A recent PSA made by the Twitter handle of Bitcoin.com measured the Litecoin transaction fees along with many altcoins. The cryptocurrency (LTC) was one of the altcoins highlighted – with the average transaction fees for the cryptocurrency being 0.04% as depicted on Bitinfocharts.
The news has created a social media outrage, with many supporters from both projects fighting each other about their favorite cryptocurrencies and the basis of their transaction fees and time. However, Litecoin (LTC) has an exchange platform that is well known for its low fees (0% for investors and 0.2% for revenue producers). Recently, it was revealed that Litecoin has been deploying high transaction rates for users. The average rate at which the transaction is ensured is 0.4% which is double the customary rate.
The entire situation is very contradicting – as the cryptocurrency claims to have the lowest Litecoin transaction fees of 0.2%. Meanwhile, Bitcoin Cash (BCH) offers 0.004% as the average fees for transactions which is 20 times higher in comparison to Litecoin. Bitcoin, on the other hand, processes at the rate of 10 minutes per block.
Currently, there has been one $99 million Litecoin transaction that proves the cryptocurrency is the future. The transaction was done at an unbelievable cost of only $0.44 and in under 150 seconds. This is what gives Litecoin massive potential and what makes it the potential ‘feeless PayPal of the future.’
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