Litecoin price predictions 2018: Litecoin seems to be on the rise! – Litecoin forecast news – Wed Apr 11
Litecoin price predictions 2018. Litecoin seems to be on the rise in long term. This is the reason why many of the investors are trying to predict the Litecoin price predictions 2018. It is important to realize that Litecoin is actually similar to Bitcoin and Ethereum. Only once you are able to keep this factor in mind, you would be able to predict the price more easily as well.
Litecoin price predictions 2018:
When it comes to price predictions, most of the people think that Litecoin would be able to close the year 2018 at around $ 600 or so.
Currently, when you compare the cryptocurrencies on market, Litecoin is the one of the largest cryptocurrencies. This is the reason why it is out of the limelight as well. Many of the institutional investors, as well as cryptocurrency funds, are also investing in Litecoin. This is the reason why transactions in Litecoin are increasing day by day.
If you’re looking to invest in Litecoin, you would be able to make some good returns throughout the year according to the Litecoin price predictions 2018. As always, it would be a good idea to diversify your cryptocurrency Holdings and reduce the risk significantly.
How Embarrassing! Litecoin’s Touted Payment Platform Closes Prior to Launch
Things aren’t always what they seem when it comes to cryptocurrencies.
Chances are good that we’ll be discussing the performance of cryptocurrencies in 2017 for a very long time. The more than 3,300% increase in market cap that virtual currencies logged last year might very well be the single greatest year we’ll ever witness for an asset class.
Bitcoin, the world’s most valuable cryptocurrency, and the one most likely to be accepted by merchants worldwide, is often attributed with leading these gains — and over the long run, that’s true. However, the second half of 2017 was really all about other cryptocurrencies emerging from bitcoin’s shadow. Among them was what I refer to as bitcoin’s chief rival, Litecoin.
Litecoin makes a name for itself
In 2017, Litecoin’s token, the LTC, galloped higher by more than 5,200%, or about four times as much as bitcoin itself last year. It had a veritable laundry list of catalysts that got investors excited about its prospects of signing up merchants and giving bitcoin a run for its money (pun fully intended).
For example, Litecoin founder Charlie Lee left his job at Alphabet subsidiary Google to work full time on promoting Litecoin as of June 2017. Having Lee’s presence full time was viewed as a positive since it was expected that he’d work to keep Litecoin on track and expedite a mass adoption of the virtual coin.
Additionally, Litecoin holds a number of competitive advantages over bitcoin that suggested it could really ramp up adoption and process transactions quickly. For instance, bitcoin processes a block of transactions about once every 10 minutes. Considering that around six miners validate a transaction on bitcoin’s network before it’s proven true and added to the blockchain, a bitcoin transaction can take over an hour to settle. While that’s still considerably quicker than the current banking system for cross-border transactions, it’s relatively slow compared to other cryptocurrencies.
Comparably, Litecoin’s blocks process in a quarter of the time, about 2 1/2 minutes, which leads to quicker validation and settlement, and the presumption that it can scale its network a lot quicker than bitcoin. Furthermore, Litecoin’s transaction fees are, on average, considerably lower than that of bitcoin.
In all aspects, Litecoin looked like a budding medium of exchange that could one day surpass bitcoin when the curtain dropped on 2017. Then, things changed.
Litecoin’s embarrassing gaffe
In mid-February, with cryptocurrencies reeling from their first major decline in years, Litecoin caught fire. Though a number of catalysts helped buoy the LTC token, the biggest of them all was the announcement that LitePay, a payment platform specifically designed to support Litecoin (although it was developed independently of Litecoin), would be going live by Feb. 26, 2018.
Litecoin had requested to join BitPay but was denied. So the development of LitePay was expected to be groundbreaking. It would have allowed users on mobile devices and desktop computers — and perhaps even with linked debit cards — to purchase goods and services with Litecoin tokens, which could then be transferred into fiat currencies, such as the U.S. dollar, British pound, or Japanese yen. A flat 1% was expected to be charged per transaction, with the ultimate goal of speeding up adoption of the LTC token as a medium of exchange. And, best of all, transactions would settle nearly instantaneously, reducing the concerns retailers would have about crypto volatility eating into their margins.
Unfortunately, LitePay turned out to be nothing more than a mirage, and now Charlie Lee, who’d promoted the project as a means to increase the mass adoption of Litecoin, has egg all over his face.
