Tag Archives: litecoin

Litecoin LTC to be used as a payment option in Atari’s gaming ecosystem

Litecoin (LTC) to be used as a payment option in Atari’s gaming ecosystem

Litecoin Foundation announces partnership with Atari

Litecoin foundation has struck yet another lucrative partnership with gaming giant Atari to promote the use of Litecoin. Atari is widely known for making popular games such as Asteroids, Breakout, and Centipede among others. As part of the partnership, LTC will be accepted as a means of payment for investing in Atari’s own token which will be issued in September 2020. In addition to that users can also use LTC to buy the new Atari VCS gaming console for a discount. The Atari Token will have a list of uses such as managing Atari purchases and playing games in Atari Casino. The token will also be used in yet-to-be-released games where users play against each other.

Fred Chesnais, CEO Of Atari said:

“We Are Pleased To Have Litecoin As A Means Of Payment For The Atari Token Sales. Litecoin’s Ease-Of-Use And Low Transaction Costs Make It A Perfect Fit For Use Alongside The Atari Token And Other Projects.

Litecoin Foundation’s managing Director and creator of Litecoin, Charlie Lee said:

“Many of us remember growing up and playing games from Atari”  “It is great to see Litecoin being used in a variety of different ways within the Atari ecosystem, from purchasing the new Atari VCS gaming console to being used as a way to invest in Atari Tokens. The Litecoin Foundation is excited to see the possibilities a partnership like this can have for not only Litecoin and cryptocurrencies but also the gaming industry and lifelong fans of Atari.”

The Litecoin Foundation is known for striking lucrative partnerships, last year they were featured in UFC 232 and also onboarded Ben Askren as an ambassador for Litecoin. The foundation also became a part of the Hollywood world by sponsoring the Mammoth Film Festival. It will be interesting how Litecoin will actually gain adoption with such partnerships!

Article Produced By
Shrikar

Shrikar is the co-founder of Blockmanity and a Blockchain evangelist. He is a die-hard fan of security tokens. He follows the market closely but does not trade. He believes in Hodling.

https://blockmanity.com/news/litecoin-ltc-to-be-used-as-a-payment-option-in-ataris-gaming-ecosystem/

Heiko Closhen, Entrepreneur

Litecoin News Today LTC Price to See Short-term Losses Before Any Major Gains April 1st 2020

Litecoin News Today – LTC Price to See Short-term Losses Before Any Major Gains – April 1st, 2020 

 
  • Litecoin price to see losses before posting gains

  • Litecoin price in a make-or-break position

  • Charlie Lee to shift focus to crypto payments and privacy

Litecoin news today – In a new day of mostly sideways price action, a few digital assets have reported moderate gains. The tops coin’s like BTC and Litecoin have posted minor rises in value. Bitcoin gained 2% at the time this content was published as the leading cryptocurrency finds its way back to the $6,500 area. Meanwhile, Litecoin has posted slight earnings of under 1% (0.32%). The coin is now changing hands at $39.08.

Litecoin Price Prediction – The Litecoin Price Will Likely Sink Before Posting Gains

Analyst Alex Clay recently analyzed LTC’s price action. The trader believes that earnings for the digital asset are on the cards. According to the analysis the trader Litecoin price is rising in an ascending channel. The coin has fixed itself over the $39.03 area. Hence, he opted to take a bullish stance for the asset before setting price targets of $39.65 and $40.20 for Litecoin. Another analyst is known as Trading Alchemist also noted that Litecoin’s price has done well after moving from its support of $38.50. Although, he does not believe that Litecoin price will see much gains. Instead, the Trading Alchemist feels that Bitcoin’s performance will determine LTC’s next action. We will likely see LTC price test support at $36.50 and $37. Sharing the Trading Alchemist’s pessimistic outlook for the digital asset, analyst the Crpt Teddy Bear has also admitted that the market has been behaving unpredictably in recent times. Hence, until the Litecoin price can manage to break above the $39.67 area, the trader has chosen to go for a bearish position.

