Charlie Lee must be a delighted man. It’s been a fantastic week for Litecoin, and while we all keep talking about other cryptocurrencies and Litecoin slips under everybody’s radar, they are scoring incredible achievements that can take the token’s value all the way up to 100 USD and maybe even beyond.
Just look at this three outstanding achievements and keep in mind that they all happened within a single week:
The Litecoin Foundation acquired a 9.9% stake in Germany’s WEG Bank.
Last July 10th announced a strategic partnership that is nothing short of spectacular. In Charlie Lee’s own words:
“This partnership is a huge win-win for both Litecoin and Tokenpay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin. I’m also excited about Litecoin’s support in Tokenpay’s decentralized exchange.”
Other announcements for new strategic partnerships announced along the week were:
- Multisignature Transaction Engine
- TPAY Cryptocurrency
- eFin Decentralized Exchange (DEX)
- WEG Bank FinTech Platform
Abra enables purchases of bitcoin, ether, litecoin, digibyte, monero and more using your Visa or Mastercard in over 50 countries. https://t.co/RHUfLJjty3
— Bill Barhydt (@billbarhydt) July 13, 2018
All of the above will be using Litecoin’s blockchain technology to develop their blockchain initiatives. But owning a piece of a bank is the real story here. Litecoin didn’t buy the shares. They were TokenPay’s, and they gave it to the Litecoin foundation against the technology, expertise, and work of the LTC team and founding members.
It’s 9.9% only because that’s as high as you can go to Germany without running into the regulatory red tape. But TokenPay is still positioned to buy up to 70% of the bank, and they will remain a very close partner to Litecoin.
Let’s take a minute to think about what this means. Here we have a cryptocurrency that owns (at least partially) a real-life bank. Let’s face it. Nobody saw this coming; everybody expects banks to buy cryptocurrencies if they get involved in the cryptocurrency game at all. So this alone is a fantastic example of original thinking and bold strategic planning from Charlie Lee.
But that’s the least of it. The hardest obstacle any cryptocurrency has to overcome is to jump from a bunch of esoteric code running on a geek’s hardware into a real-life product that can solve real-life problems for real-life average people with no expertise in cryptography, programming, mathematics or IT. And this is precisely what this event can do for Litecoin.
Just imagine that now the Litecoin foundation can use its brand new bank to issue Litecoin-based credit and debit cards. That would allow all kinds of people from all over the world to rely on Litecoin for their daily financial needs. Without having internet service, without owning a digital wallet at all.
Can you imagine using Litecoin to buy your cigarettes, to pay for your groceries in any place in the world that takes Visa or Mastercard? Well, you can start now, it’s much closer than everybody thought.
If that kind of common financial technology becomes available through Litecoin, that will mean a huge boost in demand and new users who maybe won’t have the faintest idea they’re on a blockchain. And that will translate into market performance for Litecoin.
The Robinhood App adds Litecoin support.
The Robinhood App is a mobile phone application with an emphasis on ease of use and lack of transaction fees for cryptocurrency trading. It’s currently available in seventeen states in the US (with more to come). In this magical Litecoin week, the app announced it would include Litecoin among the coins available to its users. They also listed Bitcoin Cash.
— Charlie Lee [LTC⚡] (@SatoshiLite) July 12, 2018
The #PayWithLitecoin campaign keeps advancing, only now it looks real
Litecoin has been encouraging its users to use Litecoin in the real world. The campaign includes a Twitter hashtag. While nothing so revolutionary has happened with that, the fact is that it keeps moving forward and it seems to be working. This more moderate good news is still good news as using a coin begets demand and demand prompts performance.
So now you know. Litecoin has been doing great while we were all just looking the other way. Maybe we should not make that mistake again, especially when they reach the USD 100 mark.
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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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XRP Surges By 8% In A Surprise Bull Run
The new price surge that surrounded almost the entire crypto market brought quite a pleasant surprise for XRP holders, as Ripple grew in price by over 8% in the last 24 hours. In fact, XRP managed to achieve a price surge equal to that of Ethereum as of this morning.
While the third largest cryptocurrency is still quite behind ETH when it comes to market cap, many believe that it is only a matter of time before XRP regains its former glory. With that being said, a lot of people are still more than pleased with seeing Ripple climbing back to more stable levels, especially after a big price drop that hit the coin last week.
The new hike up allowed XRP to climb back to $0.446322. While this is still low when compared to its highest point in the last week ($0.52), the coin still seems to be well on its way to recovery. In fact, many believe that XRP has found a new bottom, one that is significantly higher than the last one. Most of this new success can be traced back to a price surge that Ripple has had recently when it even managed to briefly overthrow Ethereum as the second largest coin by market cap.
Despite its drop since then, XRP still remains one of the coins with the strongest growth in the last month. While the market is still far from stable,…
If Tether crashes, will that money pour into Bitcoin?
For a long time now, the so-called stablecoin, Tether (USDT) has been a topic of discussion within the crypto community.
Tether, as a stablecoin, is said to be fully backed by the USD. This allowed it to be one of only a handful of cryptos that can avoid volatility issues, due to the fact that it is backed by a stable fiat currency. However, for as long as it was around, Tether was very secretive of its bank accounts and funds in general.
While claiming to have the ability to back each of its USDT coins, many have questioned whether or not this can be true. At the time of writing (October 16, 2018), Tether has released 2,256,421,736 USDT in circulation. This means that it needs to have at least $2,256,421,736 in order to cover its circulating supply.
At this point, three questions emerge, and answering them could very well change the future of this stablecoin. The questions are as follows:
- Are all USDT coins fully backed?
- If yes, then where did that much money come from?
- If not, what will happen when the market discovers the lie?
Tether continues to keep secrets
As mentioned, Tether has always claimed to be able to back each of its coins. However, instead of operating on transparency, the coin used different tools, mostly opaqueness, misdirection, and playing the victim whenever someone tried to unveil what is truly going…
Is Bitcoin (BTC) Better Than USD?
Despite all its recent progress, cryptocurrencies still do not inspire trust in a lot of people. Many view them as unsafe money, with its very nature being doubtful. However, a recent report by the Polish Academy of Sciences’ Institute of Nuclear Physics shows that situation regarding cryptocurrencies may not be as bad as it seems. In fact, the report claims that Bitcoin might even be a better currency than it looks like.
Bitcoin vs traditional money
Bitcoin, as many are already aware of, is the first cryptocurrency. It was created a decade ago and was officially launched in 2009. But, even though it has been around for around 9 years at this point, it is still largely mistrusted by a lot of investors, especially when it comes to large institutions.
However, thanks to the Cracow-based Institute of Nuclear Physics’ recent report, this common opinion might actually be wrong. The Institute has conducted a detailed statistical analysis of the BTC market and has published the results in a scientific journal called Chaos: An Interdisciplinary Journal of Nonlinear Science.
Surprisingly enough, the report portraits Bitcoin in a very positive light.
The report started by commenting on the credibility of traditional money. In the past, money that people have been using was backed by specific material commodities, such as gold. These commodities gave the money its value and served as a guarantee that the money actually has worth. This is…
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