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Litecoin Challenges Bitcoin Real World Usability Domination

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Litecoin Bitcoin

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

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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