Litecoin Price Prediction – The Litecoin Price is At a Make-or-Break Point

The price action that LTC has seen in the last few weeks forced the Bollinger bands to squeeze via the 12-hour chart for LTC/USD. Since squeezes are a sign of strong breakouts, the point between the lower and upper boundaries is a no-trade zone. The support and resistance sit at $36 and $40. The outlook that Litecoin price presents is well represented in the 4-hour chart for the coin. At this time, a symmetrical triangle seems to be developing. There is a technical pattern that reveals indecision among the market’s participants before a coin’s price is forced to move positively or negatively. In other reports, during a recent episode of Cred’s Meet Our Partners, Charlie Lee, the founder of Litecoin said he plans to make LTC a fully-fledged currency. Lee explained, that the goal is to ensure that Litecoin is usable for our day-to-day transactions.

Article Produced By
Ufuoma Ogono

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

https://smartereum.com/187291/litecoin-news-today-ltc-price-to-see-short-term-losses-before-any-major-gains-april-1st-2020/

Heiko Closhen, Entrepreneur

Litecoin News Today Will Litecoin Hit 100 Despite The Current Bull Run?

Litecoin News Today – Will Litecoin Hit $100 Despite The Current Bull Run?

 Litecoin LTC price is still bullish

  • The $100 mark may be around the corner

  • The bears may return for LTC price to reach $100

Litecoin news today – The Litecoin price is reportedly going bullish again. As of when this content was published the LTC price has crossed the $80 mark and is set to break in the latest spree. The Litecoin price also tested a critical level under $80 thanks to the 4.75% climb it posted in the last 24 hours. Now analysts have turned bullish about the price of Litecoin predicting that it can move up to the $100 mark. While nearly the entire crypto market is in the green today, LTC has now started as one of the top performers. The price of LTC was trading at $82.99 at press time. The bulls are now pushing to break the further after passing the $80 resistance level.

 

Can Litecoin Gather Enough Momentum After Breaking the $80 Mark?

Litecoin News Today – Many analysts are arguing that the LTC bears will hold control before the price of Litecoin can move up to after crossing the $80 mark. However, this seems unlikely. Citing the technical indicators particularly the formation of the rising wedge pattern, the analyst believes that the price of Litecoin price may eventually be struck down, particularly if the coin’s key resistance positions of $80 and $100 fails to materialize on time. If this prediction is accurate, and the price of Litecoin fails to reach $100, then a pullback to $63.66 which is the next support level will be more likely.

RSI (Relative Strength Index) suggests that Litecoin’s price is approaching overbought territory. This does not guarantee a pullback. However, this might be a good time to make a profit. The bulls will remain in control for now, despite bearish indicators. The bulls may have dug into their heels. One analyst Alex_Clay said the Litecoin price is beginning to look like a solid investment. He added that Litecoin’s price has finally broken the range and has increased through the predicted price targets. It is now settling above the major resistance levels.

Litecoin LTC Price May Reach $100 Soon

The analyst’s Litecoin price prediction is shared by LemkeCapital another crypto commentator. LemkeCapital states that LTC price can potentially pump hard. If it manages to close above $85, it will likely run-up to the $100 area. If the coin can break through the above-mentioned resistance level, $150 could be on the horizon. If Bitcoin’s price continues its climb as we approach its halving, LemkeCapital says this may push LTC price to new ATHs. Whatever happens, it appears that the price of Litecoin is determined by its momentum to reach $100.

Article Produced By
Max Mayer

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

https://smartereum.com/186842/litecoin-news-today-will-litecoin-hit-100-despite-the-current-bull-run/

Heiko Closhen, Entrepreneur

BlockFi Introduces Litecoin Support to Attract More Customers

BlockFi Introduces Litecoin Support to Attract More Customers

Litecoin remains one of the biggest altcoins on the market today. Albeit its market value might not reflect it per se, the ecosystem is still in a very good place overall.

In a recent development, the Litecoin Foundation partnered with BlockFi.

Another use Case for Litecoin Holders

To most people, that might not necessarily make much of a difference. In the real world, however, things are a bit different. BlockFii is a financial service provider leveraging the potential of blockchain technology. Its focus lies on wealth management products for cryptocurrency investors. With the addition of LTC, Litecoin investors can now earn interest on their holdings, as well as borrow against their LTC portfolio’s value. It is crucial for the crypto industry as a whole to tap into different financial services and products. It also provides LTC holders with more options to make the most of their holdings.

