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Litecoin (LTC) gets chosen as a means of exchange

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We all know, Litecoin is one of the most significant cryptocurrencies in the market today. It’s a digital asset that is poised to take over the banking system by storm by creating a better and faster means of payment. This cryptocurrency has been piped to become the number one means of exchange for the world’s financial institutions, as it is fast and cheap; with Litecoin, you can pay for goods at a fast rate with little charges.

Furthermore, it is necessary to know that Litecoin (LTC) is often regarded as the silver coin to Bitcoin. It has also been considered to be very similar or a clone to Bitcoin. Even though Litecoin is similar to Bitcoin, it is much faster and efficient.

The digital asset has been chosen by banks and other financial institutions as a means of exchange, due to its ‘Lightning Network’ as it is off-chain scaling. It is also necessary to keep in mind that there may be other crypto-coins that may serve as an alternative, but Litecoin is considerably faster and cheaper.

Litecoin has also gotten the backing of the UN as they were present at the recent Litecoin summit which also hosted important dignitaries such as Bill Barhydt, ABRA founder and CEO, Eric Brown, Aliant Payments CEO, Franklyn Richards, Director of Litecoin Foundation, Elizabeth Stark, Co-Founder and CEO of Lightning Labs, Diego Guittiérrez Zaldívar, Adam Draper, Elaine Ou, and Eric Brown.

The Recent Happenings on Litecoin Price

Litecoin is aiming to get cheaper regarding its transactions. LTC is regarded as the 7th most valuable crypto in the crypto-space; the digital asset also declared in a Medium Post that it would “lower network fees by more than half.”

Subsequently, Litecoin’s developers stated that the critical step was stirred by “last year’s run-up in the price of LTC when the tx fees regularly reached up to and over $0.10 on average per transaction and peaking at just over $1.”

Litecoin’s decision to lower the fees will foster its mass adoption. LTC developers said,

We’re not even close to block limits and the block size on disk is pretty small (20GB) relative to other coins”

We do know that market activities usually determine the charges on cryptocurrencies, but developers have the capability to set these charges to a minimum amount – which is now at 0.001 LTC/ kB.

Earlier on, Litecoin’s developers failed to reduce LTC transaction charges during the last LTC bull run, but the Foundation has stated that its transaction charges will stay lower when the next bull-run comes up and not the other way round.

Litecoin’s decision to reduce fees is one of its latest actions to stay relevant amidst the big competition it faces from other digital coins such as Ripple’s XRP. Even on this fierce competition, Litecoin still has an edge due to the renowned recognition and the listings on notable exchanges. Nonetheless, its Lightning Network is making it more appealing to most financial institutions today.

Lastly, LTC is trading at $52.35 and in the red at the time of writing. The crypto has a market capitalization of $3,082,579,314.

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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 and read our full disclaimer.

Image courtesy of MabelAmber/Pixabay

Bitcoin

The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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Why Blockchain Projects Keep Failing

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If you’ve been keeping up with news coming out of the blockchain community over the past year, you’ve probably heard countless projects hyped as the next best thing—only for them to fall off completely off the map a few months later. While some of these projects offered no practical solutions and seemed destined to fail, others creatively used blockchain technology to enhance the way we perform day-to-day tasks.

So, What’s the Problem?

For starters, many of these founders have no real experience running a business or managing finances. Instead, teams are usually comprised of programmers and tech geeks with the ability to develop blockchain-driven apps, but have no clue about project management, allocating resources, effective team building or marketing.

What’s more, when you look at the average blockchain start-up’s website, you’ll probably find a list of team members with accolades a mile long. And many of these “achievements” are in similar blockchain projects that have yet to take off. This makes it hard to distinguish between what is hype and what is credible information, which scares off all but the high-risk investor.

Project Success Starts at the Team Level

The sudden interest in cryptocurrency and blockchain technology can be compared to the California Gold Rush. Everyone wants to get in on the ground floor so that they can make as much money as possible.

Unfortunately, this mentality isn’t just…

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