As the days go by, the more I am convinced that Litecoin (LTC) will emerge victorious in the race for top crypto coin. Just recently, the Litecoin team released Litepay, a payment system that allows users to spend their cryptos, or convert them into fiat from any part of the world, instantly and at very low fees.
Now the team has made things even better by making upgrades to the Litecoin core framework. The new core V0.15.1 is designed to make Litecoin even more efficient to use. One of its key defining features is the drastic reduction in Litecoin transaction costs. In specifics, Litecoin transaction costs have been cut to 0.000001 LTC per transaction. This makes it almost free to make transactions.
This is a big deal and is guaranteed to shake up the market. For starters, it is likely to spell doom to the smaller altcoins that the use transaction costs as their value proposition. Why is that? Well, you need to understand that Litecoin (LTC) is a top 5 cryptocurrency, and also happens to mirrors many aspects of bitcoin, including security. As such, the higher trust levels that it has in the market is guaranteed to drive in investors looking to take advantage of this drop in transaction costs while enjoying impenetrable levels of security.
Look at this way, assuming you have $100k to invest, would you rather risk it on some unknown coin promising zero transaction speeds, or would you put it on Litecoin, a top 5 cryptocurrency that offers the same value proposition, and is more stable? The choice is pretty obvious. In essence, this increased fundamental strength of Litecoin after the drop in transaction fees is likely to see its trading volumes increase drastically in coming days.
Then there is the fact that this drop in transaction costs, gives Litecoin even greater value outside of the speculative space. Let’s face it, a large proportion of crypto investors, do so for speculative reasons. That’s partly because converting cryptocurrencies into fiat, or actually using them to buy stuff is not that easy due to slow speeds, and high transaction costs. Even Bitpay, the system that tries to make Bitcoin usable in day–to-day transactions has faced massive challenges due to high transaction costs.
Litecoin (LTC) is rising above this cycle thanks to a combination of lower transaction costs, and the launch of Litepay. As things stand, you can expect Litecoin to become the default currency for all crypto transactions in the near future. The impact will be an exponential growth in the value of Litecoin, not based on speculation, but a real case as a currency.
Considering that Litecoin transaction fees are set to drop further, one can only expect that in the near future, Litecoin will literally eliminate to transact through banks or other financial institutions. Litecoin is truly a rare gem whose value is growing by the day.
It’s also interesting to note that the updated Litecoin core allows miners to select their own block size. This flexibility is likely to drive up demand for Litecoin by miners. Clearly, this is a good time to be a Litecoin (LTC) miner and investor. It’s basically the one crypto that is designed with the user needs in mind.