[Photo: Litecoin fork. Source: btcmanager.com]
Litecoin (LTC) has often been referred to as Bitcoin’s right hand coin. Some have even suggested that Litecoin (LTC) has dreams of one day growing up to be just like Bitcoin. Well, all these analogies might be true or not depending on your perspective of the two coins. But one thing is for sure, Litecoin (LTC) has a lot of cryptocurrency traders, investors and HODLers talking in the last few days.
The reasons for the buzz on Litecoin are many but let me highlight 4.
Litecoin Fork and Introducing Litecoin Cash (LCC)
Firstly, the Crypto-Verse is known to get into a frenzy whenever a coin is going through a hard fork. This basically means a change in the protocol managing the blocks in a transaction.
Litecoin (LTC) is scheduled for a hard fork on the 18th of February. The new coin that will come about from this fork, will be Litecoin Cash (LCC). The awarding system will be, for every 1 Litecoin owned, you will get 10 Litecoin Cash (LCC). To add to the above, LCC promises a transaction speed of just 2.5 minutes instead of the usual 10 – 12 minutes. LCC can also be mined with technology that no longer works for Bitcoins, cheaper and with less energy consumption. This means old machines can be reused.
Therefore, HODL onto your Litecoin and wait for the Litecoin Cash fork.
For those without some Litecoin (LTC), you know what to do! Buy before the 18th!
But Litecoin Cash is not without controversy. The word around Reddit, is that it is a scam and no one should participate or even give out their private keys to anyone online. I guess time will tell.
Secondly, the payment option known as Litepay has been rumored to being launched this February. It will allow owners of Litecoin to pay for everyday items the same way you would use regular fiat currency. The application and VISA-like card, converts LTC to the preferred checkout currency in a matter of seconds. This means that there is an easier way of cashing out your crypto trading profits or your ICO gains.
Litepay promises faster and cheaper transactions than any other Cryptocurrency to fiat app and Card out there. Such a mode of payment is bound to steal a lot of users from the existing Bitcoin payment cards. These cards are known to have very high transaction fees.
Litepay will surely boost the price of Litecoin as soon as it is launched and crypto enthusiasts embrace the technology.
Thirdly, Selly payments is another payment platform that now uses Litecoin as an option. It currently accepts PayPal, Bitcoin, Ethereum, Litecoin, Ripple and more. It does that at the comfort of one central application. No more linking different online payment accounts with your wallets. All this can be done at the comfort of Selly. There is no need for anyone to write any code to facilitate payments for your business. Selly does that for you and offers one solution at your fingertips.
Selly is flexible for it accommodates your need in the marketplace as a merchant. It allows for speedy online customer checkout in today’s world of numerous modes of payment.
The fourth reason why I think we should be bullish about Litecoin, is its founder, Charlie Lee. Every project needs a dedicated individual to steer it in the right direction. Tron (TRX) has Justin Sun; Ripple (XRP) has Brad Garlinghouse; Ethereum has Vitalik Buterin; and Litecoin has Charlie.
We love Charlie! He even sold all his Litecoin in a controversial move that now allows him to solely focus on the Litecoin project. His vision is for Litecoin to solve all the transnational needs of the world on the blockchain. A vision that we will join him in achieving.
In summary, it is an exciting time for Litecoin. There is a pending hard fork that will give us Litecoin Cash in the ratio of 10 Litecoin Cash per Litecoin. Also, Litepay is about to be released to solve our cryptocurrency to point-of-sale woes. The Selly platform also provides a centralized place for merchants to process payments without the hustles of writing complex code or signing up on different platforms. Charlie Lee is also another reason to be bullish about Litecoin. He has a very clear and attainable vision of simplifying the payments on the blockchain.
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