Bitcoin, Crypto currency, Blockchain

1.15 million Litecoin will not move in the value of 61 million U.S. dollars

1.15 million Litecoin will not move in the value of 61 million U.S. dollars

Home News 1.15 million Litecoin will not move in the value of 61 million U.S. dollars

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Marcel Knobloch –
11.11.2018

In Litecoin network last week was made a great transaction in which a new Segwit-M address to the richest litecoin address within the network. Due to the low transaction fees within the Ecosystem, the Transfer for couldn’t even take a Dollar.

The Blog of the network that a very large transaction, with a total of 1.15 million LTC were moved to a total value of over 60 million US dollars to the transaction cost of 0.5 US Dollar. The funds of some of the older addresses to the new Multi-Signature or Segwit-M address. The largest Transfer 1,139 million Litecoin to new Litecoin wallet addresses.

Older addresses differences in terms of SegWit addresses in terms of transaction speed and security. A SegWit transaction offers a lower transaction fee and also allows for more transactions per Block, resulting in faster transactions.

In addition, the transaction has been patched, so that the transaction ID can be changed before it is definitively confirmed. In this way, users of the network can specify that the transaction was not carried out, even if all the conditions are met. The Transfer of Litecoin was carried out in several smaller transactions of 20,000 LTC.

So far, is not yet known who made these transactions, but the assumption is that an Exchange has moved your Litecoin funds to a Cold Wallet, to Park an enormous sum in a safe place. The transition to a Multi-Signature Wallet offering a higher level of security since multiple parties need to agree on new transactions, before this can be carried out.

Even if this transaction is not the first of this order of magnitude, it shows the advantages in terms of transaction speed and fees compared to traditional financial systems.

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