BTC vs LTC - The Litecoin Transaction Tells the Story

[Lucky7btc]

Why in the world would anyone want bitcoin nowadays? It's slow, expensive and outdated.

In the cryptocurrency world, a massive transaction was completed last week. One user transferred $99 million worth of Litecoin to another wallet owner. In most cases, one would expect such a transaction to be subject to massive fees. That is not the case, as it is one of the cheapest transaction to ever take place in the world of finance.

At a fee of just $0.40, sending millions around the world becomes a trivial matter. More importantly, this low fee does not delay the transaction. It took around 2.5 minutes to settle the transaction with no central parties or banks involved in the process. Compared to regular bank transfers, this process was at least 500 times faster despite the low cost of conducting the transfer. Banks often purposely slow transactions and hold onto funds to make extra interest on them.

The origin and nature of this Litecoin transaction remain unclear. It is also unknown which parties are involved in this massive transaction. It does show cryptocurrencies are a superior way of transferring large amounts of money around the world at virtually no cost. For anyone conducting remittances on a regular basis, cryptocurrency is the only option worth considering.

https://www.newsbtc.com/2018/04/23/99-million-litecoin-transfer-makes-regular-remittances-look-absurdly-expensive/

[1714896266]

1714896266

[stompix]

Why in the world would anyone want bitcoin nowadays? It's slow, expensive and outdated.

In the cryptocurrency world, a massive transaction was completed last week. One user transferred $99 million worth of Litecoin to another wallet owner. In most cases, one would expect such a transaction to be subject to massive fees. That is not the case, as it is one of the cheapest transaction to ever take place in the world of finance.

At a fee of just $0.40, sending millions around the world becomes a trivial matter.

You'd better read the news, Bitcoin transfers are just as cheap

https://blockchain.info/tx/92785a57f6e9e9eb9d37a00e6e8be7f888376f65fa2b8f868db261cbf6cca7b0
Loaded moved with that 450 millions for 1.09$, so based on % BTC is cheaper  

And just recently somebody sent 2 millions for 14 cents:
https://blockchain.info/tx/d125092ceaf3212bb631180ad44182ab9c108874ab057d8f96ef57585115609f

Ask these people why they use bitcoin:

Transactions last 24h
Bitcoin   195,822
Litecoin   28,390

Probably because BTC has one hundred times more businesses accepting it?

[dado7]

Probably because BTC has one hundred times more businesses accepting it?

I agree. That and because Bitcoin was the first and is still a synonym for all crypto world.

By the way, there is a great FUD over Bitcoin scalability, but actually, it proved to be the most stable and scalable coin on the market. There are many on the market that claim otherwise, but they haven't really been put to any challenges. Bitcoin has issues, yes, but also a proven record of overcoming them. Most of the scalability threats are nothing more then society thinking in advance, which is again a good thing.

[BrewMaster]

Why in the world would anyone want bitcoin nowadays? It's slow, expensive and outdated.

who is "we"? you are only one person and this is a free market. you can choose litecoin or any other altcoin if you wish. nobody will ever stop you.

In the cryptocurrency world, a massive transaction was completed last week. One user transferred $99 million worth of Litecoin to another wallet owner. In most cases, one would expect such a transaction to be subject to massive fees. That is not the case, as it is one of the cheapest transaction to ever take place in the world of finance.

recently the user known as Loaded moved $620 million worth of bitcoin with the lowest fee imaginable to a SegWit address.

At a fee of just $0.40, sending millions around the world becomes a trivial matter. More importantly, this low fee does not delay the transaction. It took around 2.5 minutes to settle the transaction with no central parties or banks involved in the process.

yes but also it takes double the time for the transaction of that size to become safe enough (has enough confirmation that lowers the risk of double spend, orphans,...) when using litecoin.

The origin and nature of this Litecoin transaction remain unclear. It is also unknown which parties are involved in this massive transaction. It does show cryptocurrencies are a superior way of transferring large amounts of money around the world at virtually no cost. For anyone conducting remittances on a regular basis, cryptocurrency is the only option worth considering.

one thing about your whole comment is that none of the things you said has anything to do with your title saying "bitcoin versus litecoin"!!!

