This $99m cryptocurrency trade cost 50c and took 3 minutes
Link copied to
A huge cryptocurrency trade is turning heads because of the low cost and speed of the transaction.
A transaction of $US99 million ($130 million) in cryptocurrency litecoin was sent between two digital wallets in a single trade on Thursday, attracting attention on Reddit. The identity of the parties involved in the transaction is not known.
A thread about the transaction was the third most popular post on the litecoin sub-Reddit on Friday afternoon.
Onlookers were impressed by data showing the transaction took just 2.5 minutes to settle and cost only US40c (about 53 Australian cents) in fees.
“Worth surfacing up here that the $US99 million transactions cost just $US0.40 and took 2.5 mins. Holy moly,” Reddit user b30, who authored the thread, wrote.
Other users pointed out that similar transactions in traditional finance would take days to clear, multiple parties to sign off, and carry hefty fees.
Some proponents of cryptocurrencies such as litecoin and Ripple’s XRP say it has the potential to provide a cheaper, quicker, and more reliable alternative to the current payment rails, particularly when it comes to international transactions.
Litecoin is the sixth biggest cryptocurrency by market value, with $US8.4 billion-worth of LTC in circulation as of Friday.
The cryptocurrency was created in 2011 as a quicker and cheaper alternative to bitcoin.