On March 5, a week after LitePay was supposed to have gone live, its developers noted in an email that it was still “checking all perspective merchants” and was holding off on card registrations “due to the negative perception and drastic actions card issuers have toward cryptocurrency companies,” as reported by CNBC.
But less than two weeks later, on March 16, LitePay CEO Kenneth Asare informed Litecoin, which was an investor in the LitePay project, that it was ceasing all operations and planning to sell the company. In literally one month’s time, Litecoin went from hyping its own payment platform to breaking the news to investors that the LitePay project was essentially dead.
Litecoin founder Lee wrote in a tweet: “Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence in the future.”
What you see isn’t always what you get
Cryptocurrency investors may have to get used to disappointments like this roller coaster ride with Litecoin. You see, the crypto market is unregulated, meaning it can be something of a Wild West when it comes to promotion, product development, and partnership announcements.
For example, there was mass confusion surrounding IOTA late last year after it announced the beta launch of its Data Marketplace — a blockchain-based network designed to allow businesses to share or sell unused data — in November. Around three dozen brand-name companies acted as participants for the Marketplace, providing critical feedback for IOTA. However, somewhere in IOTA’s announcement it was assumed these companies were partners, which pumped up the MIOTA token (IOTA’s coin). IOTA had to clear things up a few weeks later, which pushed the MIOTA token lower and took the wind out of IOTA’s sails.
Even Litecoin has had more than one instance where things didn’t go as planned, beyond the LitePay gaffe noted above. In February, Lee denied that a separate group of developers was forking Litecoin into a new cryptocurrency known as Litecoin Cash; yet the Litecoin Cash fork did actually happen (albeit it’s crashed more than 95% since the hard fork).
The point being that surprises are becoming more of a norm than an exception in the crypto marketplace, and it’s not something the Securities and Exchange Commission can do a lot about until regulations are beefed up. While regulation is often viewed as the enemy of virtual currencies, an increase in oversight should help lay a foundation and build trust with investors.
The question is: How long do we have to wait before the U.S. government increases oversight on cryptocurrencies so these gaffes become a thing of the past? Until we have an answer, investing in virtual currencies will remain an incredibly risky venture.
Charlie Lee’s vision about Litecoin [LTC]’s ‘bright future’
John Carvalho recently conducted an interview with Charlie Lee, the Founder of Litecoin on his Youtube channel called ‘Bitcoin Error Log’.
John mostly concentrated on topics related to both Bitcoin and Litecoin and the recent changes which are occurring in both the platforms.
Some of the points which Charlie mentioned, in the beginning, was about the place of Litecoin in the blockchain ecosystem. According to him, Litecoin can be considered as complementary Bitcoin and that they are aiming to implement better payment methods. Bitcoin concentrates more on storing the values and he thinks that both the firms can work side by side.
Both the coins act separately and he believes that Litecoin is helping in the improvement of the ecosystem in multiple ways and that he does not want to be detrimental about Bitcoin.
Cheaper fees and faster transactions are the two best features of Litecoin. He mentioned that Litecoin will always be cheaper than Bitcoin because of its larger capacity.
He was also asked about the Litecoin Foundation further. The Litecoin Foundation was formed last year and is run by Charlie Lee who is the current Managing Director along with three other Directors. They hired developers to improve the functioning of Litecoin and make it more user-friendly. They are presently working on Litecoin’s core reference client and on increasing Litecoin network by introducing new marketing techniques.
During the chat, he described the entire issue regarding LitePay scandal. He stated that the initial idea behind introducing LitePay was to make payment methods easier for its users by using a consumer credit card facility. The firm had invested $50,000 for the same. But the LitePay team failed to deliver the project and they noticed that the team did not have the potential to execute the project. Later, LitePay team sold their assets and checked out.
Regarding Abra’s involvement with Litecoin, he said that the firm decided to migrate from Bitcoin’s smart contracts to Litecoin’s network due to the higher trading rates.
While comparing Litecoin and Bitcoin Cash, he said that both the technologies are almost the same except that all the Bitcoin holders will have Bitcoin Cash by default due to which the BCH supporters are more. He also mentioned that the security for Bitcoin Cash is very low because it shares the same hashing function as Bitcoin, making it more exposed to hacks.
