Showing posts with label litecoin. Show all posts
Showing posts with label litecoin. Show all posts

LitePay launches at 9pm tonight - but many are disappointed a key feature will be missing...

LitePay will launch tonight at 9pm - but with only some of what was promised.  The following message went out this morning to those who subscribed to their e-mail list for updates:

"Thanks for your interest in LitePay! Registration for Merchant Payment Processing accounts will open today.

Due to recent hostile actions by card issuers towards crypto companies, we have decided that offering LitePay card registrations at this time is imprudent.

We will continue to monitor the situation with regards to card services and will open registration as soon as a reliable product can be supported.

If you are a merchant and you are ready to begin registration for a LitePay Merchant Payment Processing account, please follow the link below after 9:00 PM Pacific Time and click Sign up.

Thank you all for your support as we work to give merchants all over the world the ability to accept Litecoin."

LitePay was supposed to be two things that in conjunction would bring using Litecoin in the real-world a reality.  One was merchant services so businesses could accept Litecoin, the other, a debit card to work anywhere Visa works, that would allow you to spend Litecoin by instantly converting the correct amount to to USD, and authorizing the transaction when swiping the card.

Now we're wondering - was there ever any agreement ever in place that allowed them to implement a debit card?

Other 'spend your crypto with a debit card' themed projects such as Bitwala, Cryptopay, Wirex and TenX - all had their cards canceled and rendered invalid.

At that time (early Jan of this year) Visa issued the statement: "Our actions were not specific to cryptocurrency but rather reflect the issuer's failure to comply with Visa's policies that ensure the safety and integrity of our payment system."

The question that must be asked of LitePay now is - why did you ever say it would include a card? When Visa terminated other cryptocurrency cards nearly two months ago, why did (until today) your plans still include a card for your users?

Author: Oliver Redding
Seattle News Desk

Charlie Lee predicts Litecoin to surpass Bitcoin Cash in value...

Charlie Lee took a jab today on Twitter at Bitcoin Cash.  The "flippening" refers to the high hopes of Ethereum fans - that one day things will flip, making Ethereum #1 and Bitcoin #2.  On that topic Lee says it "will never happen".

But his next sentence is bringing him both applause and hate, depending on where you stand on the topic of Bitcoin Cash.  Stating Litecoin will overtake Bitcoin Cash "this year".

It could actually happen - to be clear, i'm saying 'could' not 'will'.  LiteCoin foundation and independent developers are expanding on LiteCoin's functionality, with an emphasis on real-world use.

At the same time, Bitcoin Cash is facing some real challenges as more exchanges adopt SegWit for Bitcoin (the original) we're expecting Bitcoin transaction times and fees to get even lower than the 4 month low they're at today.  While Bitcoin Cash supporters are some of the most vocal among social media - the reality is it's never performed beyond 10% the amount of transactions as Bitcoin on any given day.

In other words, if Bitcoin addresses it's issues before Bitcoin Cash grabs enough of the market -
there's a real risk it gets left behind and forgotten - and taking just 10% of transaction volume away from Bitcoin, while still impressive, isn't enough to insure it's survival long term against an improving Bitcoin. 

Author: Mark Pippen
London News Desk

Litecoin dives 20% - but will the release of LitePay send it soaring back up?

While pretty much everything took a dip over the last 48hrs, Litecoin was hit harder than most - dropping nearly 20%.

One big reason it lost more than others - it had recently gained more than others! 

There seems to be a psychological factor here, when investors are looking to pull back it's easier to justify taking some profits from something that just had big gains - and lately, the coin with big gains has been Litecoin.

Now the question is - will the release of LitePay, set to happen in just 3 days pull it out of trenches?

Well, wish I could give a solid answer on this - but best I can say is - that depends on how LitePay performs. (Read about LitePay in our previous article here

If it meets the hype, some pretty large gains could be expected.  If it doesn't function as promised, experiences any major downtime, or still has some bugs to be worked out - the disappointment could cause some who've held on steady to their LTC to sell.

There's no debate - next 5 days will be crucial for the coin, and it's investors are watching closely.

Author: Mark Pippen
London News Desk

Litecoin Cash is coming, but we don't want it...

