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Litecoin (LTC) struggles to keep gains obtained in Abra adoption

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Recent reports confirm that the celebrated commitment for a payment network between Litecoin (LTC) and Abra, related to the smart contracts of the peer-to-peer cryptocurrency, reached a massive failure today after the asset happened to have an opposite effect and instead of broadening the gains, ended up reversing previous earnings.

Let’s recall that Abra raised the critical number of $40 million during its last funding round, an event after which the company announced that at the end of March it would run its plans of using the smart contracts from Litecoin with the purpose of powering their exchange and wallet platform.

Following this declaration, LTC went up with a significant gain of 20 percent, a number that according to the cross-exchange information provided by CoinMarketCap, made the cryptocurrency hit a fantastic price of $136 on Tuesday, 3rd April.

Moreover, regarding the partnering decision with Litecoin, Bill Barhydt, the CEO of Abra, explained the situation by highlighting the importance of being congruent with the market.

He stated that by choosing Litecoin smart contracts over the ones powered by Ethereum, the company was being more conscious of what was going on around the market; and that, in fact, by doing so they were actually closer to be compatible with the leader of the sector, Bitcoin.

Subsequently, he detailed:

“We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short term (block size and block times); 3. mining fees which are primarily a function of #2 although this is more of a short term benefit as mining fees would likely sky rocket if we’re successful anyway!”

Furthermore, the CEO declared as well that according to the company’s goals, Litecoin would more likely become Abra’s “primary asset class” within a few weeks to come.

After all the declarations given by Barhydt on behalf of Abra, most of the Litecoin investors felt encouraged to believe in a brighter future for Litecoin. Nonetheless, since last week the prices of the coin went into a tailspin in response to the sudden closure of the merchant medium LitePay.

The abrupt event was very unexpected since the retailer gateway had only opened its doors a couple of weeks earlier, and just when they were starting the business got down.

This way, the whole landscape for the Litecoin currency doesn’t seem very promising, in fact, the virtual coin created by the company lost almost all of the earnings made because of the alliance with Abra, even reaching a price of $118 today.

Regarding the facts, last week, Charlie Lee, the creator of LTC established a very demotivational statement by expressing:

“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs,”

We will be updating our subscribers as soon as we know more. For the latest on LTC, sign up below!

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 BTC Keychain via Flickr

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How Can Foreigners Get Loans in Singapore

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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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