Given how Litecoin tends to disappear into the background during most crypto discussions, this development is rather interesting as a whole. As blockchain technology can unlock new financial products, it is crucial for top currencies to be supported by such providers at an early stage. BlockFi CEO and founder Zac Prince deems it to be a win-win for both parties. Attracting more users is always an ongoing challenge, thus it seems that BlockFi is on the right track.

Article Produced By
JP Buntinx

https://cryptomode.com/blockfi-introduces-litecoin-support-to-attract-more-customers/

Heiko Closhen, Entrepreneur

Litecoin LTC Releases Draft Proposal For MimbleWimble

Litecoin (LTC) Releases Draft Proposal For MimbleWimble
                 

Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology.

Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.Litecoin (LTC) has published on Github its draft proposal for the MimbleWimble privacy implementation titled LIP 2 & LIP 3. These implementations would allow the network to offer privacy features to users that have been requesting them for a long time. 

Litecoin Releases MimbleWimble Proposal

The 6th largest cryptocurrency in the market is expected to implement privacy features to its network. The MimbleWimble implementation was the most important project Litecoin developers have been working on. According to the draft proposal presented by Litecoin, the first method LIP 2 will focus on Extension blocks. This would not only allow MimbleWimble but it will also effectively increase block size without any change in the consensus. 

It is worth mentioning that the community still has to properly discuss what the extension block size should be for this implementation to take place. The main motivation behind the implementation of privacy features to the Litecoin network is related to the fact that Litecoin is not fungible. Moreover, the extension blocks will run alongside the main Litecoin blockchain. At the same time, a witness program will be implemented to differentiate the extension blocks chain from the parent chain. Furthermore, this will also ensure compatibility. 

About these motivations, Litecoin informed:

“Due to the nature of a transparent ledger, transaction history can be publicly traced. This hinders Litecoin’s fungibility in several ways. Personal identifiable information collected from IP addresses, exchanges or merchants can be leaked and then tied to your address.” The LIP 3 will be the one in charge to face the challenges faced by the lack of privacy. Through LIP 3, the MimbleWimble implementation will be helping Litecoin become fungible. Although MimbleWimble will improve privacy on the Litecoin network – considering data will be hidden, it is still possible to track user activity and interactions. Thus, the solution increases privacy on the Litecoin network but it does not make it 100% fungible. 

In addition to it, the team behind Litecoin is already planning what to do with the threat of quantum computing. Developers have prepared a contingency plan in which they would add a switch commitment for Elgamal allowing the network to move towards a more secure solution. The Litecoin community will provide clear feedback about this implementation, the challenges it faces and how to better improve it in the future. Once all the issues are addressed, all the resources will be placed to start working on MimbleWimble for Litecoin. Other cryptocurrency networks offering privacy solutions include Monero (XMR) and Zcash (ZEC). In the future, Tron (TRX) is also planning to add privacy features to its network.

Article Produced By
Carlos Terenzi

Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

https://usethebitcoin.com/litecoin-ltc-releases-draft-proposal-for-mimblewimble/

Heiko Closhen, Entrepreneur

Litecoin Halving: All You Need to Know Before the Day

Litecoin Halving: All You Need to Know Before the Day

                             Litecoin Halving: All You Need to Know Before the Day

With just one day to go until Litecoin’s (LTC) next halving event,

Cointelegraph sets out all you need to know about the cryptocurrency’s reduction in block rewards. In spite of their reputation for creating price hikes, the lead up to the halving has witnessed a 25 percent decline in valuation over the last month. 

What is halving?

Halving is a process that occurs when the mining reward for a cryptocurrency is reduced by 50%. Miners receive crypto rewards for solving problems that create each new block on a given blockchain. The rewards differ for each cryptocurrency. With Litecoin, miners are currently awarded 25 coins per block. After Aug. 5, miners will only receive 12.5 Litecoins per block. Litecoin rewards halve every 840,000 blocks, a process that occurs every four years. The block speed for Litecoin is roughly 2.5 minutes, with around 576 blocks generated per day. One of the key factors to take into account is that, according to the coding behind cryptocurrencies such as Bitcoin (BTC) and Litecoin, only a certain amount will ever be mined. This distinct characteristic sets it apart from fiat currencies, which can theoretically be printed infinitely. 

