Litecoin, a 50-cent fee for a $60 million transaction
Litecoin, a 50-cent fee for a $60 million transaction
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Litecoin, a 50-cent fee for a $60 million transaction

By Fabio Lugano - 13 Nov 2018

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A transaction of over 60 million in Litecoin (LTC) was recently executed for a commission of only 50 cents.

This would be the largest transaction in this cryptocurrency involving 1,159,005 LTCs.

The transaction appears to be a consolidation of funds passed from an address with multisig features, which until then was the richest among those with LTC, to another address that automatically became the richest.

In addition, 76 million Litecoindays have been deleted, thus marking a huge leap in daily volumes.

The ownership of the wallet from which the amount was transferred is unknown, but it is known only that its enormous volume was generated by a set of transactions, each of which from 5 to 20 thousand Litecoin.

It is probably a fund with a multiplicity of holders, given its multisig characteristic.

Litecoin Core 0.17

The introduction of the Litecoin Core 0.17 update has led to a halving of LTC’s payment fees.

This is a choice made by Litecoin’s development team in order to expand the practical use of the cryptocurrency and facilitate its use in payments.

The amount of the commission depends on the size of the transaction’s information in a block. In this case, the compensation is minimum, considering that currently, each block of LTC generates $1300 in new coins and the transactions fees are $2.

However, the objective of Litecoin Core 0.17 was to reduce the cost per transaction and it has done so successfully, as the bitinfocharts graph shows:

Fabio Lugano

Graduated with honors from Bocconi University, Fabio is a consultant for companies and wounded shareholders of the Banche Venete. He is also the author of "Scenari Economici", and lecturer and analyst of cryptocurrencies since 2016.

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