Litecoin (LTC) Can Reportedly Strengthen Bitcoin (BTC)
Litecoin made headlines not too long ago when, during a new interview, Charlie Lee talked about why the platform has decided to use MimbleWimble to power confidential transactions.
Lee said that the main focus is to make sure that the transaction history of a particular LTC doesn’t affect its value.
“From my point of view, I see it less about privacy and more about fungibility. So I think in order for Bitcoin and Litecoin to be usable money, it really has to be fungible in the sense that whichever Bitcoin or Litecoin you spend should be equal to every other coin you have,” Lee said.
Litecoin’s work on privacy transactions could strengthen LTC and BTC
The CEO of crypto investment platform Abra said that Litecoin’s work on privacy transactions could be able to strengthen both LTC and BTC as well.
In a new tweet, Bill Barhydt sais that the Litecoin Foundation’s efforts to implement the MimbleWimble privacy protocol to ensure that Litecoin transactions are fungible is just one example of the huge importance that the altcoin market has.
The most important feature of altcoins is competing technologies. The best way to improve bitcoin is to let someone else do it first. https://t.co/EQNKezBgao
— Bill Barhydt (@billbarhydt) November 2, 2019
Twitter users showed enthusiasm in the comments.
For instance, someone tweeted: “Yes I wish more people would realize how big of a deal this is if LTC implements MW in the protocol BTC will benefit as well.”
Another user said: “Amazing interview. Very hopeful regarding a privacy strategy that will be acceptable to exchanges.”
Someone else posted: “Just like Segwit, LTC had it first. Bitcoin benefits from this arrangement of being Identical with very little divergence. But what’s more amazing is Litecoin’s uptime is better than Bitcoin, even though Litecoin is using the newest tech before BTC. LTC has a huge value.”
Regarding the price of LTC, at the moment of writing this article, LTC is trading in the green and the coin is priced at $61.40.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.