Litecoin (LTC) Finally Removes Its Training Wheels
[Photo: A boy finally is free of his training wheels. Source: edge.ascd.org]
Anyone who has attempted learning how to ride a bicycle knows that the transition from training wheels to balancing on just two wheels is one of the biggest decisions you can partake in your lifetime. It is one of those memorable events that tests courage and faith that you have mastered the art of balancing the iron horse known as a bicycle. Litecoin (LTC), in our case, has finally thrown away its training wheels as I shall explain.
The founder of the coin, Charlie Lee, had this vision of Litecoin being a complementary coin to that of Bitcoin. Litecoin was meant to be Bitcoin’s sidekick as Bitcoin soared up into the stratosphere. As with all sidekicks, as soon as they learn the trade or craft, they decide to go at it on their own. This can be compared to going rogue or simply growing up to your full potential.
Here we find Litecoin (LTC) doing just that with the present price surge that has been attributed to two factors as I shall explain later. But this is a true turning point of the lighter coin that was meant to complement Bitcoin. From a price of around $118 on February 6th, to the current value of $235, Litecoin has done 99% in gains in less than two weeks. In simple words, it has doubled its value in 9 days.
So what is fueling this price surge?
To begin with, the rumors of a Hard Fork of the Litecoin protocol has ignited much interest in the coin. Especially since the reward system of the hard fork will be 10 Litecoin Cash coins per 1 Litecoin owned. This means that for every amount of Litecoin you own, you get 10 times that value in Litecoin Cash. I forgot to mention that Litecoin Cash is the name of the new coin after the hard fork on block 1,371,111 on the Litecoin blockchain ledger.
The fork is also one that is causing confusion in the Crypto-Verse. One camp, led by Charlie Lee himself, says the hard fork is a fraud and no one should participate in the event. The other camp led by the developers promoting the fork, claims that there is a niche in the market for use of SHA256 miners to verify transactions. With that niche, comes the idea of Litecoin Cash (LCC). The SHA256 miners have been declared obsolete after better machines were made available to mine Bitcoin. But there are many SHA254 miners still out there and LCC plans to utilize them.
The second reason Litecoin is pumping is the anticipated release of Litepay in 41 countries including the U.S.A, Germany, U.K, China and Japan. The release date has been quoted as being on the 26th of this month. This is in 11 days. Considering the fact that Litecoin has been observed to go up in value on the exchanges whenever America wakes up, the trajectory of Litecoin’s value is still destined for UP! When you add the other major crypto trading countries of Japan, China and U.K, you can easily predict that Litecoin is destined for great things.
Also, Litepay happens to be the first cryptocurrency to fiat payment option to actually hit the crypto-verse. It is first in market in a very exciting opportunity for the coin. This means that transactions can now be processed easier using crypto and Litecoin will be the only coin doing this. The concept of supply and demand will simply force the value of the coin to skyrocket as implementation and use of Litepay gains popularity around the globe.
In summary, Litecoin has finally decided to take off its training wheels in the crypto-verse. Evidence of this is the highly controversial hard fork into Litecoin Cash and the planed release of Litepay.
With Litepay, LTC is attempting to explore the endless possibilities of being a payment service coin of choice for the many crypto owners and traders out there. By the use of Litepay, LTC justifies its existence in the crypto-verse. I am not sure about the transaction limits of Litepay, but we could hear of it being used to pay for a Lamborghini very soon!
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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.
John P. Njui Author
Crypto Enthusiast. Terrible dancer. Former DJ. Amateur Marathoner. Electrical Engineer. Kool kat.