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
Why Blockchain Projects Keep Failing
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.
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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.
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STEEMIT Running Out Of STEAM?
Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.
If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees like…
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In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?
However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.
Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.
We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:
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