Although it’s difficult to say when the final Litecoins will be mined, the Litecoin Foundation estimates that it will be around 2142, when the maximum of 84 million Litecoins will be reached. As of press time, there are 62,983,450 Litecoins in circulation, representing 74.93% of all Litecoins that will ever be mined. This leaves roughly 21 million coins left to be mined up until 2142. Comparatively, it’s estimated that the final few Bitcoins (BTC) will be mined around 2140. 

Halvings are closely followed by investors, as the consequent reduction in mining rewards affects the profitability. Accordingly, this has a knock-on effect on the price. For investors, this can be a mixed bag. According to the theory of supply and demand, halvings should drive up the price of the cryptocurrency. As they receive fewer coins per block solved, miners stop producing them until the work once again becomes profitable. As fewer coins enter circulation, the price consequently goes up, as demand — in theory — will overtake the supply. Although this sounds like a sure-fire win for investors, halvings can bring about even greater instability to an already volatile market. Previous halvings have stoked investor interest, and the upcoming Litecoin event is no exception. According to Google Trends, searches for “Litecoin halving” peaked between June 9 and June 15, although data shows that this trend is once again increasing. Searches for “Bitcoin halving” on Google are typically more numerous than entries for Litecoin, although this trend has reversed as of July 30.

 

What could happen? 

In the time leading up to the halving, miners ramp up operations to maximize their returns until the whole process becomes unprofitable. Miners need to invest in powerful, specialized equipment to take on the computing challenges required for creating blocks. As the difficulty of mining blocks rises, so do electricity costs. Mining is no longer a game for individual hobbyists, with even the biggest mining farms struggling to remain profitable during the so-called crypto winter of 2018. Mining is now a big business, and businesses need to make a profit. So, when profitability falls, activities tend to cease.  The fact that miners will feel the heat after the halving is no secret, with Litecoin creator Charlie Lee predicting that many will shut up shop after Aug 5. Lee told Australian crypto news site Mickey that halving the block rewards by 50% always has an impact on the Litecoin mining

ecosystem: 

“When the mining rewards get cut in half, some miners will not be profitable and they will shut off their machine. If a big percentage does that, then blocks will slow down for some time. For litecoin it’s three and a half days before the next change, so possibly like seven days of slower blocks, and then after that, the difficulty will readjust and everything will be fine.”

Despite the commonly accepted theory that a decrease in supply results in a corresponding increase in demand, Lee suggested that market sentiment also plays a role in

ramping up the price: 

“In terms of the price, the halvening should be priced in because everyone knows about it since the beginning. But the thing is people kind of expect the price to go up. So a lot of people are buying in because they expect the price to go up and that’s kind of a self-fulfilling prophecy. So, because they’re buying in, the price does actually go up.”

After Litecoin’s 2015 halving, the coin peaked in July of that year before losing nearly 50% of its value by the time of the reward reduction, culminating in a decrease of 75% in the aftermath, Mickey reports. Naeem Aslam, chief market analyst at ThinkMarketsFX, told Cointelegraph via email that reducing block rewards for miners is an effective filtering process and agreed that the effect on

the price is usually positive:

“Reducing the incentive for miners is good for LTC because only serious people will remain in the space. As for the price action, it is difficult and it depends a lot on the sentiment but usually this kind of action is positive for the price.”

If the price bombs following the halving, the network hash rate will tail off as mining begins to shut down, leaving only the largest mining farms operational. Once the hash rate drops below a certain point, the mining difficulty will adjust itself and smaller miners may be able to begin mining once again. 

Supply and demand: Experts weigh in

Although halving events are widely considered to result in a price hike for the given cryptocurrency, market experts do not foresee any dramatic changes in valuation. Mati Greenspan, a senior market analyst at eToro, told Cointelegraph that halving events are usually priced in before they

actually happen:

“It seems to be the case here as well. Litecoin has outperformed the rest of the market during this year's rally and some say that it was a root cause of the upward momentum in the first half of this year. It's difficult to say how or even if the price will react to the event in the short term. In the long term, reduced supply supports higher prices all else being equal.”

