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Litecoin Challenges Bitcoin Real World Usability Domination

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Litecoin has proven beyond a shadow of a doubt that they have earned their place among the top cryptocurrencies. Their committed development team and high level of real-world adoption gained them that spot. Ever since their split from the original Bitcoin Core blockchain in 2011, they made a name for themselves in the crypto-sphere. The coin itself was created by former Google employee Charlie Lee, and it is decentralized in much the same way as its parent. Critical differences in the code base allow it to move faster and cheaper than the original Bitcoin blockchain.

The Litecoin Foundation was created to provide financial and technical support. The foundation is the main source of continued development on the Litecoin blockchain. Their funding comes from agreements with certain exchanges and continued fractional donations from miners. That funding then goes directly to the Litecoin Development team. They then implement new code within the open source network, with the assistance of the community at large.

The Silver to Bitcoin’s Gold

Although originally conceived as a usable digital currency, Bitcoin’s sharp rise has priced it out of that use. Most crypto-investors see Bitcoin as a store of value, similar to how real-world investors view gold. That makes them more inclined to keep their money in for a longer period of time, and less inclined to pay directly using the system. It doesn’t help that Bitcoin’s cumbersome blockchain has resulted in long transaction times and high fees. It was these facts that led Charlie Lee to originally choose to hard fork the Bitcoin blockchain.

Litecoin completes a block every 2.5 minutes – four times as fast as the Bitcoin blockchain. That allows more transactions per minute, but at a higher difficulty. The additional computation needed provides a higher rate of transaction processing, and lower fees due to a lack of congestion. These factors combine to make Litecoin a more accessible cryptocurrency for new investors, while still maintaining a high value. Some have suggested that Litecoin may serve as the silver to Bitcoin’s gold, with a lower entry price and a greater ability to accumulate.

LitePay, LitePal and Real World Currency

The greatest obstacle to full, mainstream adoption of cryptocurrencies lay in their difficulty of use. There is still a harsh technical barrier of entry to the various exchanges, and a sharp learning curve even after you’ve managed to reach them. Litecoin is one of the most easily accessible cryptocoins, alongside Bitcoin and Ethereum. It can be easily bought on several front-facing exchanges like Coinbase. That goes a long way towards bringing it to mainstream investors, and their recently announced payment systems further that goal.

LitePay’s release is imminent, with an expected full launch date of February 26th. The much-touted system will allow users to pay directly at the point of purchase using a Visa compatible card. The Litecoin stored within their LitePay wallet is converted instantly to fiat, with a flat 1% fee on all purchase – a significant decrease from the 3% usually charged by credit cards. Coupled with already fast transactions and low fee structure, LitePay will catapult Litecoin to the front of real world use.

Coming in the near future, the Litecoin Foundation has also announced the LitePal system. Where LitePay is for use in the real world, LitePal is a digital currency system similar to PayPal. Merchants can place an easy to use widget directly on their website, but LitePal itself will also integrate with existing structures. Offering high security and personal information protection, LitePal will serve as the digital arm of Litecoin’s two-pronged approach to adoption.

Litecoin on the Rise

LitePay’s upcoming release spiked the price of Litecoin to levels not seen since early December. Their per coin price is still fairly reasonable compared to the other top currencies, hovering in the near $200 range. This is combined with a market cap that’s still only 10% of Bitcoin and a little less than half of Ethereum. That leaves a lot of room to grow, and it looks like Litecoin’s poised to do just that. One commonality among the top 5 coins is that they serve a unique purpose in the crypto-sphere. For Litecoin, that purpose is real-world use as a currency, and they’ve proven that they realize that fact.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of miguel_out Photography via Flickr

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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