[zenrol28]

Does it really matter the amount being transferred? Whether it's a billion or a penny they just got the same tx fees when being sent. I think it's the amount of users that trust the network really matters.

[o_e_l_e_o]

I just posted this in another thread about this Litecoin transaction. I will quote it here because it is relevant.

This transaction is worthless as a measure of it being a good coin. Just as big transactions are a worthless measure for all coins. How often do you think people are transferring $99 million? Exactly. I want to know how much the fees are when I pay $1 for a hamburger or $2 for a coffee. If the fee is still $0.40, then that's 20-40% of my payment, and your coin is useless.

We should be judging coins on their speed and cost for small transfers, not large ones.

Litecoin is a good coin for a number of reasons, but it is not making Bitcoin obsolete as OP claims.

[lillyann]

Litecoin is a very specific currency. As mentioned at the beginning, he has as many supporters as strong opponents. The latter could reign over the coin, but in recent days, the supporters have reason to celebrate.

The price increase is significant and most probably indicates the exit from consolidation. This was very long (2 years), but long and significant were also the declines after the last bubble. Looking at the graph, there are a lot of places to grow for a few years. Virtually any of the major currencies (ie those with a large capitalization) sooner or later overcame their peaks. Litecoin has a high bar and certainly there are not many optimists who say that "digital silver" will approach the levels from three years ago - let alone beat them. Another barrier to the price increase may be people who bought Litecoin from the last hole around $ 1 and later - a several-fold profit may encourage them to sell the currency.

On the other hand, Litecoin has been able to surprise many times in history, and this time something is actually happening with its development. The founding of the foundation, presence on large stock exchanges, a high level of acceptance (compared to other cryptocurrencies, because there is nothing to measure with Bitcoin), and above all, the real possibility of introducing SegWit are a fairly solid base for increases. Paid developers should work more productively - or at least should be more motivated to develop the project. The successful implementation of SegWit will mean that Litecoin will become one of the fastest currencies in the world. And even the biggest skeptics must admit that it would be a great advantage of Bitcoin's younger brother.

Litecoin provides both positive and negative arguments about investment in it. It has been deleted by many, but recent events show that the project is not abandoned - it seems to go out of sleep. It will not be easy to make up for the losses that have deepened in recent years - not only tangible as price, but also trust and hope of investors - but Litecoin is on the right track to do so. It is certainly worth observing the development of the situation, and those who are now deciding to invest should be especially careful. It is quite possible that the coin was accumulated by someone who wants to use the hopes of introducing SegWit to inflate another speculative bubble.

[avikz]

Why in the world would anyone want bitcoin nowadays? It's slow, expensive and outdated.

In the cryptocurrency world, a massive transaction was completed last week. One user transferred $99 million worth of Litecoin to another wallet owner. In most cases, one would expect such a transaction to be subject to massive fees. That is not the case, as it is one of the cheapest transaction to ever take place in the world of finance.

At a fee of just $0.40, sending millions around the world becomes a trivial matter. More importantly, this low fee does not delay the transaction. It took around 2.5 minutes to settle the transaction with no central parties or banks involved in the process. Compared to regular bank transfers, this process was at least 500 times faster despite the low cost of conducting the transfer. Banks often purposely slow transactions and hold onto funds to make extra interest on them.

The origin and nature of this Litecoin transaction remain unclear. It is also unknown which parties are involved in this massive transaction. It does show cryptocurrencies are a superior way of transferring large amounts of money around the world at virtually no cost. For anyone conducting remittances on a regular basis, cryptocurrency is the only option worth considering.

https://www.newsbtc.com/2018/04/23/99-million-litecoin-transfer-makes-regular-remittances-look-absurdly-expensive/

If you had posted this topic during late 2017, I would have agreed with you in all true senses. But after the adoption of Segwit, bitcoin transactions have become cheaper and faster. Probably not as cheap as LTC, but bitcoin fees has come down by a great extent. That was the goal behind creating cryptocurrency, to make p2p transfers affordable and faster. It's great see what cryptos have already achieved. This story is another addition to the success list. This one aspect certainly doesn't make LTC better than BTC. It will remain a boss of all cryptos till the time cryptos exist in this world.