Renowned crypto trader and technical analyst Crypto Rand also agreed in email conversations with Cointelegraph that the halving event has already been priced in:

“I don't think the halving event will have much impact on Litecoin price, it's already priced in since one month I would say. LTC is looking pretty solid here. It just broke up the local downtrend channel after bouncing on the key $88 range support. If the downtrend of volume finally comes to an end I'm expecting a rise on the price back to $105-$110. Right now looks like a solid option among the rest of big caps.”

For Aslam, those trying to jump on the halving gravy train are already too late: 

“The most important factor to remember is that these kind of planned events are already fully priced in and traders have already positioned themselves for this. Running up to the event, it is not usually wise to participate in that move because you are already too late for the party. Therefore, smart money always buy the rumour and sell the news.”

Greenspan predicts that there won’t be many surprises in mining activity, due in part to Litecoin’s scrypt algorithm: 

“Litecoin's scrypt algorithm is pretty unique so the hardware used to mine it is not easily adaptable to mining other tokens. Therefore it doesn't have quite the same of competition over hashrate that some of the other cons have. My feeling is that LTC miners have had ample time to prepare for the halving so we shouldn't see any major changes.”

When asked about what investors holding LTC should be doing, Greenspan had advice: 

“Holding. But more importantly spending. Litecoin's value proposition specifically involves being a more durable token for making payments. The more people use it for this purpose, the stronger the network gets.”

Some members of the crypto community are commenting that the Litecoin halving can be viewed as a test run for the upcoming midyear 2020 BTC halving and that we can consequently expect similar results. For Greenspan, the comparison is sound, although he warned that results will

not be identical: 

“The market has matured a lot since the last Bitcoin and Litecoin halvings. Though we couldn't possibly expect a mirror reaction, the LTC halving should give us some indication of what to expect when BTC does the same next year.”

Crypto Rand is not so sure, however, stating that investor understanding and even awareness of Litecoin juxtaposed to Bitcoin is incomparable: 

“I don't think LTC halving can work as test for Bitcoin, I would say 95% of the traders/investors are not aware of the halving on LTC or they don't know what means. The coverage for BTC it's and will be a fully mainstream event, everyone will be aware of it.”

Strix Leviathan says halving profits are a myth

A blog post published on July 21 by institutional-grade algorithmic investment management platform Strix Leviathan reported that cryptocurrencies do not outperform the market in the months leading up to and following block reward reductions. The report found that the supply and demand theory, while “certainly feasible as a logical theory,” does not result in a rapid increase in price. Per the report, Strix Leviathan analysts found that LTC outperformed the market twice prior to a reduction in block rewards, yet fell to the bottom 25% of the market in the ensuing six-month period. The report also postulates that the performance of a crypto asset both in and out of halving periods are more or

less the same: 

“What we find is that the return distribution of an asset’s halving periods versus the return distribution outside of its halving periods reveals that they are statistically the same at a 99% confidence level. In other words, we did not find evidence that a halving event results in abnormal pricing action and we are dealing with a circumstantial illusion. It appears more likely that the return behavior before, during, and after a halving coincides more with increasing levels of speculation than with an underlying shift in sell side pressure.”

Merged mining could mitigate block reward reductions

A report published by Binance Research, an arm of major crypto exchange Binance, found that the impact of halvings for both BTC and LTC miners could be mitigated by merged mining. Binance researchers analyzed Charlie Lee’s prediction that many miners would have to halt operations and looked into how merged mining could help keep miners on-board even after rewards have been reduced. Merged mining uses the work done on a parent blockchain and spreads it across other smaller “child blockchains” by using auxiliary proof-of-work (AuxPoW). The three most prominent examples of merged mining are the Litecoin-merged Namecoin (NMC), Bitcoin-merged Dogecoin (DOGE) and Myriadcoin (XMY), a cryptocurrency merged with both BTC and LTC. 

