With the growth of cryptocurrencies, 2018 is the year of infrastructure development and many blockchain technology critics are beginning to shut up. The Litecoin (LTC) $99million transaction for a mere $0.4 is a clear indications that the industry disruption is about to become real soon.
Money transfer has always been slow and expensive but Litecoin has shown this is soon going to change. With what appears like fraud from other money processors, consumers will have a choice when it comes to the fees being charged on financial transactions.
Money transfer across borders has never been this easy and many cryptocurrency enthusiasts are watching on the sidelines. Many banks and money processors are known to take advantage of their customers due to lack of options. The time it takes for money to move from the sender to the recipient has always been a big drawback. Litecoin has shown speeds can be achieved to transfer money in emergencies as well.
Litecoin (LTC) Money Remittance Fees
When transferring money from one bank to another takes days or even weeks, Litecoin has shown that it can take less than 3 minutes to move a huge amount of money irrespective of the distances separating the sender and receiver. We live in modern times that require almost real time transactions.
With the likes of Western Union and MoneyGram speed and cost of sending money across the borders has always slowed down businesses. With affordable and quick alternatives, blockchain based systems are going to be the natural choice.
The money transfer user is becoming aware and looking for value for their funds. Charging a flat rate for any amount sent is better that charging a certain % of the total amount sent and that is where the industry is going to be disrupted. Banks also charge for foreign currency conversion unlike systems like Litecoin. This could mean a realignment in the traditional financial institution or the will be forced to ship out of business.
Meaning of the Litecoin (LTC) $99 Million Transaction
The transfer of $99 worth of LTC from one user wallet to another user wallet came as a surprise to many. This is the reality on the grand: Litecoin is here to stay and is going to make life easier for those who do transactions locally and across the borders.
The beauty of it all is that the fees are low for such a huge figure. Many could have expected something like 1% of the total amount. This might even go into record books as the first high profile transactions with the lowest fee. Those in the banking sector must be swallowing hard for letting the deal go to the competing technology. This makes bank transactions look like real fraud.
The fee is part of the benefits associated with decentralized systems. For only $0.40, $99million is send and received in less than 3 minutes. Well this is the benefit of a system that has no middlemen or brokers. If this was your typical bank, it could have taken a week, high fees and above all, a lot of suspicion; the more they hold the huge sum of money in their systems the more interest they earn.
The Litecoin (LTC) Anonymity
One good thing about Litecoin and the blockchain technology is the anonymous nature of transactions. No one knows the sender and the recipient of the millions worth of LTC. This makes the system superior compared to the traditional money transfer systems.
The convenience and security of the transfer is what lacks in the current money transfer systems. This could be the long awaited wake up call for banks and other financial institutions to embrace the latest technology. You cannot wish away the blockchain technology.
CryptoFivers 