Litecoin (LTC) is peer-to-peer cryptocurrency; it was one of the first ‘altcoins’ to be developed after the advent of Bitcoin (BTC). It was founded in 2011 and was released under the MIT/X11 license.
Litecoin was the first cryptocurrency to adopt SegWit and Lightning Network (LN) which has made the network faster, cheaper and more secure. For long it served as silver to Bitcoin’s gold, Litecoin is still the best choice to send value while using cryptocurrencies.
Recently only, one of the most notable transactions on the network was recorded which cost only 50 cents to send. The most expensive transaction on the Litecoin network involved the transfer of $62 million in value.Litecoin might be the next leader in global remittance. A transaction of ~$62 million just cost the sender 50 cents. Click To Tweet
The amount of LTC transferred is 1,159,005.90779586, the network fees to send the transaction was only 0.09 LTC which is even less than 50 cents. The transaction was made in groups of 20,000 LTC each and included the ‘M-address/SegWit Address‘ for security purposes. The transaction was sent on 9th November 2018, between two anonymous addresses. The addresses are believed to belong to an exchange or core group of Litecoin developers. The total amount in fiat accounted to around $62 million.
The transaction also highlighted another interesting measurable aspect of cryptocurrencies; the number of coin-days destroyed. It is a measure of the daily transaction volume of the coin evaluated by considering the nascent wallet days multiplied by the number of coins. It is regarded as a more accurate evaluation of transaction volume, as a particular number of coins can be transferred back and forth between a couple of addresses to increase capacity.
The number of coin-days destroyed for this particular transaction is 71,611,934.35, which is around 65 times the number of coins. Hence, the coins must have been dormant in the address for more than 65 days.
There are a majority of cryptocurrencies which boast of their transaction speed and lowered cost, Litecoin with this recent transfer made the news fast and reaffirmed itself as a leader in global payments and remittance.