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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

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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