The Transaction Fee Of $ 62 Million In LTC Was Only 50 Cents
Transaction fee for the transfer of 62 million dollars in Litecoin was less than 50 cents, which shows the high efficiency of the network, in comparison with traditional banks, where the Commission would be at least 45 dollars.
In the Litecoin network, fees have almost always remained low, even when transferring very large amounts, which makes the cryptocurrency even more attractive for international transfers in the digital age. Recently, one of the owners of the cryptocurrency transferred Litecoin worth 62 million dollars and paid a Commission of only 50 cents.
The transaction itself was part of a multi-signature transfer. Wallet security is critical in the cryptocurrency industry, and this “extra feature” confirms the owner’s intention to keep money safe. With such low transaction costs, there is no reason not to use additional options to guarantee security, but even with them the total amount did not exceed 45 cents. This is a very strong sign of how effective the Litecoin network can be when transferring large sums of money.
In recent years, many members of the crypto community have criticized Bitcoin for high transaction costs: now the average fee for sending bitcoin is 37 cents, which is significantly less than the fee of December 2017 in 25-55 dollars. A few weeks ago, a bitcoin transaction for 194 million cost only 10 cents, which showed that the Bitcoin network can be more efficient than Litecoin under certain conditions. Sending money at the right time can be almost free. In October, the Ethereum network hosted a transaction worth more than $ 181 million, which cost only 6 cents of Commission and was completed in less than a day. At the same time, the analyst Joseph Young noted that today the transfer through banks of the amount of 1 million dollars is worth 10 000.
The war for the lowest transaction costs continues. Commissions for the transfer of almost all cryptocurrencies, with the exception of Bitcoin Cash, has been falling steadily in recent weeks. What is surprising is that Bitcoin Cash has positioned itself as a more efficient network than Bitcoin, but transaction costs have risen to $ 0.0285 in recent days, which is cheaper than Bitcoin, but more expensive than Ethereum, Litecoin and XRP.