Litecoin [LTC] – After Litepay fell apart, many were quick to write-off Litecoin. As a matter of fact, the price of Litecoin stagnated from that point on. However, Litecoin just proved naysayers wrong. Yesterday, a $99 million transaction was done through Litecoin at an unbelievable cost of just $0.44, and in under 150 seconds.
Details of the transaction were posted on Twitter and the Litecoin community was super excited about it. It is simply unbelievable! No bank or even online payment platforms has managed to achieve in their history. Sending such an amount through traditional methods would have taken days, and some unimaginable transaction costs.
So what does this mean for Litecoin [LTC]? Well, there are some people who believe that this could mark the end of PayPal and other online payment platforms. If you look at this issue critically, this could actually mark a seismic shift in the world of finance. We are about to see a world where banks could become irrelevant. That’s because the need for a third party in sending and receiving money is all but diminished.
If someone can send such a large amount of money at a cost of less than a dollar, why would anyone need a bank? This is actually a confirmation of bank of America’s assertion that cryptocurrencies are a risk to their business model. In the future, we are likely to see more people take an interest in Litecoin as their preferred method for sending international transactions, based on the positive publicity of this transaction.
The best part about all this is that Litecoin has proven to have the capacity to handle high value transactions, which is good for its long-term value. In the recent past, several of the major cryptos such as Bitcoin and Ethereum have proven inefficient in handling such large-scale transactions. That’s why in December when Bitcoin payments became slow and expensive due to increased demand, people turned to Litecoin. Therefore, this transaction is simply a validation that Litecoin [LTC] is in fact one of the few major cryptos that is fit for day-to-day transactions.
We are likely to see an increase in the merchant adoption of Litecoin. In fact, it won’t be surprising if a major corporation such as Amazon adopts Litecoin as a payment method in the near future. It has everything it takes for such a high-level adoption in terms of speed and costs.
For investors, this is probably one of the best times to get into Litecoin this year. That’s because this transaction has taken place at a time when Litecoin’s price is pretty beat up, trading at a pale shadow of its December highs. This makes it highly undervalued on the basis of fundamentals. This news has also come at a time when the entire crypto market is on a rebound. If things continue in their current trajectory, Litecoin could close the year at $1000 and above. I don’t know about you, but I am definitely HODLing Litecoin [LTC] all through 2018 and beyond. The future looks bright!