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 It's slow, expensive and outdated.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/
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.
