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Winklevoss Twins Eyeing Litecoin for Gemini Exchange

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Litecoin is gaining traction as one of the major cryptocurrencies on the market. Where Bitcoin has dominated the digital currency landscape, Ethereum is the same for smart contracts. However, Litecoin’s strong advantages compared with Bitcoin have made them a near parallel option. As exchanges expand and increase their offerings beyond the big two, Litecoin is almost always in the running for initial product offerings. Recent announcements by the Winklevoss Twins have suggested that the two are actively seeking to include Litecoin in their Gemini exchange. This is a major triumph for the cryptocurrency referred to as ‘The Silver to Bitcoin’s Gold.’

Litecoin’s Exchange Proliferation

Although technically an altcoin, Litecoin has repeatedly proven that they have the ability and the desire to compete with the major blockchains. It is still surprisingly difficult to purchase cryptocurrency directly with fiat. Most gateways focus on Bitcoin, but Litecoin has racked up a considerable amount of LTC/USD trading pair locations. Major exchange Kraken offers a direct fiat exchange for Litecoin, as does Bitfinex. While these are significant options, they still pale in comparison to the key gateway; Coinbase.

Above all other exchanges, Coinbase is the easiest to use and the highest volume for direct fiat exchanges. They offer only four cryptocurrencies; Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Due to their ease of use, Coinbase is the choice of most new investors. All inter-currency trading happens on sister site GDAX. Even the slightest rumor of addition to Coinbase can cause a currency’s value to skyrocket. That Litecoin is available on this site is a major feather in their cap.

The Gemini Exchange

As one of a select few cryptocurrency related businesses legally operating in New York, Gemini is an up and coming fiat gateway. Their slick presentation and ease of use are easily competitive against Coinbase. Further, the work that Gemini has put into obtaining licenses and certifications makes them one of the most reputable exchanges on the market. It helps that the owners and operators of Gemini are the vaunted Winklevoss Twins – known for a multitude of successful tech-based projects.

During recent interviews, the Winklevoss Twins have stated that they hope to introduce new coins to their exchange. When further questioned, they added that their immediate focus is on coins within the Satoshi family – Litecoin and Bitcoin Cash. This would open up new avenues for the futures offered by CBOE Global Markets, which operate exclusively with prices backed by Gemini. Obviously, this would also have a huge effect on the valuation of Litecoin itself.

Greater Adoption of Litecoin

Litecoin is in the middle of a marketing blitz. They have announced two separate products that seek to bring Litecoin use into the real world – LitePay and LitePal. LitePay’s recent release has hit a roadblock in the face of the recent cryptocurrency rejection by major credit card companies. However, it still provides the ability for merchants to fully integrate Litecoin transactions into their business. LitePal’s release is scheduled for later this year and will create a digital landscape for Litecoin use that operates in a similar fashion to Paypal.

If Litecoin continues to be adopted by large exchanges, we may see the overtaking of Bitcoin Cash’s market cap. This event is dubbed ‘The Flappening’ by the founder of Litecoin. This is a play on ‘The Flippening’ that investors anticipate happening between Bitcoin and Ethereum. While we are still quite some distance from this occurring, the array of positive news gives the idea a lot of credibility.

Crypto Quicksilver

The ‘Silver’ cryptocurrency has a bright future ahead of it. The low transaction fees and rapid processing already give Litecoin a massive edge over the competition on Coinbase. Users may buy into Ethereum or Bitcoin, but the smarter investors don’t leave the exchange using these coins. The ability to trade ETH and BTC for Litecoin on Coinbase’s GDAX exchange severely reduces the fees associated with funding an exchange account.

The same will almost certainly be true of Gemini if they do decide to add the upstart digital currency. Should we see Litecoin futures as a part of Gemini’s futures agreement, that will further increase its value? The propensity towards crypto index funds is also a potential positive, as any fund will include the major currencies – of which Litecoin is one of the best.

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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of TechCrunch via Flickr

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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