Litecoin (LTC), Downtrend-Break
Litecoin Definition: What actually is Litecoin? Well, Litecoin is a digital currency (often these are also called crypto-currencies) which is not backed by any country's central bank or government. Still, like other currencies, Litecoins can be...
...traded for goods or services. So you have heard of other cryptocurrencies, such as Bitcoin and Ethereum. Then Litecoin is currently one of the five largest cryptocurrencies in circulation. Transactions from one Litecoin to another are made by digitally exchanging heavily encrypted hash codes across a peer-to-peer (P2P) network. This P2P network monitors and verifies the transfer of Litecoins between users.
How Litecoin works (quick n dirty)
So, there is a limit to the number of Litecoins that can be created. The Litecoin network is designed to mathematically generate no more than 84 million Litecoins. Every 2.5 minutes the Litecoin network generates a "block" - a ledger entry of recent litecoin transactions throughout the world.
Litecoins can be spent in many different places. Technically, these transactions are initiated by a transfer request from a Litecoin address in the customer's wallet to a Litecoin address in the vendor's wallet.
Status Quo: In the most recent days (hours) the price of LTC was rising pretty strong; A bunch of different reasons could be the fundamental drivers for the bigger moves. The announcement of the LitePay and the "LitePal launch" were probably the most important news released in the past month. But that's not all.
A lot of adoption news appeared...
One of the most known Brazilian web hosting companies is now accepting Litecoin. India's largest exchange - Zebpay - added Litecoin about 20 days ago.
- If Arizona passes the proposed bills which would allow anyone to pay taxes with cryptocurrency Litecoin would be one of the recognized cryptocurrencies, according to CoinTelegraph.
- The release of the next Litecoin update will reduce the fees, as Charlie Lee declared in his tweet.
- An Irish Law Firm declared that they will accept Litecoin.
- Bitflyer, the well known Japanese exchange which was approved in Europe, will soon add a LTC/EUR trading pair.
- Cryptobuyer - an exchange known in Venezuela - is now using LTC instead of BTC.
- A Dublin Coffee place created by a cryptocurrency trader is accepting LTC as well as Ethereum.
All these adoptions news maybe didn’t had an immediate effect over the price, but patience is rewarded in the cryptocurrency market.
Palwasha Saaim, a Research Analyst at Lombardi Financial believes we are about to see a "game-changer" in the form of Litcoin's cryptocurrency payment platform. LitePay shall allow businesses to accept payment in Litecoin, as well as with the Litecoin-exclusive debit card. According to Palwasha Saaim "Litecoin users will be able to convert Litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments."
The best part is that this will be for a transaction fee of just 1%- compared to the 3% charged by credit cards. Similarly, Bitcoin's BitPay is notoriously slow and expensive with transactions fees that will run you about USD 5 making it cost prohibitive for small purchases like movie tickets or a bagel and coffee. The good news doesn't end there.
If buying online with LitePay is as simple and seamless as selecting it from a list of payment options at check-out like credit cards and Paypal, then the pain of being an early adopter has all but passed us by. E-commerce payments using LitePay could figuratively 'light' the way to making the payment method main-stream. Online merchants can confidently accept Litecoin payments without the worry of volatility because it's instantly converted into the currency of their choice and deposited into their bank account...