for only 50 cents

By Achal Arya
Published November 10, 2018 Updated November 10, 2018

The world’s 7th largest cryptocurrency is at $52.26 while being barely in the green. A transaction of Ł1,159,005.90779568 valued at ~$62M costs only 5 cents on Litecoin Network. Now available for buying at Litecoin.com and Hodl Hodl, it is adding liquidity.

Bigger Amounts Transactions for a Small Fee

According to the latest facet, Litecoin network processed one of the largest transactions ever. A transaction of Ł1,159,005.90779568 that valued at ~$62M has been processed costing only Ł0.00922 ($0.5).

Though not the first time a transaction of this value has been processed but it is certainly worth noticing and as shared by Litecoin.com, “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 has been a consolidation of funds from a few Legacy addresses to a new Segwit “M” address.

Apparently, four LTC transactions of 5,000 LTC each made up multiple inputs of 20,000 LTC. Though it is not known who is the owner, the transaction has been made by the previous richest address on the network. However, it is likely that it’s an exchange cold wallet who will get better security with this move.

Meanwhile, Litecoin Gains More Liquidity

On another front, Litecoin.com is now offering the option of buying Litecoin (LTC) on its platform. Their official announcement shares,

“We have introduced of a simple, easy and convenient way for users to immediately purchase between $50 and $20,000 worth of litecoin in USD, GBP or EUR with a credit card in under 5 minutes. We have partnered with Simplex to provide this function and they will handle all regulation and KYC/AML processes for purchases. After necessary checks, approval payments are typically paid out within 24hrs to an address of the users choosing.”

Also, Hodl Hodl, a P2P crypto exchange that “doesn’t hold funds,” now allows every user to “buy and sell Bitcoin and Litecoin, for other cryptocurrencies.”

The world’s 7th largest cryptocurrency is currently trading at $52.26 with 24-hours gains of 0.26 percent. With a market cap of over $3 billion, it is managing the daily trading volume of $344 million.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Achal Arya
527 Articles
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

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