Today the biggest fun news in crypto was about a Litecoin transaction. Long story short, someone made a one-off 700,000 Litecoin ($99m USD) for a fee of 0.00284289 LTC (0.4 USD), within 3 minutes. See for yourselves.
I can imagine how annoying and irritating this might sound to bankers. At the least 3% handling/admin/processing fee, this transaction alone will incur a fee of 30,000 USD. Bankers or money transfer service providers just lost the profit equivalent to a house down-payment. Even if they promise to offer a huge discount on the fee, how long will it need to be processed? More than 3 minutes if not for 3 days.
I don’t even feel like mentioning that Steem could do that amount of transaction for free within 3 seconds.
I can’t help but list the troubles one is going to face doing such a huge transaction with the banks.
- Some authorities will be triggered and you will have to prove the legitimacy of the money.
- You might be under government surveillance ever since.
- Tons of paperwork awaits you to complete for the processing.
- Transfering or receiving bank entities might go away or preventing you from accessing your money for whatsoever reason.
- Losing a brand new car by paying the ridiculous fee.
- Anxiety for a few days(if not weeks) while waiting for the transaction to complete.
Banksters should be seriously worried by this fun news.
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