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Litecoin (LTC) Charlie Lee Shares his Opinion on Lightning Network

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The attitude towards the Lightning Network grows even more positive after yesterday’s tweet posted by Litecoin founder, Charlie Lee. Lee has announced strong support for the Lightning Network (LN), and stated that it is an excellent solution for atomic swaps and boosted BTC transactions.

Charlie Lee stands behind the Lightning Network

The Lightning Network has gained another strong supporter, with a large part of the crypto community standing behind him. The founder of Litecoin (LTC), Charlie Lee, did not exactly try to hide his support an enthusiasm for LN. He was especially supportive of it yesterday when he released a tweet stating that the LN might even become a full decentralized exchange, where LTC could play a large role.

According to him, those who find that BTC takes too long to process the payments, and has too high fees could easily open an LTC payment channel. This is much cheaper and quicker solution, and going through with atomic swaps in order to get Bitcoin (BTC) is the easiest thing to do at this point. Generally, his opinion is that LTC has a great potential to become the best crypto to be used on LN.

According to Lightning Labs, the network already has a beta feature that allows the selection of two coins. However, the connection has yet to go live on the MainNet. On the other hand, LTC already has an independent LN and has already finished testing the atomic swaps. Still, there is still no realistic way to achieve interoperability between the blockchains.

Despite this, LTC continues to remain among the most actively used cryptos due to its low transaction fees and great speeds. Bitcoin’s network is also working to overcome these issues, and the fees are already a lot lower than they used to be. Through the use of LN node routing, Bitcoin is also trying to increase the size of the transactions as well.

The LN still has potential, it just needs better solutions

The Lightning Network has been in development for several years now, and the team behind it has made a lot of progress in that time. It eventually went live earlier this year, in March, and it started out as several experimental channels that were used for making very small transactions.

Soon after the launch, a number of traffic troubles appeared, and there were even some small losses during at the beginning. The risks were still present, and the users were advised to only test the network out, and not use it for serious, large transactions. Despite the rough start, things did get better over time, but there is still much work to be done, and the LN’s capacity remains limited to this day. Additionally, not all of its nodes have the same level of importance.

As an attempt to expand the LN, Viacoin’s (VIA) chief developer tried to connect it to the Bitcoin Lightning Network. However, such attempts have failed. However, Viacoin does seem to be the right candidate for future swaps with Bitcoin, and so does Decred (DCR).

For now, the LN remains an experimental setup, at least until the major issues are resolved. There is still a lot of testing involved, and even more that has yet to be done. However, Running a node on LN is not free, and the larger the node, the bigger the influence that its owner has.

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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.

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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