Posts about Litecoin
It's proof of work, limited supply like BTC (84m), no pre-mine. Good for payments, widely accepted everywhere that BTC is, it's decentralised, and the creator sold his LTC in 2017 to free it from any centralisation. 10 years old and has stood the test of time, is still being actively developed.
It clearly works very well as a payment system, and if we consider BTC digital Gold, could litecoin be considered silver? Silver is much cheaper than gold, less desirable, but has its usage and just quietly goes about its business.
People praise BTC for many aspects which LTC also has, and arguably does some things better, yet it kinda just sits there, existing.
I'd love to see some of your perspectives on it.
I did try to post this to the bitcoin sub, but quelle surprise it wasn't approved, because anything other than BTC is a shitcoin, amirite?
I will start this post by admitting this is 100% speculation.
Do you all remember the news that come out about Litecoin and Walmart partnering in 2021? It sent Litecoin soaring. The Litecoin foundation even tweeted about the partnership. A few minutes after the announcement Walmart and Litecoin shot down the rumor.
At the time I didn’t think much about it. But these commercials Flexa filmed got me thinking. From what we know about the commercials they appear to be based in a checkout line. The creator of Litecoin, Charlie Lee, was also on the set during the filming. NCR is partnered with Flexa and is Walmarts POS system. There are also members of this community who claim to work for Walmart and say Walmart is currently working on Implementing Flexa.
That being said, of course nobody knows for sure. All I know is Flexa, or one of their partners, had a big enough budget to film these commercials at a high end studio and recruit talent like 2 chainz. Something big is in the works. A single announcement can move the price of AMP rapidly. This accumulation phase has been wonderful. AMP for a penny is something I was dreaming of a year ago. We should all be taking advantage of it. WAGMI!
There have been a few posts here today highlighting the fact Litecoin is being delisted by 5 South Korean exchanges over it's privacy feature. Both times those posts have tried to infer Litecoin is at risk of broader delisting. I find this a little misleading and wanted to make a more balanced post that gives you a few more facts.
Firstly people need to understand exchanges in South Korea are under tremendous pressure due to the Luna fiasco. Infact they were forced by regulators to set up a delisting authority. Litecoin is the first victim, but to suggest other coins are somehow immune from scrutiny is very misleading. South Korean exchanges have already delisted Zcash and Monero. Due to the enormous pressure they are under more could be on the chopping block and not necessarily so called privacy coins.
Secondly and most importantly, developers were very aware that Litecoins privacy feature may make it fall foul of regulations. That's why they specifically designed it's privacy feature, so that exchanges could "opt out". This is a critical point people don't understand and that's why it is NOT at risk of being delisted on major exchanges. The coins founder went to excrutating lengths to work with major exchanges to make litecoin compliant.
We all value privacy and I believe litecoins approach is balanced.
It's official, litecoins major privacy upgrade MWEB has now activated. Shortly you should see major exchanges rolling it out in the coming weeks.
Litecoin will have now has an optional privacy feature which will allow users to hide their address and crypto amounts when transferring (In addition to other features). This is a game changer for litecoin and a positive for those who like privacy in general, as it's optional privacy feature allows it to be exchange friendly.
Due to the fact litecoin is available on most exchanges, it will be highly accessible and easy to use it's privacy features.
In addition to the above, Litecoin will be one of the only coins to have smart contracts, nfts (omnilite upgrade) store of value (only 84 million to exist) brand recognition, has lasted 10 years survived multiple bear markets and to top it all off 100 percent uptime with low transaction fees. Not only that it is accepted everywhere bitcoin is accepted and has a growing not decreasing userbase.
This is a historic day for litecoin and privacy advocates. The day MWEB activated.
After all the shit with Luna, UST and other crap, a friendly reminder about Litecoin, which boasts 100% uptime for more than 10 years since inception. The only thing lagging is price, but if you're looking for a real, true, solid crypto, remember:
- OG, created in 2011 as a clone of bitcoin but on its own blockchain (not a fork like btc cash, btc sv, btc gold etc) but faster with negligible transaction fees.
- Hard capped supply at 84 million coins that will ever exist (21 million for bitcoin) = scarcity.
- Lightning fast transactions thanks to lightning network (shared with bitcoin, also atomic swaps) = scalability.
- Privacy (optional!) and fungibility thanks to MWEB.
- Security thanks to PoW through scrypt.
- Liquidity thanks to being on basically every exchange.
- OmniLite for creating NFTs, smart contracts, stablecoins, decentralized tokens.
- Adoption, most recently Paypal, Venmo, AMC, Regal, Newegg, interactive brokers, Grayscale eyeing a spot ETF conversion, top alt on Bitpay, Amazon, Verifone, VISA, litecoin in most ATMs that have bitcoin including El Salvador, Coinstar, several banks globally, etc.
- The Economist put litecoin on the cover next to bitcoin for their 2022 issue.
- Charlie Lee, the founder, sold his coins in 2017 to make litecoin truly decentralized. And he's still, half a decade later, working on litecoin and matches donations!
Other crypto might be fast, OR scarce, OR secure, etc. Litecoin does everything.
Litecoin upgrade was 2 days ago called MWEB that allows you to send private transactions and clean your coins by sending them to an extension block (kind of like lightning network) which mixes all the transactions and addresses together and cleans the coins, and then sends them back to a public address.
Before the upgrade, LTC just used to have regular blocks where all addresses and transactions were public, just like Bitcoin. The upgrade created a separate section, called the extension block, where you can send coins to an address on that piece of the network and all the addresses, transactions, and coin amounts are invisible.
Sending into the private portion is called "pegging coins in" and putting them back on the public address is calling "pegging out". so when you look at the LTC block explorer, all you see on the private blocks, is just one TX at the end showing how many coins total are currently on the MWEB network and nothing more
It hasn't happened yet but there are rumors of exchanges moving to support the new address system making it the easiest to use and most widely available privacy coin available
if you want to clean coins, or just send money privately, LTC is cheap and available
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