The report theorized that merged mining could help mitigate the impact of reward reductions by future block rewards scheduled for both Litecoin and Bitcoin. Binance researchers also reported that smaller chains could incorporate AuxPoW in future to support greater network security and reduce the need for an independent mining operation. The report did, however, find some potential shortcomings. Researchers said that miners may not turn to merged mining due to the risk of operational costs when supporting child blockchains and potential declines in the market price.  The report cites Dogecoin as the most successful examples of merged mining, which adopted the model in August 2014. After the switch, the coin’s mining hash rate skyrocketed 1,500%. The report also found that, as of July 2019, 90% of Dogecoin’s total hash rate is sourced from Litecoin mining pools.

Article Produced By
Henry Linver

Henry Linver is a freelance journalist. He’s interested in how blockchain has the potential to radically change the world we live in and the transformative power of crypto.

https://cointelegraph.com/news/litecoin-halving-all-you-need-to-know

Heiko Closhen, Entrepreneur

Segwit on Testnet Supports 1.7 MB Blocks With 8800+ Transactions

Bitcoin Core’s scaling solution Segregated Witness (Segwit) will likely support 1.7 MB bitcoin blocks when activated, testnet experiments have revealed.

According to Smartbit, a bitcoin testnet data provider, Segwit is currently able to process 1.7 MB blocks on the bitcoin testnet, with more than 8,865 transactions. The current bitcoin blockchain capped with a 1 MB block size can only handle around 2,500 transactions.

However, the transactions processed on the testnet were p2pkh transactions. Although the standard 1 MB blocks are limited to process around 2,500 transactions, they can still handle 5,235 p2pkh transactions in each block.

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Alternatively stated, the activation of Segwit will likely result in a 75 percent increase on the current 1 MB block size if implemented in an optimum ecosystem.

On November 23, bitcoin trader and analyst WhalePanda introduced a testnet experiment conducted by the Bitfury analytics team shared by the BitFury Group chief information officer Alex Petrov. While the types of transactions settled in Segwit-enabled blocks could vary, the Bitfury analytics team’s research concluded that 1.7 MB was the average block size based on their experiment conducted on the bitcoin testnet.

More importantly, WhalePanda noted that 1.7 MB is theoretical and other numbers such as 2.1 MB or Lightning co-author Thaddeus Dryja’s 3.7 MB are also all hypothetical. The only issue with Segwit which the miners, especially the Chinese mining community struggles to deal with, is that it can’t guarantee a specific block size due to a wide range of variables including different transaction types and circumstances.

In January of this year, Dryja noted that his experiments on the bitcoin testnet demonstrated the capability of Segwit to handle 3.7 MB blocks. He explained:

“I have a script that will spam testnet and make 3.7MB blocks. It’s not a 800KB regular block with txids and output scripts, and a 2.9MB witness block with just a bunch of signatures. It’s a single block, that looks pretty much the same as old blocks with a few extra requirements, that’s 3.7MB.”

The on-chain capacity expansion suggested or discovered by Dryja is a 3.7x increase to the current standard 1 MB block size. Dryja’s discovery offers a significantly different perception of Segwit’s on-chain capacity increase in comparison to Petrov and the Bitfury team’s research. This huge gap, which at this stage is completely theoretical and based on assumptions, should be the main discussion point of Segwit activation.

As explained by security experts such as Andreas Antonopoulos in the past, Segwit is more than a conventional block size increase solution. Its advantages derives from its ability to fix transaction malleability, provide infrastructure for two-layer solutions and overall, optimize the bitcoin network. Some experts described Segwit as a “Swiss army knife of a scaling solution.”

In fact, Slush, the CEO and IT architect of Satoshi Labs, the parent company of bitcoin hardware wallet manufacturer Trezor, stated:

“Bitcoin as Gold is Bitcoin without Segwit. Just activate it and whole world of new applications and solutions will appear.”

The only question left for the community to consider is, what happens if Segwit is activated and it does not provide on-chain scaling that is on par with the community’s expectation? What if Segwit’s 1.7 to 3.7x theoretical increase is not sufficient enough to scale the network?

Then, the community can begin to consider the possibility of expanding the block size of Segwit-enabled bitcoin blockchain.

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