Despite all the technological advances made with websites and mobile apps in the last twenty years, the cost of accepting a payment online can still be up to 2.9% and $0.30. For items less than $10, this is a significant fee. Cryptocurrencies including Bitcoin and Litecoin can decrease these transaction costs. Recently sent 0.05 litecoin from a PC wallet to a Coinbase wallet. This was about $4.50. The fees noted BlockCypher was about $0.02. Financial transaction fees are the last friction point in commerce reduced by technology.
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GDAX is a trading platform connected to Coinbase. Bot trading does exist for Litecoin. Multiple small trades are being performed on the exchange for about $1.40 per trade. These might be a large amount of automated trading by computers to generate returns through an entire day of trading. As of December 2017, the bigger trades on GDAX are few and far between. Some are from 10 to 70 litecoins, which is roughly $3,000 to $21,000. GDAX does integrate well with Coinbase and allow limit orders.
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Barriers to global trade. Instant payments would facilitate global trade. However, to have instant payments, a person needs a bank account and a way to accept credit card payments. Some payment processors require a 3% fee to accept credit card payments. Low cost cryptocurrencies such as Litecoin can be a solution to facilitating global trade. Shifting between two currencies also creates significant fees which can also be solved by using a single cryptocurrency. Other controllable costs are shipping expenses and tariffs.
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