Bitcoin has been considered by many crypto investors as the gold standards of all cryptocurrencies. As for Litecoin, its founder Charlie Lee has mentioned that it has no plans of ever overtaking Bitcoin. In fact, what Charlie Lee wants is to make Litecoin as the silver to the crypto world as Bitcoin serves as the gold standard.
On February 14, 2018, Litecoin was able to rise by up to 30 percent on its recent price. As of writing this article, Litecoin costs around $208.26 while Bitcoin has made it above $9,000, something that experts predicted as a good thing and a possibility of an incoming bullish trend.
Why Exactly Is Litecoin on the Rise?
There are many factors as to why Litecoin is on the rise. One, Litepay is already scheduled for release on February 26. Litepay is Litecoin’s new payment solution. Litepay allows businesses to accept Litecoin payments using a Litecoin official debit card. And because of this, it is possible that Litecoin could actually be closer to reach the mainstream status that it has been looking for.
Microsoft also has plans on using the Litecoin platform along with both Bitcoin and Ethereum in its decentralized identity system. Pawansha Saaim, a research analyst at Lombardi Financial, believes that LitePay is a game changer for Litecoin. He said that: “Litecoin users will be able to convert to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs r businesses that support Visa payments”.
Currently, Litecoin is the sixth largest cryptocurrency based on market capitalization. And so far, it is the first cryptocurrency that can potentially break the barrier between cash and digital currency.
Litecoin Cash is also possibly the reason as to why Litecoin is surging. By February 18, Litecoin Cash will be launched and this will split from the Litecoin blockchain. Litecoin cash is going to give 10 new Litecoin Cash coins for each Litecoin token.
However, Charlie Lee issued a warning that any fork could be a scam. He said that “Any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin” according to his tweet. He also mentioned: “Don’t fall of it and definitely don’t enter your private keys or seed into their website or client”.
As for the team that is behind Litecoin Cash, they claim that they are offering something new to the table. And one of which is the new algorithm that is called DarkGravity. This would allow mining difficulty to be adjusted on every block. As for Litecoin, its mining difficulty adjusts every 2016 blocks. This means that the Litecoin Cash network is more efficient and flexible in terms of mining power.
South Korea Backpedals from Plans to Ban Crypto Exchanges
Another reason as to why Bitcoin along with other altcoins are increasing in price is due to the fact that South Korea has backpedaled from its original plans to outlaw cryptocurrency exchanges from the country. Initially, South Korea’s announcement has sent waves of fear on the part of investors.