The "Litecoin Cash" hard fork is coming Sunday and it has a lot of people confused.  Major media outlets even pointed to this fork as a reason for Litecoin's rally the last couple days - however, that wasn't the case as traders within Litecoin forums virtually all cited LitePay as the reason for raising their investments in the currency.

So, what is Litecoin Cash? Let's take a look.

- It isn't an upgrade.  

The stated goal of the "Litecoin Cash" team is to change the mining algorithm from Scrypt to SHA-256.  Basically, like Bitcoin was. The "Litecoin Cash" team  says transactions will be 90 percent faster than the original Litecoin, however, these numbers are accurate when you have a lot of miners and not a lot of transactions.  Look to Bitcoin's transaction times if you're wondering what happens when SHA-256 mining is put under a heavy transaction load.  Oh, and toss in insanely high energy usage into the list of problems as well.

In an interview with Smartoptions, "Litecoin Cash" developer going by the name "Tanner" stated "Looking through the CoinMarketCap front page, we were really surprised that there were so few choices for SHA256 miners." well... there's a reason for that.

- This has nothing to do with Litecoin.

Charlie Lee, founder of the real Litecoin stated:

"...any fork of Litecoin, calling itself Litecoin something or other, is a scam IMO. Litecoin Cash, Litecoin Plus, Litecoin *... all scams trying to confuse users into thinking they are Litecoin."

The "team" behind Litecoin Cash doesn't deny they're just stealing the name and making a new coin, saying:

"We’re using the Litecoin Cash name simply because it has become customary in recent months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. This practice has become a widely understood convention. We’re not associated or affiliated with Charlie Lee or any of the Litecoin team in any way; we are big fans though."

- Who the hell is this "team" behind it?

Nobody is sure who these guys are. Mysterious photos that reverse image searches can't find, first names only - and even a unicorn as their PR person (which ironically is a pretty bad PR move.)

 Red flags.

- Over supplied, and lack of support.

The supply is 10 times the size of the original LiteCoin - 840 million coins. With no word of exchanges, or wallets planning to support it.

Conclusion - what do you need to do to prepare for the fork? Nothing. Because it doesn't matter.

Author: Adam Lee
Asia News Desk

Litecoin's huge new payment platform could be just days away from launch!

The project has been in the works for awhile, and is set to launch any day now.

It's called LitePay and the goal is simple: real world use of cryptocurrency as currency - and make it so easy, merchants will feel like giving it a shot.

So, why does this actually have a chance to succeed? Ease of use - for both the buyer and the merchant.

From a merchants perspective - they're currently giving anywhere from 3% to 7% of their transactions to whatever company processes their credit card payments.  With LitePay, that drops to 1%.  Imagine a small business doing $100,000 a year in transactions - if they can get their customers to use LitePay, they'll see an increase of up to $7,000 in profits per year - which is extremely appealing to a small retailer.

Embedding the ability to accept Litecoin as a payment on their websites will be as simple as adding just one more option to their current list of payment options such as credit cards, paypal, etc.

From the buyers point of view - none of the hassle of dealing with wallet addresses and private keys, how about just a card and pin instead?  “Litecoin users will be able to convert Litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments.” Palwasha Saaim, a Research Analyst at Lombardi Financial recently told the Nasdaq stock exchange.

The release date has been a vague 'Feburary 2018' - with the last update being given about a month ago from the LitePay team stating "we are on schedule for Feburary".

*UPDATE* - A release date of Feb 26th has been announced!

Author: Adam Lee
Asia News Desk

Top crypto exchange finally opens again to new registrations!

After a flood of new users in the cryptocurrency wave of 2017, existing customers began complaining about downtime and server issues on the top rated exchange, Binance.

Now after expanding their network capabilities, has re-opened to new users.

But get in while you can, they're limiting the amount of new signups each day.  If you can't now, try again tomorrow.  "Demand is so high that the company is limiting new customers" the CEO told Bloomberg on Wednesday.

Visit Binance at

Author: Mark Pippen
London News Desk

Breaking: Charlie Lee (Litecoin's creator) just sold all his Litecoin!

In a surprising post just made to reddit, Charlie Lee has sold all his Litecoin.  He maintains he's more confident than ever in Litecoin's future though, and says he's still fully dedicated. 

Here's how he explained his decision...

Over the past year, I try to stay away from price related tweets, but it’s hard because price is such an important aspect of Litecoin growth. And whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence. I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general.

