Sending millions around the world

In the world of finance, transferring money around the world can be expensive. This is especially true where banks and other service providers are concerned. On the other side of the spectrum, we have the cryptocurrencies and a recent $99 million Litecoin transaction barely costing$0.4 in fees.

Remittances Remain Expensive and Slow

Transferring money across borders is not the most straightforward process. Banks charge rather high fees, often dependent on the country of the recipient. Additionally, such transfers take anywhere from one to five business days, which is unacceptable in this day and age. Making a positive impact in this regard is not all that easy.

The Litecoin Transaction Tells the Story

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.