If there is an argument as to why cryptocurrencies should stay, it is the fact that cryptocurrencies offer cheap and reliable transaction. Blockchain technology shows a good number of applications ranging not only in personal transactions but even in banks.
And just last Thursday, Litecoin has been getting the attention of the cryptocurrency community for this reason. Around $99 million-worth of Litecoin has been transferred between two crypto wallets in just a single trade on Thursday. And with this move, it has garnered enough attention on Reddit. The thread has become the third most popular post on Litecoin subreddit by Friday afternoon. And the reason behind its popularity is the minimal fee and the fast transaction involved in completing the transfer. It shows that it took only just 2.5 minutes to settle everything not to mention it only costs around $0.40 in mining fees.
A Reddit user even mentioned that “Worth surfacing up here that the $99 million transaction cost just $0.40 and took 2.5 mins”.
A Difference From the Traditional Financial Standard
If you will compare traditional financial institutions to cryptocurrencies, the same type of transaction would’ve taken days in order to clear. It would’ve involved multiple parties and include a hefty fee. And for those who truly believe in the potential of cryptocurrencies such as Ripple and Litecoin, this is proof that it can actually be a reliable alternative to what we currently have.
Development by Litecoin
According to Charlie Lee, Litecoin’s founder, there are some developments in the digital currency that can make things a bit more exciting. Recently, the altcoin seems to be getting the support of Korbit, which is one of Korea’s oldest exchange platforms.
In his tweet, “Tomorrow, @KorbitBTC will launch LTC trading. It’s awesome that one of the oldest Korean exchanges will now support Litecoin. I still remember asking Korbit many years ago”.
And this news simply went viral. Many crypto enthusiasts have rejoiced the news of LTC included in Korbit. Within 24 hours, Lee announced on his Twitter that Korbit has already recognized Litecoin. He tweeted “Korbit is now trading Litecoin”.
After which, it seems that Charlie Lee isn’t even done yet. He even tweeted “The last remaining major exchange not supporting LTC yet is @GeminiDotCom. What are you waiting for?”.
Just how big exactly is this news? Korbit has been known as the most popular and largest cryptocurrency exchange platform in South Korea. It is also the first Bitcoin exchange platform and has been founded by high profile investors. What made Korbit popular is its low trading fees of 0.1% for maker trades and 0.2% for taker.
And as expected, Litecoin’s price spiked in value. It has managed to rise up to $154 on April 20. However, it was worth mentioning that just a week ago, Litecoin was trading around $125. Being 6th largest cryptocurrency today with a total market cap of over $8 billion, there is a bright future ahead for this cryptocurrency. Considering the development announced by Lee, and the function that it has provided recently, there is a chance that we are going to see Litecoin being widely adopted in the near future.