For this reason, in the past days, I have sold and donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin. (I do have a few of those as collectibles.) This is definitely a weird feeling, but also somehow refreshing. Don’t worry. I’m not quitting Litecoin. I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee Litecoin’s growth.

Please don’t ask me how many coins I sold or at what price. I can tell you that the amount of coins was a small percentage of GDAX’s daily volume and it did not crash the market.

UPDATE: I wrote the above before the recent Bcash on GDAX/Coinbase fiasco. As you can see, some people even think I’m pumping Bcash for my personal benefit. It seems like I just can’t win.

You can view the post here.
Author: Mark Pippen
London News Desk

Financial data giant Bloomberg chooses 3 more cryptocurrencies to index: Ethereum, Litecoin, and Ripple!

Breaking today - the NYC based financial software, data, and media company Bloomberg has added 3 more currencies to their terminal indexing service.

The 3 joining Bitcoin will be Ethereum, Litecoin, and Ripple!

The updated terminal from Bloomberg.
The terminal service is used not only by large banks, but major investment houses worldwide.

Many have been wondering, with Wall Street's new fascination with Bitcoin - what currencies will they be eyeing next? Tonight, we may have an answer.

Author: Ross Davis
San Francisco News Desk

100,000 people have joined Coinbase in just the last DAY!

Coinbase logo and their mobile app has become the preferred trading tool for the massive influx of new cryptocurrency investors in the United States.

They make their general stats public on their site, which over the past 24 hours has seen massive growth, with over 100,000 new members joining following the media excitement surrounding Bitcoin breaking $7,000.
Coinbase's current stats.

Coinbase still only deals in Bitcoin, Ethereum, and Litecoin, and these stats are why so many different cryptocurrencies are begging to be included.
Author: Justin Derbek
New York News Desk

Litecoin is having an impressive October so far, and more surges expected!

In a time when most of the attention given to "established" cryptocurrencies goes towards Bitcoin or Ethereum, and the "hype of the day" goes to whatever ICO is promising the moon, Litecoin often goes unmentioned. But it shouldn't.

This coin really offers the best of both words - it's established, the tech is sound, and it's still at a price accessible to smaller and newer investors with room to grow.

Surging to $60 yesterday and still hovering at $59.87 at the time of this articles publishing - Litecoin has an impressive $164 million trade volume in the last 24hrs.

While like any cryprocurrency, Litecoin has had it's ups and downs, but compare to the others it's been relatively steady lately with small but consistent gains.

Something else is worth noting - Bitcoin investors are using Litecoin as a method to hedge their bet in the case of a BTC price correction. As Bitcoin climbs higher, Litecoin's stability may provide a safety net.

With many speculating hitting $70 or even $90 in the near future, if it's not part of your portfolio now, do some research and strongly consider it.

Author: Ross Davis
San Francisco News Desk

Breaking: Charlie Lee (Litecoin creator) says 'trusted source' told him China rumors are false...

Charlie Lee, best known at the creator of LiteCoin and (formerly of Coinbase) tweeted today that his 'trusted source' for info on China has said the ban is even worse than false rumors of fear, it's an organized conspiracy - spread by those cashing in by shorting the market!

He makes an important point as well - China is so unpredictable, the rumors are easy to believe, and almost impossible to disprove. China doesn't openly debate such issues like we may be used to in America or the UK - they meet behind closed doors and quickly implement whatever they decide.

If true, these last few weeks of extreme volatility will have been for nothing more than a scam, as market manipulators cash in on traders panic.


Author: Ross Davis
San Francisco News Desk

Mexico hands cryptocurrency control over to big banks...

Mexico is making sure they get left in the dust.

In a bill expected to be presented tomorrow, Mexico states they aim to pass regulations that would give Mexico's central bank (The Bank Of Mexico) authority to grant, or deny permission to tech companies or financial firms to operate in "virtual markets".

The stated goal of the bill is "[Mexico] recognizes the need that a sector as dynamic as that of technological innovation needs a regulatory framework that allows authorities to mitigate risks and allow for growth in a competitive environment."

But giving the central bank sole power to grant or deny access to the cryptocurrency marketplace seems to be a bold move towards exactly what those in the cryptocurrency world proudly avoid - one central government power overseeing the entire system.


Author: Gordan Fally
New York News Desk