Charlie believes that the price variation of any coin is only due to the market rates and the underlying technology should not be responsible for the same.
Towards the end of the session, he stated that Fungibility is the main feature which all the transactions that involve money are lacking. He says that we can expect ‘bulletproof and confidential transactions’ to be implemented based on the Lightning Network within a year.
And finally, he mentioned some of the reasons why somebody should hold or buy Litecoin; It provides much value and one can use their money without being censored and the transactions can be done quickly and effectively.
Johnny T, a cryptocurrency enthusiast tweeted:
“Charlie great interview! When will confidential transactions be added to litecoin? Also will that be enabled by default? ”
Another Twitterati says:
“@SatoshiLite I use #litecoin bitcoin as my store of values, my investments, my daily transactions. Personally I’m more comfortable with #litecoin. I tend to believe in you and litecoin more then I do bitcoin and the longterm future I see better with ltc how does that make u feel?”
Coty Cech, a Litecoin supporter says:
“Awesome interview, tone is hella monotonous lol but questions were quite detailed and relevant. Big supporter of Litecoin, I’m glad you had Charlie on “
Cryptocurrency litecoin falls 10% after payments processor ‘LitePay’ closes; ‘We got too excited,’ coin founder says
Accordng to cnbc, On Monday, the Litecoin Foundation, a nonprofit for advancing litecoin and an investor in LitePay, said on its website that LitePay CEO Kenneth Asare informed the organization a “couple days ago” that “he has ceased all operations and is preparing to sell the company.”
“I am sorry for having hyped up this company and vow to do better due diligence in the future,” litecoin creator Charlie Lee said in a tweet.
Mon, 26 March 2018
Litecoin dropped Monday after news that payments processor LitePay has ceased operations, prompting an apology from the coin’s founder for promoting the start-up.
Litecoin rallied in mid-February, partly due to LitePay’s announcement that its merchant payment processing system for litecoin would go live on Feb. 26. But in an email to customers on March 5, LitePay said it is still “checking all perspective merchants” and is holding off on card registrations “due to the negative perception and drastic actions card issuers have towards cryptocurrency companies.” The company has not sent out an update since.
Litecoin (LTC) struggles to keep gains obtained in Abra adoption
Recent reports confirm that the celebrated commitment for a payment network between Litecoin (LTC) and Abra, related to the smart contracts of the peer-to-peer cryptocurrency, reached a massive failure today after the asset happened to have an opposite effect and instead of broadening the gains, ended up reversing previous earnings.
Let’s recall that Abra raised the critical number of $40 million during its last funding round, an event after which the company announced that at the end of March it would run its plans of using the smart contracts from Litecoin with the purpose of powering their exchange and wallet platform.
Following this declaration, LTC went up with a significant gain of 20 percent, a number that according to the cross-exchange information provided by CoinMarketCap, made the cryptocurrency hit a fantastic price of $136 on Tuesday, 3rd April.
Moreover, regarding the partnering decision with Litecoin, Bill Barhydt, the CEO of Abra, explained the situation by highlighting the importance of being congruent with the market.
He stated that by choosing Litecoin smart contracts over the ones powered by Ethereum, the company was being more conscious of what was going on around the market; and that, in fact, by doing so they were actually closer to be compatible with the leader of the sector, Bitcoin.
Subsequently, he detailed:
“We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short term (block size and block times); 3. mining fees which are primarily a function of #2 although this is more of a short term benefit as mining fees would likely sky rocket if we’re successful anyway!”
Furthermore, the CEO declared as well that according to the company’s goals, Litecoin would more likely become Abra’s “primary asset class” within a few weeks to come.
After all the declarations given by Barhydt on behalf of Abra, most of the Litecoin investors felt encouraged to believe in a brighter future for Litecoin. Nonetheless, since last week the prices of the coin went into a tailspin in response to the sudden closure of the merchant medium LitePay.
The abrupt event was very unexpected since the retailer gateway had only opened its doors a couple of weeks earlier, and just when they were starting the business got down.
This way, the whole landscape for the Litecoin currency doesn’t seem very promising, in fact, the virtual coin created by the company lost almost all of the earnings made because of the alliance with Abra, even reaching a price of $118 today.
Regarding the facts, last week, Charlie Lee, the creator of LTC established a very demotivational statement by expressing:
“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs,”
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