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LiteCoin (LTC): The New Dark Web’s Coin of Choice

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LiteCoin seems to be entering the waters of the Deep Dark Web as this coin has become the top choice of criminals working with digital currencies in this unexplored dark part of the Internet. So far this place was reserved for Bitcoin, but as Bitcoin is slowly backing up, being slower and more expensive to work with, LiteCoin is taking its place by chance.

What does this mean for LiteCoin and what kind of future lies in the following months for this digital coin?

A Reminder about LiteCoin

When talking about LiteCoin the best coin to compare it to is probably Bitcoin. It is also impossible not to know, even if you are not as informed when it comes to cryptocurrencies, that Bitcoin was originally designed to be used for purchases that cannot be traced back to the person making that transaction or receiving money. That is how the original usage of Bitcoin tokens, otherwise known as BTC, was used for purchasing illegal products and services within the Dark Web. That is basically how Bitcoin become the largest coin currently available on the market – Bitcoin is THE original coin, it was the first prototype of cryptocurrencies, and it made a breakthrough in blockchain technology enabling new coins to appear and get launched. But, since LiteCoin is exactly by the mold that Bitcoin is made by, this coin seems to be expelling BTC out of the game.

How Come LiteCoin is winning over Bitcoin Users

Since transactions within LiteCoin are faster and cheaper, every coin holder who was early on using Bitcoin to make purchases on the Dark Web is now using LiteCoin. Now, the percentage of people who are actively involved with criminal transactions within the Dark Web is 30%, while Bitcoin usage dropped to only 13% on the Dark Web.

This is the case because you can get faster and cheaper transactions with LTC tokens than with Bitcoin, which is why people are selling off their Bitcoins or exchanging them for LTC tokens.

This is not only the case on the Dark Web because many investors and coin holders are also massively exchanging their Bitcoins for LTC. Not only does LTC makes up for faster and cost-effective transactions, but it also works faster while operating within its blockchains, providing members with the better user experience.

That is also how Bitcoin is losing on its value, and LTC tokens are growing rapidly, hitting the all-time high for this coin, which occurred somewhere in December 2018 when this currency was dealing at 360$ per one coin. During that time, Bitcoin wasn’t doing that bad either. However, the massive decreases in the trading price seem to be pushing BTC out of the game. Although this coin is still holding the first spot on the global coin ranking list, given the fact that BTC is at the same time THE original coin also making it the oldest digital token, it is only a matter of time when the majority of holders will pass onto other coins. LiteCoin in that story makes for a perfect alternative since it works exactly like BTC coins only faster and with far lower fees.

How will LiteCoin be doing in the following months?

LiteCoin currently holds the 6th spot on the global coin ranking list, dealing at 156$ per one coin with the latest decrease of a bit over -1% against the dollar, which is not that bad in oppose to the decreases this token suffered from only a couple of weeks ago.

Unfortunately for many users who were happy about the major increase back in the December 2017, LiteCoin was a part of the massive selloff that all top 20 cryptocurrencies have gone through. Still, the fact that this coin is being used on Dark Web as a commonly used coin with over 30% of purchases being done with LTC, it may occur that LiteCoin could be looking forward to a new increase after a series of horrible decreases.

The massive selloff took almost 40% of the total market capitalization of all existing coins, so the beginning of 2018 wasn’t as easy for the bog coins as it was predicted early on in December of 2017 when almost all tokens were going through a breakthrough, having a huge increase, one after another.

Is LiteCoin Worth it?

Regardless of the latest decreases that killed the price for more than a half of its value in only two months, LiteCoin is still holding on. A part of this ”holding on” comes from the fact that the Dark Web criminals simply love this currency, which is not bad at all when it comes to the price of LTC. The more one coin is used and purchased or exchanged, the more value it adds to itself.

If you add the fact that LiteCoin is mineable which gives more opportunities to miners, LTC has a future despite the recent extensive drops.

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 coinmarketcap.com

Blogs

Is Tether (USDT) really a stable coin?

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Tether
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Tether is one of the top digital assets in the crypto-sphere. The coin was launched in November 2014 after it changed its name from Realcoin so that the crypto community doesn’t associate it to the altcoins. It is important to know that Tether is a currency that helps to convert fiat currencies into digital currencies.

Moving forward, there have been lots of FUDs around Tether these days as regards to whether it is going to be a truly stable coin as the market has seen dips lately. Also, the FUDs around Tether have raised questions on whether there are any backings to the digital asset.

It is crucial to know that other factors have been attributed, and one of them was a report from last month that stated that Tether and Bitfinex, had gone their separate ways with Noble Bank. The separation made Bitfinex suspend fiat wire deposits – without no reason or whatsoever.

Tether, in regards to market worth, comprises about 92 percent of the market capitalization of stable coins. Also, this stable coin offers two purposes: to stabilize the volatility of Bitcoin, and also to preserve the amount of money purchasing power investors have at hand when the value of larger cryptocurrencies such as BTC drops.

The coin is a good alternative for traders when trying to cash-in on fiat currencies, as we do know that trying to move money from different exchanges to fiat…

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Blogs

TRON Partnership Involves Cloud Computing

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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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Bitcoin

Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?

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Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.

It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.

The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.

China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.

Furthermore, the country has adopted several…

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Elite