The cryptocurrency market over the past few days has been struggling to get out of the bear’s grasp with popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] struggling to get out of the sideways price movement. Litecoin [LTC] has seen quite a few updates over the past week with the Foundation teasing its latest update: Litecoin Core 0.17. The USP of the latest development, according to the Foundation, is the lower network fees. The official post stated: “The average transaction fee as it stands on the network is Ł0.001 per KB or ~$0.05. With the announced changes that will soon become Ł0.0001 per KB or ~ $0.005, half a cent and back at 2015 levels.” The officials from the organization have said that they were able to reduce the fees because of the number of empty blocks on the Litecoin blockchain.
Litecoin got another push towards mainstream adoption when Marks Jewelers, a prominent jewelry retailer, informed customers that they would start accepting LTC as a form of payment, in addition to Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH].
About Litecoin (LTC): Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
The Litecoin blockchain is capable of handling higher transaction volume than its counterpart - Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future.
As a result, merchants get faster confirmation times, while still having ability to wait for more confirmations when selling bigger ticket items.
Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending litecoins.
This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Miners are currently awarded with 25 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).
The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.
Litecoin (LTC) can be bought with fiat dollars, debit and credit cards on cryptocurrency exchanges such as Coinbase and Changelly.com and it can be bought with cryptocurrency on exchanges such as CoinEx, Binance, HitBTC, and Gate.io.
Litecoin (LTC) is the 7th largest cryptocurrency by market cap. It is down 1.82% over the past 24 hours and is currently trading at $52.28 on CEX.io.
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